Global Anti Lock Braking (ABS) Industry
The global Anti Lock Braking (ABS) market was estimated to be $ 36.69 billion in 2018 and is expected to reach $ 75.65 billion in the year 2026, by using CAGR accounting of 9.6% from 2019 to 2026. The Asia-Pacific region was having the largest share in 2018 and is expected to maintain that pace in the system.
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Anti-lock braking system System (ABS) is a useful active braking system that is usually used in cars to aid in driving. This, in turn, enables the car wheels to maintain dynamic contact with the road surface. The system enhances car handling and lowers the chances of colliding on slippery or dry places. Automobile firm has equipped cars with anti-lock braking systems, traction control (TCS), and electronic stability control (ESC) to increase stability and improve safety. According to annual traffic accident statistics, about 1.3 million people die every year as a result of road traffic accidents.
And so the need has increased to include safety and control systems for vehicles such as anti-lock braking systems (ABS) in cars. The Government of India, by amending the Motor Vehicle Act since April 2015, has charged ABS for all new commercial vehicle models. Also, organizations must receive a safety rating from car manufacturers. Like the Institute of Road Insurance (IIHS), the New Car Assessment Program (NCAP) and the International Center for Automotive Technology (ICAT) for access to a car license in the market. Thus, an increase in global automobile safety protocols could direct the market to anti-lock braking systems.
The global anti-lock braking system (ABS) market is a segment based on vehicle type, system type, and region. According to the type of subsystem, there is an electric control unit and a hydraulic unit. By vehicle type, there is two wheels, passenger cars and commercial vehicles.
Factors Affecting Growth Prospects
The driving factors in the anti-lock braking system market are increased safety requirements in public vehicles, growing demand for safety features, and technological advances in the automotive industry. Besides, the high cost of maintenance and installation should restrain market growth. However, the development of an advanced two-wheel braking system, together with an expansion in an unused market in developing countries, offers beneficial opportunities for key market players over the forecast period.
The major areas that are covered in the report are Europe, Southeast Asia, India, North America, Japan and China.
Key industry players
Key players include Nissin Coggio Co., Otolive Ltd., Hyundai Mobis Co., Edwicks Co., Ltd., Continental AG, Dansu Corporation, WABCO, ZF TRW, Hitachi Automotive Systems Ltd., Robert Bush GmbH and other companies owning the largest share in the anti-lock brake system industry (ABS).
Governments worldwide have come up with measures to make sure that car safety is considered. This is mainly due to accident cases that have been reported. Countries like India and France have implemented laws and regulations to ensure the safety of cars such as ABS and ESC.
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