EMEA to lead automatic emergency braking market over 2016-2024, high demand from passenger vehicles to spur the industry growth
The last few years have observed a colossal rise in the requirement for collision warning systems. Automatic Emergency Braking Market revenue is likely to observe an upswing subject to this factor. In addition, the government has mandated regulations pertaining to passenger & pedestrian protection and vehicle safety, which will further spur this industry. Today, original equipment manufacturers are emphasizing more on introducing new technologies in vehicles to ensure the safety of both the driver and commuters. In 2014, the Euro NCAP (European New Car Assessment Program) had made it mandatory for the owners to install active safety systems in their vehicles to prevent road accidents. The introduction of such norms will escalate automatic emergency braking market. According to Global Market Insights, Inc., “Automatic Emergency Braking (AEB) industry size is anticipated to surpass USD 15 billion by 2024, growing at a rate of 29.3% over the period of 2016-2024.”
U.S. Automatic Emergency Braking Market size, by vehicle type, 2014-2024 (USD Million)
Taking into consideration the topographical trends, EMEA automatic emergency braking industry (Europe, the Middle East and Africa), which accounted for more than 45% of the global automatic emergency braking market share in 2015, is expected to grow notably over the years ahead. High consumer preference for advanced emergency braking systems in vehicles is expected to drive the business expansion in the region. UK and Germany are likely to make substantial contributions toward the regional revenue.
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Asia Pacific automatic emergency braking market is forecast to display a huge surge over the coming seven years, subject to escalated growth of infrastructure development across the region, which will offer huge business opportunities for the numerous players of automatic emergency braking market.
Automatic emergency braking systems find extensive applications in passenger and commercial vehicles. Strict legislations implemented by the government to prevent road accidents are expected to boost the usage of automatic emergency braking systems in heavy & light commercial vehicles, thereby accelerating automatic emergency braking industry expansion.
High customer inclination toward passenger vehicles equipped with additional features will drive AEB market demand in future. High sale of luxury cars such as mini SUVs across the world is expected to enhance the deployment of proficient and reliable technologies in automatic emergency braking systems. City automatic emergency braking systems are extensively used in passenger vehicles to curtail the repair and insurance charges, thereby providing a positive impetus to global AEB market.
In April 2017, Tesla launched a second-generation autopilot hardware as a major update for its new cars. It is predicted that this new 8.1 software update in the automatic emergency braking system of the automobile will help in reducing the collision rate by 90%. As per NHTSA (National Highway Traffic Safety Administration), installation of air bags in Tesla’s first generation autopilot vehicles, which was an innovative AEB feature, helped in reducing the collision rate by nearly 40%.
Market players will try to increase their ROI through strategic collaborations and joint ventures. In 2015, Bosch had collaborated with Land Rover to build a stereo video camera through which an emergency braking system can operate merely on camera data. Such strategies are predicted to support AEB industry development.
Autoliv, Continental AG, Volkswagen, Mitsubishi Motors Corporation, The Volvo Group, BMW AG, Robert Bosch GmbH, General Motors Company, TRW Automotive, Delphi Automotive PLC, Tesla Incorporation, Mercedes-Benz, and Mobileye are the key participants of automatic emergency braking industry.
Author Name :Dhananjay Punekar