The increasing prevalence of autonomous and semi-autonomous vehicles is driving the need for advanced emergency braking systems capable of effectively navigating these state-of-the-art driving modes.
NEWARK, Del, Nov. 13, 2023 (GLOBE NEWSWIRE) — In 2022, the automotive emergency braking systems market was estimated to be worth US$ 29,524.56 million. The industry is projected to be valued at US$ 31,616.27 million by the end of 2023. The global market for automobile emergency braking systems will likely expand at an 8% CAGR over the course of the forecast period, with a projected value of US$ 68,257.16 million by 2033.
Important drivers include rising consumer preference for vehicles with advanced security technologies and increased awareness of traffic safety. Safety is a top priority for consumers, and many find emergency braking systems to be an appealing feature, particularly in areas where safety is highly valued. Factors as these are pushing the demand in the global market.
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Key Takeaways from the Market Analysis
- Automotive emergency braking system market in the United States likely rise at a 6.70% CAGR through 2033.
- From 2023 to 2033, the market in the United Kingdom is expected to flourish at a CAGR of 6.80%.
- Automotive emergency braking system demand in Germany is anticipated to expand at a 7.50% CAGR over the forecast period.
- China is anticipated to surge at a 14.10% CAGR between 2023 and 2033.
- The market in India is projected to expand at a 12.40% CAGR.
- By 2023, it is anticipated that the radar sensors market share will reach 25.34%.
- The passenger vehicle sector is projected to grow to 81.25% of the global market in 2023.
“The integration of emergency braking systems with more comprehensive advanced driver assistance systems (ADAS) is a crucial component of the global automotive emergency braking system since it improves overall safety as well as appeals to tech-savvy consumers,” – says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
In order to capitalize on rising markets, firms are increasing their global footprint. Safety technologies are becoming more and more popular in emerging markets, and manufacturers are setting up shop there to take advantage of the rising demand.
A key factor in raising customer awareness and acceptance of these safety technologies is effective branding and marketing. In marketing campaigns, manufacturers frequently draw attention to the superior safety features and cutting-edge technology of their emergency braking systems. By providing customization choices for various car models and market segments, manufacturers may serve a larger number of customers. Variations in response times, sensitivity, and user preferences are examples of this personalization.
To access a wider market than just new car sales, several manufacturers provide aftermarket improvements for older vehicles’ emergency braking systems. To guarantee correct installation and operation of emergency braking systems, manufacturers offer dealers and customers support in the form of training. This improves the perceived value of the technology as well as the user experience.
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Key companies profiled
- Changan Automobile Co. Ltd.
- FAW Group Corporation
- Geely Automobile Holdings Limited
- Robert Bosch GmBh
- Delphi Automotive LLP
- Continental AG
- ZF Friedrichshafen AG
- Hyundai Mobis
- Aisin Seiki Co. Ltd
- Hitachi Automotive System Ltd
- Mando Corporation
- The Chinese State-owned Changan Automobile Company Ltd revealed plans to develop an electric vehicle (EV) plant in Thailand in 2023 to service the local and vital abroad markets. The statement comes after discussions that took place earlier this year during an investment roadshow between the company and Thailand’s Board of Investments (BOI). At the Shanghai Motor Show in April, the business announced for the first time that it intended to invest in a factory in Thailand.
- In 2023, Tesla improved its autonomous emergency braking system and added the ability to operate in reverse driving mode. It is projected that this new function will improve vehicle reversing safety for both drivers and passengers.
- Jeep Meridian debuted the Jeep Meridian SUV in India in 2022. The SUV has improved adaptive cruise control, a sophisticated autonomous emergency braking system, front collision warning, and blind-spot monitoring and assistance.
|Projected market value in 2023||US$ 31,616.27 million|
|Projected market value in 2033||US$ 68,257.16 million|
|Forecast CAGR from 2023 to 2033||8 %|
|Forecast period||2023 to 2033|
|Historical period||2018 to 2022|
|Market analysis||Value in US$ million|
|Key countries profiled||
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Segmentation Analysis of the Automotive Emergency Braking System Market
By Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
By Key Technology:
By Operating Speed:
- High Speed-Inter Urban AEB Systems
- Low Speed-City AEB Systems
- Pedestrian-VRU (Vulnerable Road Users) AEB Systems
- Forward Emergency Braking
- Reverse Emergency Braking
- Multi-directional Braking
By Level of Automation Driving:
- Autonomous Passenger Car
- Semi-Autonomous Passenger Car
- Audible Buzzers
- Visual Indicators
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Nandini Singh Sawlani
Future Market Insights Inc.
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Suite 401, Newark, Delaware – 19713, USA
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Originally published at https://www.einpresswire.com/article/668326120/automotive-emergency-braking-system-market-to-reach-us-68-257-16-million-by-2033-rising-at-an-cagr-of-8-future-market-insights-inc