Automotive Anti-Lock Braking System Market 2018 Global Outlook to 2023 Research
Posted by abhi0210 on October 12th, 2018
Automotive Anti-Lock Braking System Market to Project Steady Expansion Till The End Of 2023. Market Research Future published a half-cooked research report on “Global Automotive Anti-Lock Braking System Market” – Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2027. Global Automotive anti-lock braking system (ABS) Market Information Report By sub-systems (sensors, electronic control unit and hydraulic unit), by vehicle type (two wheelers, passenger cars and commercial vehicles) and by Region - Forecast To 2023.
The anti-lock braking system market is driven by the increase in the demand for safety features, technological advancement, and increase in safety protocols for vehicle safety. Various organizations such as New Car Assessment Program and Insurance Institute for Highway Safety require the automobile companies to incorporate safety systems in the vehicles to match the standard safety ratings in the vehicles.
The prominent players in the automotive anti-lock braking system (ABS) market include Robert Bosch GmbH (Germany), Continental AG (Germany), Autoliv Inc. (Sweden), Nissin Kogyo Co., Ltd. (Japan), WABCO Vehicle Control Systems (Belgium), TRW Automotive (U.S.), Hyundai Mobis (South Korea), Denso Corporation (Japan), Hitachi Automotive Systems, Ltd. (Japan), and Advics Co., Ltd. (Japan).
The market is driven by various factors such as the increase in demand for advance safety features, technological advancements, and rapid growth of the automotive industry.
The market is expected to witness growth opportunities over the forecast period with the expansion strategy, followed by key players to enter into untapped markets of developing economies and development of advanced braking systems for two wheelers.
However, fluctuations in the prices of raw materials, and the high cost of maintenance, restrain the market growth. Therefore, the global automotive anti-lock braking system (ABS) market has seen a remarkable growth in the global market and it has been observed that, its demand in the future is expected to grow with the CAGR of 7%.
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