Anti-lock braking system (ABS): Key market research findings
- Increasing adoption of advanced safety features
- Populace’s rising demand for safety solutions
Technavio has released a new market research report on the global ABS market, which is anticipated to grow at a CAGR of around 6% during the forecast period. The rising focus on vehicle safety backed by government support for safety systems will aid in the growth of this market. Recently, there has been an increase in the number of road deaths owing to vehicle accidents, especially due to improper braking sequence. Consequently, programs that necessitate the use of ABS are being implemented in emerging countries like Asia and Africa to reduce the number of road accidents.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“In recent times, it has been observed that the auto manufacturing industry has been working hard to improve the integration of passive safety systems with active safety systems, especially side airbags, seat belts, ABSs, advanced emergency braking systems, and night vision system. Doing so reduces the impact of accidents. Technological innovations and growing competition in the automotive industry have led to the installation of vehicle safety solutions in entry-level vehicles. Consequently, these vehicles have seen a rise in on-board safety components, including airbags, ABSs, and electronic parking brakes,” says Siddarth Jaiswal, Lead Analyst, Automotive, Technavio Research.
Since the manufacturers of automotive safety systems develop innovative technologies to remain competitive in the market, a substantial amount of investment has been directed at R&D efforts for the development of new products. The increasing pressure from regulatory bodies to reduce road accidents and the growing awareness of safety systems among consumers will lead to the adoption of advanced safety systems during the predicted period.
The leading players in the global ABS market include Autoliv, Continental, Delphi Automotive, and Bosch. Although the level of competition in the market is relatively low, the entry of more vendors is expected, following the growing awareness of the benefits of ABS technologies.
A more detailed analysis is available in the Technavio report, Global Anti-lock Braking System (ABS) Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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