Anti-lock Braking System (ABS) Market to Reach $41 Billion by 2022, Globally-Allied Market Research

PORTLAND, Oregon, October 4, 2016 /PRNewswire/ --

A new report published by Allied Market Research, titled, "Anti-lock Braking System (ABS) Market by Subsystems, Vehicle type, and Geography: Global Opportunity Analysis and Industry Forecast, 2014-2022", projects that the world ABS market is expected to reach $41 billion by 2022, growing at a CAGR of 8.2% during the forecast period. The passenger vehicle segment is estimated to dominate from 2016 to 2022. Asia-Pacific led the market in 2015, with a revenue contribution of around 31%.

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Summary of Anti-lock Braking System (ABS) Market can be accessed on the website at https://www.alliedmarketresearch.com/anti-lock-braking-system-ABS-mark ...

Growth in demand for safety features, technological advancement, and increase in global safety protocols for vehicle safety drives the ABS market. The development of advanced braking systems for two wheelers, and expansion in untapped market of developing countries like China, India, Indonesia, and Brazil, are expected to boost the market growth. However, high maintenance cost and high safety standard ratings of ABS systems are the limitations that restrict the market growth.

ABS is an automobile safety system consisting of electronic control unit (ECU), sensors, and a hydraulic unit. Typically, there are four speed sensors equipped on the four wheels used to measure acceleration and deceleration of the wheels. ECU is used to monitor the data collected from the wheel sensors and transfer information to the hydraulic unit if in case any tire loses traction from the ground. Hydraulic unit consists of the valves and pumps used to release brake fluid at a desired pressure whenever instructed by the ECU.

The passenger vehicles industry is projected to maintain its lead due to rise in sales of electric vehicles and new technology advancement in ABS. ABS for the two wheeler industry has witnessed a rise in its sales owing to strict laws, light weight components, low cost, and increase in number of road traffic accidents. The rise in demand of ABS for commercial vehicles in the developed economies of North America further boosted the market growth.

Asia-Pacific accounted for the majority of revenue in 2015, and is expected to maintain its dominance till 2022. This is attributed to the increased adoption of safety features like ABS and ESC in vehicles, rise in sales of two wheelers, and laws and regulations enforced by government regarding installation of ABS in vehicles. North America dominates the market in terms of commercial vehicles production, as majority of commercial vehicles suppliers are located in this region.