The automatic emergency braking market is set to observe growth rate of over 14.5% till 2024. The rising number of road accidents mainly in developed countries with fast highway lanes is a major factor that will boost the product’s adoption. According to the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA), in 2017, around 37,133 people lost their lives in a motor vehicle collision. This can significantly be reduced by using AEB equipped vehicles.
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Rising commercial car sales will significantly contribute to the industry expansion as well. Nowadays automakers are mainly focusing on vehicle safety by equipping crash avoidance technology in numerous vehicles. Even electric & hybrid car makers including EV major Tesla are offering crash avoidance technology as a standardized feature in their vehicles. Indeed, Automatic Emergency Braking Market size from electric & hybrid vehicles is slated to grow at a CAGR of 20% over 2018-2024.
Several countries have been taking initiatives to raise more awareness about safety against car crashes. Radar-based AEB systems have gained massive traction in the recent years. The system offers features like adaptive cruise control, automatic braking and lane assistance, and is increasingly getting common in mass car markets like Europe. The system also offers improved safety than traditional features such as seat belts and airbags by actively preventing collisions.
The product is capable of detecting moving objects in the path, and can efficiently predict its speed and direction to maintain a safe distance, eventually offering a complete hands-off experience. With growing adoption, industry players are continuously investing in R&D to further enhance the product’s performance. For instance, in 2017, Bosch introduced its new, advanced AEB system called iBooster which was capable of detecting pedestrian and cyclists using advanced video and radar sensors.
Stringent government regulations across the globe mandating safety features such as AEB systems, airbags, ABS, electronic stability control (ESC) systems and parking sensors across vehicles will thus augment the growth of the global AEB industry. As per reports, on February 2019, around 40 countries at the United Nations, led by the European Union and Japan, agreed to introduce AEB as standard on new cars and light commercial vehicles, providing a positive outlook for the industry proliferation.
Using advanced radar and camera sensors, AEB systems effectively detect an object in the front of the vehicle. The system alerts drivers and automatically applies brakes in case of impending collisions. Driven by a stringent regulatory landscape that mandates the installation of safety systems in vehicles, the global automatic emergency braking market is expected to evolve as one of the most remunerative spheres across the globe by 2024.
Europe automatic emergency braking market is anticipated to account around 50% of the share by 2024, particularly on account of the presence of prominent industry contenders such as Volkswagen, BMW, and Mercedes Benz in the region. Notable for manufacturing innovative AEB solutions, these companies have a pivotal role to play in the proliferation of the Europe automatic emergency braking industry.
The rapidly increasing focus toward reducing road accidents and improving occupant & pedestrian safety will extensively drive AEB market growth in the coming years. An advanced safety feature that uses a combination of forward-looking sensors, automatic braking system, and driver alerts, AEB warns drivers about impending collisions. The system effectively improves driving confidence as it allows drivers to gain control over the vehicle by reducing speed or in some cases, offers time to steer off to avoid crash. Automatic Emergency Braking Market is set to exceed USD 20 billion by 2024.
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Some Point from Table of Contents:
TABLE 1. Automatic emergency braking industry 3600 synopsis, 2013 – 2024
TABLE 2. Automatic emergency braking market estimates and forecast, 2013 – 2017, (Thousand Units) (USD Million)
TABLE 3. Automatic emergency braking industry estimates and forecast, 2018 – 2024, (Thousand Units) (USD Million)
TABLE 4. Automatic emergency braking industry estimates and forecast by brake, 2013 – 2017 (Thousand Units)
TABLE 5. Automatic emergency braking industry estimates and forecast by brake, 2018 - 2024 (Thousand Units)
TABLE 6. Automatic emergency braking industry estimates and forecast by brake, 2013 – 2017 (USD Million)
TABLE 7. Automatic emergency braking market revenue estimates and forecast by brake, 2018 - 2024 (USD Million)
TABLE 8. Automatic emergency braking industry volume estimates and forecast by vehicle, 2013 – 2017 (Thousand Units)
TABLE 9. Automatic emergency braking industry volume estimates and forecast by vehicle, 2018 - 2024 (Thousand Units)
TABLE 10. Automatic emergency braking industry revenue estimates and forecast by vehicle, 2013 – 2017 (USD Million)
TABLE 11. Automatic emergency braking market revenue estimates and forecast by vehicle, 2018 - 2024 (USD Million)
TABLE 12. Automatic emergency braking market estimates and forecast by technology, 2013 – 2017 (USD Million)
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