The global anti-lock braking system market size is poised to be worth around US$ 88.1 Bn by 2027 with CAGR of 10.1% during the forecasting period 2020 to 2027.
LOS ANGELES, May 12, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled “Anti-Lock Braking System Market (By Sub System Type: Sensors, Electric Control Unit, Hydraulic Unit; By Vehicle Type: Two-wheeler, Passenger Cars, Commercial Vehicles) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”.
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The market in North America is expected to account for significant revenue share due increasing demand for vehicles with advanced safety features from customers. In addition, stringent government regulation related to safety of passengers, rising demand for luxury vehicles, coupled with manufacturers approach towards deployment of anti-lock braking system in luxury and premium vehicles is another factor expected to support the growth of the target market in this region.
Moreover, presence of major players operating in the country, coupled with innovative product offerings is expected to support the growth of target market in this region.
Asia Pacific is expected to witness faster growth over the forecast period due to high sale of passenger vehicles in emerging economies. In addition, developing regulatory scenario related to vehicle quality and safety and deployment of advanced braking system in passenger vehicles by automotive manufacturers is expected to support the growth of target market in this region. Government of developing countries is imposing various rules and regulation on automotive manufacturers in order to provide safe and better quality vehicles. Demand for passenger vehicles is increasing which is inclining governments approach towards meditating advanced features for consumes safety.
- In 2019, the government of India has made it mandatory for all cars and mini-buses to install anti-lock braking system (ABS). According to a notification of the road transport ministry, all new models will have to comply with the norms from April 2019.
In addition, favorable business policies, emergence of mid-size enterprises, coupled with player’s inclination towards emerging economies are some other factors expected to support the growth target market in this region.
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Automotive sector is witnessing rapid advancements across the globe; consumer inclination towards better quality and safety products is resulting in manufacturers deploying advanced safety features in passenger and premium vehicles this is major factor expected to drive the growth of global anti-lock braking system market.
In addition, increasing road accidents in developed and developing countries due to break failure and government approach towards implementing stringent regulations in order to control the mishap due to bad breaking systems in vehicles. This is another factor expected to support the growth of target market.
Moreover, strategic business development activities in order to increase the customer base and enhance the product portfolio are factors expected to impact the growth of target market positively. Major manufactures are focused on increase the profit ratio through strategic merger and partnerships this will help the company to expand their customer base. They are focused on collaborative for R&D activities and introduction of new safety product this is expected to enhance the product portfolio of the company.
- In 2019, Autoliv, Inc. the worldwide leader in automotive safety systems signed a joint agreement with Great Wall Motor Co. Ltd. This agreement is to support the growth of Haval and Wey, the two international SUV brands of Great Wall, and to enhance their features in safety.
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However, factors such as high cost associated to product installation and maintenance is expected to hamper the growth of global market. High cost is involved in R&D activities along with fluctuating raw material prices is increasing the end product cost.
Technological advancements by major payers and high investment for R&D activities for development of advanced cost-effective products are factors expected to create new opportunities over the forecast period. In addition, increasing in merger and acquisition activities in order to increase the business presence is expected to support the revenue traction of the global market.
The global anti-lock braking system market is segmented into sub-system type, and vehicle type. The vehicle type segment is bifurcated into two-wheeler, passenger cars, and commercial vehicles. Among the vehicle type the passenger vehicles segment is expected to account for significant revenue share.
Players operating in the global anti-lock braking system market are Advics Co., Ltd., Autoliv Inc., Continental AG, Hyundai Mobis Co., Ltd., Denso Corporation, Hitachi Automotive Systems Ltd., WABCO, Nissin Kogyo Co., Ltd., Robert Bosch GmbH, and ZF TRW. The competitive scenario is high due to presence of large number of players operating on global level. In addition, major players inclination towards emerging economies and new product offerings is expected to further increase the competition to a certain extent.
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