The global automotive emergency braking system market share is anticipated to be valued at an estimated US$ 165093.4 million in 2033, with sales growing at a prolific CAGR of 14.8% from 2023 to 2033. The market will likely reach a valuation of US$ 41525.1 million in 2023; shaped by the rising number of traffic accidents and the expansive adoption of advanced braking systems.
Key Takeaways:
- High costs of AEBS and limited adoption of these systems in developing countries will likely have an adverse effect on the growth of the market.
- A greater focus on road safety will push the market growth of advanced emergency braking systems in the US.
- The advanced emergency braking systems market in the U.K will expand at a CAGR of 7.6% between 2023 and 2033.
- By technology, the radar segment will generate high demand for the market during the forecast period and will account for 41.5% in 2023.
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With the development of advanced technologies like radar and camera sensors, the production of enhanced advanced emergency braking systems that can detect a wider range of potential collisions is on the rise. This aspect facilitates the growth of the advanced emergency braking systems market during the forecast period.
The rising use of semi-autonomous and autonomous vehicles will propel the demand for advanced emergency braking systems that can accurately support these advanced driving modes. Further, in recent years, there’s been a notable rise in the emphasis on road safety worldwide owing to the growing number of road accidents. Advanced emergency braking systems are a vital tool in road safety measures as they can help reduce the number of accidents and save lives.
Thus, the automotive industry generates high demand for advanced safety tools like emergency braking systems. More and more consumers are also willing to pay a premium for vehicles that are empowered with these systems. These factors will act as an important growth driver in the upcoming years.
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The implementation of government regulations and incentives or even the modification of mandates related to these braking systems will likely positively impact the sales of advanced emergency braking systems. Road and vehicle safety and traffic rules imposed by the government also play a role in strengthening the prospects of the advanced emergency braking systems market.
Technological advancements, the introduction of novel and innovative technology, and the improvements to existing technology assist manufacturers in launching upgraded or new advanced emergency braking systems. This factor will positively influence the midterm outlook of the market. The advanced emergency braking systems market is also driven by elements like shifting consumer preferences like the desire for advanced safety features or the preference for a particular kind of vehicle, increasing purchasing power, and growing awareness of the advantages of advanced emergency braking systems. Thus, all these considerations will aid the growth of the market during the forecast period.
Competitive Landscape
Robert Bosch LLC, Continental AG, GKN plc, TRW Automotive Holdings Corp, Changan Automobile Co., Ltd, FAW Group Corporation, Tata Motors Limited, and Mahindra & Mahindra Limited, among others, are some of the primary players in the automotive emergency braking system market profiled in the full version of the report.
Significant market players are focusing on product upgradation, launching novel and innovative products, and developing a strong product portfolio. These businesses engage in strategic partnerships, collaborations, mergers, and acquisitions to strengthen their market position.
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Key Segments
By Vehicle Type:
- PV
- CV
By Key Technology:
- Camera
- Fusion
- LiDAR
- Radar
By Operating Speed:
- High Speed-Inter Urban AEB Systems
- Low Speed-City AEB Systems
- Pedestrian-VRU (Vulnerable Road Users) AEB Systems
By Application:
- Forward Emergency Braking
- Reverse Emergency Braking
- Multi-directional Braking
By Level of Automation Driving:
- Autonomous Passenger Car
- Semi-Autonomous Passenger Car
By Component:
- Actuators
- Audible Buzzers
- Controllers
- Sensors
- Visual Indicators
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
More Insights into Automotive Emergency Braking System Market
In its latest report, FMI offers an unbiased and detailed analysis of the global automotive emergency braking system market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of vehicle type, key technology, operating speed, application, level of automation driving, component, and region.
According to the same reports, based on segmentation, the radar segment will lead the market owing to a high preference for the technology. The electronic stability control category will also gain traction in the assessment period due to the belief that it helps drivers to regain control of their vehicles in emergencies.
Based on region, the advanced emergency braking systems market will perform well in countries like the US, the U.K, China, and India. The U.K market will grow at a CAGR of 7.6% between 2023 and 2033. Government regulations, increasing demand for safety features, and a greater focus on road safety will propel the advanced emergency braking systems market forward in the U.K. China, India, and the US will also present notable growth in the advanced emergency braking systems market during the projection period.
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