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Global Autonomous Emergency Braking System Market – by Technology, Operating Speed, Component, Level of Automation Driving, Application, Region - Market Size, Demand Forecasts (2018 - 2025)
Autonomous Emergency Braking System Market – by Technology, Operating Speed, Component, Level of Automation Driving, Application, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts, Competitive Intelligence, Company Profiles | MarkGenes
The invention of autonomous emergency braking system is of great significance in ensuring the safety of the drivers as well as passengers of car. It is a feature that ensures the safety of the driver by warning the driver about any sudden crash and also helps to use the maximum capacity of the brakes in the car. No human response is needed to apply the brake and it works independently in any critical situation.it uses the instruments such as on-board sensors, cameras, radars, to detect any obstacles or pedestrians on the road. The system is an integral part of the regulations in the United States and Europe.
The global autonomous emergency braking system market was USD 10.65 billion in 2018 and is estimated to reach USD 22.85 billion by 2025 at a CAGR of 11.52% during the forecast period
Growth by Region
The market is dominated by Germany in Europe currently due to well established automotive industry and increasing rate of adoption of these systems. North America is at the second position and in Asia Pacific Region, Japan dominated the industry. The LAMEA (Latin America, Middle East and Africa) are expected to show higher CAGR growth during the forecasted years.
Drivers vs. Constraints
The industry is mainly driven by the increasing number of road accidents. High rate of adoption of these systems also drive the market significantly as most of the countries have framed regulations regarding compulsion of adoption of these system in the cars. Apart from this, increasing passenger vehicle registrations and increasing demand for luxury cars is expected to prove as an opportunity for the market. The vehicles installed with the abs systems have less premiums for insurance eventually lowering down the insurance cost. Low fuel prices, low interest rates and rising employment generation in the United States have boosted the sales of cars and trucks thus significantly increasing the demand for these braking systems. But not to forget the cost constraints still exist and installation of ABS system is quite expensive driving the inflation in the automobile industry high.
Industry Trends and Updates
Leading automobile manufacturers BMW, Volvo, General Motors, Opel, Nissan, Audi AG, and Volkswagen have partnered with the Israel-based company Mobileye, a world leader in vision-based advanced driver-assistance systems (ADAS).
Mobileye, currently is in collaboration with Intel Corporation for a potential acquisition of developing a software for advanced driver assisted system of which this automatic emergency braking system is an integral part.
In October 2017, South Korea’s ministry of Transportation announced compulsory installation of Autonomous Emergency Braking System for all the vehicles sold to passengers from January 2019.
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