ABS Market Key Trends And Opportunity Areas by Leading Players

Posted January 17, 2022 by Rahul_Gautam

Automotive ABS Market Future Estimations Till 2030
Road crashes are responsible for 1.3 million deaths every year, as per the World Health Organization (WHO). A higher number of vehicles than the roads can accommodate, poor quality of roads, non-working traffic signals, unfavorable weather conditions, human error, and system error are some of the common reasons behind road accidents. The situation is even graver on highways, where the speed limit is generally a lot higher than within cities.

Thus, P&S Intelligence feels that the automotive anti-lock braking system market has a bright future ahead. When a driver presses hard on the brake pedal or lever, the ABS keeps the wheels turning and stops the vehicle from skidding. This prevents the loss of control of the vehicle and also allows it to turn in the intended direction. This is why the installation of this system is mandatory in numerous countries to prevent road accidents and keep passengers and pedestrians safe.

For instance, it is mandatory for all new two-wheelers in Europe to have ABS. Similarly, in 2017, the Indian government modified its Motor Vehicle Act, making the system mandatory in all new commercial vehicles. Hence, the increasing sale and production of automobiles are propelling the procurement of ABS components by automakers. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), 57,262,777 vehicles had been produced during January–September 2021 compared to 52,146,292 during the same period last year.

Therefore, Asia-Pacific (APAC) dominates the automotive ABS market presently. The highest production and sale of automobiles is witnessed in this region, which is why the roads here are rather congested. Moreover, most of the interstate highways lack streetlights, which raises the risk of accidents manifold at night. Moreover, the mountainous roads in these countries witness heavy traffic, which has led to a high incidence of road crashes. Hence, governments here are becoming stricter with regard to having advanced safety systems in automobiles.

Therefore, with the burgeoning vehicle sales and stringent government laws related to road safety, the integration of ABS will rise.
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Categories Automotive , Business , Industry
Tags automotive antilock braking system market , automotive antilock braking system market 2030 , automotive antilock braking system market forecast , usa automotive antilock braking system market
Last Updated January 17, 2022