PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1226439
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1226439
Global Anti-Lock Braking System Market is valued approximately at USD 49.62 billion in 2021 and is anticipated to grow with a growth rate of more than 9.6 % over the forecast period 2022-2029. Anti-Lock Braking System (NDT) is an advanced active braking system used in automobiles that helps drivers to control their vehicles effectively. They are usually used to assist automotive with safe braking and easy steering in conditions of slippery or wet roads. Anti-lock braking system in vehicles offers various benefits such as reduced braking distance, stable braking attributes on all road surfaces and improves traction control. The rise in number of passenger & commercial vehicles coupled with increasing rate of road accidents worldwide is the major factor responsible for the high CAGR of the market over the forecast period.
According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2021 the production of commercial vehicles in Argentina was estimated at 250647 units, witnessing an increase from 164186 units in 2020. Whereas, in Brazil, around 540402 units of commercial vehicles were manufactured in 2021, witnessing an increase from 405185 units in 2020. Furthermore, the annual number of road traffic deaths has continued to increase. For instance, as per the Centers for Disease Control and Prevention estimates - annually around 1.35 million people die on the roads worldwide. Additionally, road traffic injuries are termed as one of the leading causes of death among children and young adults ages 5-29 years. Also, governmental efforts to reduce number of road accidents is the major factor that offers lucrative growth opportunity to the market. For instance, the Indian government has made it mandatory for all cars and mini-buses to install an anti-lock braking system (ABS) by April 2019. However, high maintenance and installation costs along with volatile prices of raw materials are few factors anticipated to hinder the growth of global Anti-Lock Braking System market during the forecast period.
The regional analysis of global Anti-Lock Braking System market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the leading region in terms of revenue and market share owing to rise in the adoption of safety features such as anti-lock braking systems along with rise in number of road accidents in the region. However, Asia-Pacific is also expected to exhibit the highest growth rate over the forecast period of 2022-2029 owing to favorable laws & regulations enforced by government associated with vehicle safety across the region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of figures
List of tables and figures and dummy in nature, final lists may vary in the final deliverable