The automotive emergency braking system market was projected to be US$ 29,524.56 million in 2022. By the end of 2023, the industry is likely to reach a valuation of US$ 31,616.27 million. During the forecast period, the global market for automotive emergency braking system is expected to garner a 8% CAGR and reach a size US$ 68,257.16 million by 2033 ; shaped by the rising number of traffic accidents and the expansive adoption of advanced braking systems. 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.
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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.
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.
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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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.
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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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)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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