New York, US, Aug. 11, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Autonomous Emergency Braking System Market Analysis by Technology, By System, by Vehicle Type and By Region - Forecast To 2030” valuation is poised to reach USD 43,700 million by 2030, registering an 19.23% CAGR throughout the forecast period (2022–2030).
Autonomous Emergency Braking System Market Overview
The increasing adoption of advanced emergency braking system will offer robust opportunities for the market over the forecast period. The potential of AEBS for crash avoidance and crash mitigation is quite great. The primary goals of AEBS are in preventing or at the very least lessening collisions with oncoming traffic or stationary objects. This can be done via giving the driver a warning or, if necessary, by the car automatically braking. Systems with improved features also react to other road users like cyclists, pedestrians, and bicycles. These benefits of AEBS are boosting its global acceptance rate.
Autonomous Emergency Braking System Market Report Scope:
| Report Metric | Details |
| Revenue Forecast by 2030 | USD 43,70 Million |
| Market Growth 2022-2030 | 19.23% |
| Study Period | 2021 |
| Forecast Period | 2022-2030 |
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Drivers
Increase in Road Accidents to Boost Market Growth
The increase in road accidents will boost market growth over the forecast period. According to the "World Health Organization" fact sheet, road traffic accidents kill 1.25 million people annually and are the top cause of death for those between the ages of 15 and 29. Additionally, while having only 54% of world's vehicles, low- and middle-income countries account for 90% of all traffic deaths. Additionally, vehicle accidents cost most nations 3% of their GDP. These elements lead to a growth in demand for automobiles with an autonomous emergency braking system (AEBS) for the safety and security of the vehicle, the driver, and the public.
Consumer Sentiment to act as Market Restraint
Consumer sentiment, lack of functional clarity, and high installation & maintenance cost of autonomous emergency braking systems may act as market restraints over the forecast period.
People’s Low Spending Capacity to act as Market Challenge
People’s low spending capacity in underdeveloped nations and the absence of an appropriate frequency band to operate these advanced electronic systems may act as market challenges over the forecast period.
Autonomous Emergency Braking System Market Segments
The autonomous emergency braking system market is bifurcated based on vehicle type, system, and technology.
By technology, forward collision warning will lead the market over the forecast period.
By system, low speed system will dominate the market over the forecast period.
By vehicle type, passenger vehicles will spearhead the market over the forecast period.
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Autonomous Emergency Braking System Market Regional Analysis
Europe to Lead Autonomous Emergency Braking System Market
Currently, Europe is the top regional market for autonomous or automatic emergency braking systems, largely because of the region's massive automotive sector and the presence of some of the top automakers in the world. The Euro NCAP has already begun assessing automobiles & trucks based on autonomous or automatic emergency braking features, with emergency braking systems being a requirement for receiving the highest rating. The U.K. is the next-biggest emergency braking market within Europe behind Germany, which has the region's largest automobile market and one of the highest luxury vehicle penetration rates. Over the course of the report's forecast period, Europe is anticipated to hold onto its leadership position in the world market for autonomous or automatic emergency braking. The sales of premium cars have increased in Europe, which has increased need for the autonomous emergency braking systems. The leading nations in Europe—Germany, the United Kingdom, and France—have propelled the market's expansion.
APAC to Have Favorable Growth in Autonomous Emergency Braking System Market
The market for AEB systems is expected to have favorable growth in Asia Pacific region. The key drivers of market expansion in this region include the presence of economically and technologically advanced nations like Japan and South Korea, the massive car manufacturing in developing nations like China, & increasing consumer disposable income. Because of the region's expanding automotive industry and high standards for vehicle safety, the Asia-Pacific market is anticipated to domineer the global market during the forecast period. Due to increased investment and rising concerns about vehicle safety, there is an increasing need for cutting-edge & dependable autonomous emergency braking system. Urbanization and the increase of intercity transportation are also driving the market's progress.
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The greatest market share is anticipated to belong to Asia Pacific for the breakthrough in technology in wealthy nations like Japan and Korea, a surge in automobile production in China, & higher levels of disposable income. The market revenue is anticipated to be at its highest level and will be dominated by Asia Pacific in the near future. This rise is a result of countries like China, India, and Japan requiring the installation of such braking system. Additionally, raw materials are inexpensively available in this area. Additionally, it would help the market expand.
COVID-19 Analysis
Due to the tight lockdown measures, coronavirus has slowed the advancements in the automotive industry. AEB systems are now being installed by many OEMs in numerous medium and luxury vehicles. In 2017, Toyota installed AEB systems in 50% of their fleet of vehicles. After 2020, this market is anticipated to increase rapidly thanks to the rising production of autonomous cars, which is anticipated to have a CAGR of over 21% throughout the estimated period. This is because the coronavirus outbreak reduced the volume of vehicle production. Government-mandated shutdowns and factory closures by businesses themselves have almost completely halted production in an effort to stop the spreading of COVID-19 epidemic.
Companies will undoubtedly lose about a third of production in the month of March as a result of these measures, which will be in effect at least through the end of March. Lockdown gauges brought on by the coronavirus epidemic have severely hampered the auto industry's ability to conduct business. Future mobility arrangements, such as independent vehicles, have been significantly impacted by organizations' strategy to stop speculating and move toward new developments in an effort to save money.
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Autonomous Emergency Braking System Market Competitive Analysis
Dominant Key Players on Autonomous Emergency Braking System Market Covered are:
- Continental AG (Germany)
- Denso Corporation (Japan)
- Robert Bosch (Germany)
- Valeo (France)
- Hyundai Mobis (South Korea)
- Autoliv Inc (Sweden)
- ZF Friedrichshafen (German)
- Hitachi Automotive Systems (Japan)
- Mando Corporation (South Korea)
- Aisin Seiki Co (Japan)
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