Electronic braking system in cars market
Global electronic braking system in cars market is experiencing an upturn and is expected to register a CAGR of 5.4% over the forecast period of 2018-2023, asserts Market Research Future (MRFR) in a an extensive study.
The move towards automotive electronic brake systems is primarily driven by regulations aimed at ensuring vehicle safety. Strict norms already existing in North America and Europe are forming the basis on which developing countries across the globe are setting their regulation. The governments across multiple countries are approaching the issue of vehicle safety very seriously which is creating a conducive environment for the growth of the market.
Elevated level of awareness towards safety measures and surging acceptance of safety technologies for collision avoidance has paved the way for the growth of the global automotive electronic brake system.
The trend towards fully-electric control in vehicles has been noticed in case of brakes as well. Automotive electronic brake systems are progressively entering the mainstream and many automakers are providing electronic brake systems as standard features in vehicles which can also be credited for the growth of the market.
Recognizing the business potential offered by automotive electronic brake system, OEMs are increasingly moving towards electronic brake systems. These systems also ensure compliance with stringent regulatory requirements.
The adoption of safety technology is taking place at a brisk pace which coupled with steady investment in R&D activities is likely to augment the growth of the market over the forecast period. However, incorporation of electronic brake systems in vehicles raise the cost of production which might hinder the growth of the market over the forecast period.
Segmentation
The global automotive electronic brake system market has been segmented based on vehicle type, technology, components, and sales channel.
By vehicle type, the global automotive electronic brake system market has been segmented into passenger vehicles, and commercial vehicles.
By technology, the global automotive electronic brake system market has been segmented into brake assistance, autonomous emergency braking, electronic stability control and anti-lock braking systems.
By component, the global automotive electronic brake system market has been segmented into sensors actuators, control units and others.
By sales channel, the global automotive electronic brake system market has been segmented into OEM and aftermarket.
Regional Analysis
By region, the global automotive electronic brake system market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
North America accounted for the largest share of the global in 2017. The governments in the region have initiated regulations towards improving vehicle safety which spurs the adoption of automotive electronic brake systems among automobile manufacturers. The existence of leading automotive manufacturers in eth region acts a plus for the growth of the market. Automotive electronic brake system are integrated with all high end cars, the sale of which is high in the region. Moreover, the region is a frontrunner in the adoption of advanced safety systems in vehicles which is expected to bode well for the growth of the market.
Europe market for automotive electronic brake system is likely to exhibit substantial growth over the forecast period. Gradual increase in demand and sales of electric and hybrid vehicles is boosting the market growth in Europe.
APAC is poised to illustrate highest growth rate over the forecast period. Stringent vehicle safety norms laid down by the governments in South Korea, Japan coupled with the rise in production and sales of vehicles in the region is anticipated to boost the growth of the market. In addition, the governments in the region are mandating the inclusion of advanced safety features such as electronic brake system in vehicles which supports the growth of the market.
Competitive Landscape
The notable players in teh global automotive electronic brake system market include Robert Bosch GMBH (Germany), Denso Corporation (Japan), Haldex AB (Sweden), Knorr Bremse AG (Germany), Advics Group (US), Wabco Holdings Inc. (US), ZF TRW Automotive (US), Autoliv Inc. (Sweden), Delphi Automotive Plc (US), and Continental AG (Germany).
Industry Updates
In January 2019, Tata Motors, multinational automotive manufacturing company, made electronic brake force distribution and antilock braking system standard safety feature across all its Tiago and Tigor variants. Previously the advanced safety features were included only in XZ, XZA and XZ+ variants.