As per the report “global Anti-lock braking system (ABS) market, by Component ( Sensors,Electronic Control,Hydraulic Unit), by Vehicle Type (Two Wheelers,Passenger Cars,Commercial Vehicles), Industry Trends, Estimation & Forecast, 2016-2024”,The global Anti-lock braking system (ABS) market was valued at $26 billion in 2016, and is projected to reach $44.5 billion by 2024, growing at a CAGR of 7.1% from 2017 to 2024. Passenger cars are anticipated to dominate the market throughout the analysis period. Region-wise, Asia-Pacific is expected to lead, accounting for approximately 30% share of the global ABS market in 2017, generating a revenue of 7.5 billion in 2016.
“Impending need of safety features for automobiles owing to increasing number of accidents is expected to boost the ABS market. Anti-lock braking system holds great potential to ensure the safety of automobiles at an event of braking in the wet & rough surface.”
Hydraulic unit segment lead the ABS market holding more than 58% of the total market share in 2016
By component, market is further bifurcated into sensors, electronic control unit (ECU), and hydraulic unit. As of 2016, hydraulic system accounted for the largest revenue owing to its high cost as compared to other components. Moreover, sensors segment is anticipated to witness the highest growth rate of 7.6% CAGR during the forecast period. This is mainly due to advancement in technology as leading ABS OEM are manufacturing advanced ABS which are equipped with a large number of sensors.
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