Automotive anti-lock braking system (ABS) Market Analysis From 2018 To 2023. Global Automotive anti-lock braking system (ABS) Market 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

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Global Automotive anti-lock braking system (ABS) Market Highlights:

Anti-lock braking systems are used to assist automotive for safe braking and easy steering in situations of wet or slippery road. The use of these systems in automotive prevents a person from slipping or skidding of a vehicle, and retains the control of steering after hard braking. The increase in demand of consumers for advanced safety features in the automobiles and the introduction of stringent safety laws & regulations by various transport authorities are driving the growth of anti-lock braking system.

Anti-lock braking system offers benefits such as the stable braking characteristics on all kinds of road surfaces, reduced tier wear and reduced braking distance. The rise in the number of on-road vehicles, increase in focus on vehicle safety and technological advancements, are expected to drive the growth of the market.

Leading automobile manufacturers are introducing anti-lock braking system in both traditional and electric vehicles to the entry level vehicles, which is further expected to boost the growth of the market. The increase in number of auto collision, increased safety awareness, development of advance braking system for two wheelers and the improving technical advancements for ensuring the safety of the passengers and the automotive, also add to the market growth.

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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