The latest report by IMARC Group, titled “Anti-Lock Braking System (ABS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global anti-lock braking system (ABS) market size reached US$ 43.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 70.9 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5% during 2023-2028.
The anti-lock braking system (ABS) in vehicles is an essential safety feature that activates when brakes are applied suddenly in emergency situations. It typically incorporates control modules, a brake control unit, wheel speed sensors, and a hydraulic pressure modulator and enables the wheels of a vehicle to preserve dynamic contact with the road surface, which corresponds to the braking inputs given by the driver. It significantly minimizes the risks of skidding, particularly in slippery conditions, provides increased stopping power, and improves traction control and vehicle stability. Additionally, it helps lower maintenance expenses, minimize insurance costs, improve traction control, and enhances the resale value of the vehicle. Owing to these benefits, the anti-lock braking system is widely adopted in passenger cars, two-wheelers, and commercial vehicles.
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Anti-Lock Braking System (ABS) Market Trends and Drivers:
The market is primarily driven by the increasing demand for anti-lock braking systems (ABS) due to the rising number of road accidents across the globe. In addition, the growing safety concerns among individuals, and awareness regarding the benefits of ABS, such as shorter braking distances, compatibility with numerous road surfaces, and reduced wear and tear, is contributing to the market growth. In line with this, the recent development of an advanced braking system for two-wheelers, such as a modular and scalable anti-lock braking system (ABS) specially designed for the braking properties which can be adapted to models ranging from the lower power segment to high-end sports bikes represents another major growth-inducing factor. Moreover, the implementation of strict regulations by several governments mandating safety standards with the launch of several initiatives promoting vehicle safety represents another major growth-inducing factor. For instance, numerous organizations such as the Insurance Institute of Highway Safety, the New Car Assessment Program, and the International Center for Automotive Technology have increased the safety protocols for vehicles, thus accelerating the product adoption rate. In line with this, in July 2020, as per the provisions of Regulation (EU) No 168/2013, motorcycles falling under the L3e-A1 subcategory are required to have an advanced braking system (ABS) or a combined braking system (CBS), or both, depending on the discretion of the manufacturer. Apart from this, advanced braking system (ABS) is growing at different rates in numerous regions, with Asia-Pacific being one of the largest market due to the rising incidences of accidents and expanding automotive sector with the rising demand for vehicles among individuals. Furthermore, the industry is expected to face competition in the coming years as various key players are implementing competitive strategies to sustain their presence in the market. For instance, in March 2022, ZF introduced its Commercial Vehicle Solutions’, a new comprehensive product and technology range for heavy-duty trucking applications at TMC 2022 in Orlando. At the event, ZF showcased its complete commercial vehicle product lineup and presented its vehicle dynamics offerings, which encompass advanced driver assistance systems (ADAS), both pneumatic and hydraulic anti-lock braking systems (ABS), and steering solutions.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Component Type:
- Speed Sensors
- Electronic Control Units (ECU)
- Hydraulic Units
Breakup by Vehicle Type:
- Two Wheelers
- Passenger Cars
- Commercial Vehicles
Breakup by End-Use:
- OEM
- Replacement Demand
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Advics Co. Ltd.
- Aisin Seiki
- Continental AG
- Denso Corporation
- Hitachi Automotive System Ltd
- Mando Corporation
- Robert Bosch GmbH
- Wabco Ltd.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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