According to the latest report by IMARC Group titled, “Anti-Lock Braking System (ABS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global anti-lock braking system (ABS) market grew at a CAGR of around 6% during 2014-2019.
An anti-lock braking system, or ABS, is advanced safety equipment that is a part of the active braking system used in automobiles. It helps to prevent the wheels of a vehicle from locking up under emergency, panic, or harsh braking conditions, and enable it to maintain dynamic contact with the road surface.
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ABS improves stability and traction control of the vehicle while significantly reducing the risks of skidding, especially in slippery conditions. This provides high-end safety features to the consumers at an affordable price, which, in turn, is escalating the demand for ABS. Along with this, the rising number of road accidents has compelled the governments of various countries to implement mandatory standards for people to equip their vehicles with an ABS to improve stability, control, and safety aspects of the car. The growing awareness about the benefits of ABS, several technological advancements in the automotive industry, and increasing consumer safety concerns are some of the other factors that are expected to bolster the growth of the market in the coming years.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/anti-lock-braking-system-market
Insights on Market Segmentation:
Market Breakup by Component Type:
Electronic Control Units (ECU)
Market Breakup by Vehicle Type:
Market Breakup by End-Use:
Market Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined with some of the key players being Advics Co. Ltd., Aisin Seiki, Denso Corporation, Hitachi Automotive System Ltd, Mando Corporation, Robert Bosch GmbH, Wabco Ltd, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.