Anti-Lock Braking System Market Report, published by Variant Market Research, forecast that the global market is expected to reach $49 billion by 2024 from $26 billion in 2016; growing at a CAGR of 8.1% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 13.5% and 5.1%, respectively, during the forecast period.
Major driving factors of global anti-lock braking system market are increase in demand for safety features in vehicles such as electronic stability control (ESC), roll-over stability control (RSC), and traction control system. Moreover, technological advancement in automotive industry has also supplemented the growth of the market. However, high maintenance cost of anti-lock braking systems would act as a restraint for the market. Expansion in untapped markets of developing economies and development of advanced braking systems for two wheelers would unfold attractive business opportunities for the market in the coming years.
The global anti-lock braking system market has been segmented on the basis of sub-systems and vehicle type. By sub-systems, the market is further segmented into ECU, sensors, and hydraulic unit. Hydraulic unit dominated the sub-systems segment accounting for the highest revenue in 2016. By vehicle type, the market is categorized into two-wheelers, passenger cars, and commercial vehicles. Passenger cars accounted for the largest market share in 2016, owing to its increased sale and mandatory installation of anti-lock braking system. However, the two-wheeler segment is expected to grow at the fastest CAGR during the forecast period.
Geographically the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific accounted for the largest market share of 31.8% in 2016, and is expected to continue its dominance during the forecast period. The growth is majorly attributed to increasing industrialization and urbanization in developing countries such as China, Japan, and India. North America accounted for the second largest market share of 27.8%. In terms of growth, Asia-Pacific is expected to grow at the fastest CAGR of 13.5% during the forecast period 2016-2024.
Major players in the global anti-lock braking system market are, Autoliv Inc., Robert Bosch GmbH, WABCO, ZF TRW, Hyundai Mobis, Denso Corporation, Nissin Kogyo Co., Ltd., Hitachi Automotive Systems, Ltd., Continental AG, and ADVICS Co., Ltd., among others.