Market Research Report
Anti-Lock Braking System (ABS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||945244|
|Published||Content info||104 Pages
Delivery time: 2-3 business days
|Anti-Lock Braking System (ABS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: June 18, 2020||Content info: 104 Pages||
The global anti-lock braking system (ABS) market grew at a CAGR of around 6% during 2014-2019. The anti-lock braking system in a vehicle stands for safety component that comes in action on the sudden application of brakes during the case of an emergency. Generally, the system includes integration of wheel speed sensors, control modules, brake control unit and hydraulic pressure modulator. ABS improves traction control and stability of the vehicle as well as significantly reduces the risks of skidding, especially in slippery conditions. Furthermore, it decreases maintenance costs and enhances the resale value of the vehicle. Owing to these benefits, the anti-lock braking system is widely installed in two-wheelers, passenger cars, and commercial vehicles.
The global anti-lock braking system market is primarily being driven by the increasing need for the inclusion of vehicular safety and control systems, such as ABS, in automobiles. Further, rising consumer safety concerns supported by the growing awareness towards several benefits of ABS, such as reduced braking distances, high compatibility with all road surfaces and minimized wear-tear, have further fueled the product demand. Additionally, the implementation of stringent norms for mandating safety standards coupled with the launch of various initiatives for promoting the need for vehicle safety has also catalyzed the market growth. The legal environment across several developed regions, such as North America, Japan and Europe, has led to the growing adoption of vehicle safety components, including anti-lock braking system. For instance, various organizations, such as the International Center for Automotive Technology, Insurance Institute of Highway Safety, New Car Assessment Program, etc., have increased the safety protocols for vehicles, thereby augmenting the demand for ABS. On the other hand, several emerging economies, such as China and India, are experiencing high demand for vehicles equipped with ABS due to the increasing rate of road accidents coupled with continuous efforts by the government to reduce the number of casualties. Apart from this, several technological upgradations along with the prevalent trend of automation have positively influenced the ABS market. All the above-mentioned factors will continue to fuel the growth of the global anti-lock braking system market in the coming years. Looking forward, IMARC Group expects the market to grow moderately during the next five years.