Automatic Emergency Braking (AEB) Market Size to hit $20bn by 2024
Published Date: December 20, 2018 Authors: Ankita Bhutani
(AEB) Automatic Emergency Braking Market size is estimated to surpass USD 20 billion by 2024; according to a new research report by Global Market Insights, Inc.
Increasing awareness regarding vehicle occupant and non-occupant safety will boost the automatic emergency braking market size. Over speeding, and distracted driving owing to usage of mobile phones and unsafe road infrastructure are contributing towards road accidents. According to the World Health Organization, in 2018, road traffic injuries is the leading cause of death across the globe. AEB system installation to reduce accident severity will further propel the industry growth over study timeframe.
Forward collision warning accounted for around USD 5 billion in 2017 and is expected to maintain its dominance over the forecast timeframe. This can be credited to increasing system installation in passenger cars for enhancing passenger safety. For instance, In October 2018, Mitsubishi introduced collision mitigation system in their sports utility vehicle line-up to minimize the probability of accidents. Dynamic braking system will foresee steady growth with rising prominence of electric drive systems.
Proliferating automobile production and sales along with increasing consumer awareness regarding pedestrian and passenger safety are driving the automatic emergency braking (AEB) market size over the study timeframe. Availability of multiple budget vehicle models offering automatic emergency braking technologies at lower cost is further supporting the business growth. For instance, Suzuki Japan offers a wide range of budget vehicles with automatic emergency braking technologies including Ignis, Swift, Baleno, Hustler, Spacia, and WagonR models.
Get more details on this report - Request Free Sample PDF
Industry participants are continuously investing in R&D to introduce improved technologies for enhancing the system performance. For instance, in November 2017, Bosch introduced an advanced version of its automatic emergency braking system named iBooster with the capability of detecting cyclists using specialized video and radar sensors by incorporating sensor fusion technology.
Browse key industry insights spread across 265 pages with 387 market data tables & 15 figures & charts from the report, “Automatic Emergency Braking Market Size By Brake (Disc, Drum), By Vehicle (ICE [Passenger Cars, LCV, HCV], Electric & Hybrid Vehicle), By Technology (Crash Imminent Braking, Dynamic Brake Support, Forward Collision Warning), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Proliferation of autonomous driving technologies along with increasing stringent regulations for meeting the New Car Assessment Programs (NCAP) standards are enabling automobile manufacturers to invest in technologies for efficient implementation of the AEB systems. However, higher costs associated along with technical complexities and lack of proper infrastructure may hamper the AEB market size. Thus, industry players are standardizing the technologies across budget models for meeting the economies of scale and further bringing down costs, thereby positively influencing the automatic emergency braking market share.
Stringent government regulations across the globe mandating multiple safety features across passenger vehicles including automatic emergency braking systems, seatbelts, airbags, ABS, electronic stability control systems, and parking sensors are supporting the revenue generation till 2024. For instance, in 2018, the European Commission announced the mandatory fitment of automatic emergency braking systems and intelligent speed assistance in cars by 2030, providing a positive outlook for the industry proliferation.
Drum brakes accounted for a significant market share in the automatic emergency braking (AEB) market place owing to the lower maintenance cost compared to disc brakes. Proliferating small and medium car sales in emerging nations will improve the industry growth. Moreover, higher adoption in heavy commercial vehicles due to large wheel diameter will further escalate the revenue generation.
Electric & hybrid vehicles will register over 20% CAGR owing to rising concerns over vehicle pollution and greenhouse gas emissions. The U.S., Canada, and Germany are adopting low carbon initiatives for adhering to international treaties including Paris Summit. Federal government in the U.S. have enacted policies to promote EVs. For instance, American Recovery & Reinvestment Act is providing tax credits in the range of USD 2,500- USD 7,500 per vehicle for encouraging consumers to buy EV, positively influencing the automatic emergency braking market expansion.
Europe automatic emergency braking market will hold around 50% volume share by 2024. This can be attributed to the presence of major industry players including BMW, Volkswagen, and Mercedes Benz developing innovative AEB solutions for their vehicle portfolio. Organizations including Euro NCAP are promoting development of AEB systems to safeguard occupants and non-occupants. The organization is continuously broadening the scope to enhance product efficiency thereby positively influencing the industry size. Latin America and Middle East & Africa will showcase steady growth owing to increasing luxury vehicles demand.
The AEB market players include Autoliv, Continental, Delphi, Magna, Siemens, and Bosch. Industry players are engaged in long-term partnerships and alliances with automobile OEMs for efficient incorporation of the technology into their vehicles. For instance, in 2015, Bosch partnered with Land Rover for developing a stereo vision camera-based automatic emergency braking system complying with the ASIL B safety standards in-line with ISO 26262 standards, thereby providing a positive outlook for the market growth.
Automatic emergency braking market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in thousand units and revenue in USD million from 2013 to 2024, for the following segments:
Global AEB Market, By Brake
Global AEB Market, By Vehicle
- Passenger Cars
- Electric & hybrid vehicle
Global AEB Market, By Technology
- Crash Imminent Braking
- Dynamic Brake Support
- Forward Collision Warning
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
Explore More on Related Topics: