Automatic Emergency Braking Market size worth $20 Bn by 2024

Automatic Emergency Braking Market size is slated to surpass USD 20 billion by 2024; according to a by Global Market Insights Inc.
 

Increasing awareness regarding vehicle occupant and non-occupant safety will boost the automatic emergency braking industry growth. Over speeding, and distracted driving owing to usage of mobile phones and unsafe road infrastructure are contributing towards road accidents. According to the World Health Organization, in 2018, road traffic injuries is the leading cause of death across the globe. AEB system installation to reduce accident severity will further propel the industry growth.
 

Forward collision warning accounted for about USD 5 billion in 2017 and is expected to maintain its dominance. This can be credited to increasing system installation in passenger cars for enhancing passenger safety. Dynamic braking system will foresee steady growth with rising prominence of electric drive systems.
 

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Proliferating automobile production and sales coupled with increasing consumer awareness regarding pedestrian and passenger safety are fueling the automatic emergency braking market revenue. Availability of multiple budget vehicle models offering automatic emergency braking technologies at lower cost is supporting the business growth. Industry participants are continuously investing in R&D to introduce improved technologies for enhancing the system performance.
 

Browse key industry insights spread across 265 pages with 387 market data tables & 15 figures & charts from the report, “Automatic Emergency Braking Market Size By Brake (Disc, Drum), By Vehicle (ICE [Passenger Cars, LCV, HCV], Electric & Hybrid Vehicle), By Technology (Crash Imminent Braking, Dynamic Brake Support, Forward Collision Warning), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/automatic-emergency-braking-AEB-Market
 

Proliferation of autonomous driving technologies and increasing stringent regulations for meeting the New Car Assessment Programs (NCAP) standards are enabling automobile manufacturers to invest in technologies for efficient implementation of the AEB systems. However, higher costs associated along with technical complexities and lack of proper infrastructure may hamper the automatic emergency braking market growth. Thus, companies are standardizing the technologies across budget models for meeting the economies of scale and bringing down costs, thereby positively influencing the market demand.
 

Stringent government regulations across the globe mandating multiple safety features across passenger vehicles including automatic emergency braking systems, seatbelts, airbags, ABS, electronic stability control systems, and parking sensors are supporting the revenue generation till 2024.
 

Drum brakes captured a prominent automatic emergency braking market share in 2024 owing to the lower maintenance cost compared to disc brakes. Proliferating small and medium car sales in emerging nations will improve the industry growth. Moreover, higher adoption in heavy commercial vehicles due to large wheel diameter will further escalate the revenue generation.
 

Electric & hybrid vehicles is poised to register growth rate of around 20% through 2024 led by rising concerns over vehicle pollution and greenhouse gas emissions. The U.S., Canada, and Germany are adopting low carbon initiatives for adhering to international treaties including Paris Summit. Federal government in the U.S. have enacted policies to promote EVs.
 

Europe automatic emergency braking market is set to hold more than 50% of the volume share in 2024. This can be attributed to the presence of major industry players including BMW, Volkswagen, and Mercedes Benz developing innovative AEB solutions for their vehicle portfolio. Organizations including Euro NCAP are promoting development of AEB systems to safeguard occupants and non-occupants. The organization is continuously broadening the scope to enhance product efficiency thereby positively influencing the industry size. Latin America and Middle East & Africa will showcase steady growth impelled by increasing luxury vehicles demand.
 

The automatic emergency braking market players include Autoliv, Continental, Delphi, Magna, Siemens, and Bosch. Industry players are engaged in long-term partnerships and alliances with automobile OEMs for efficient incorporation of the technology into their vehicles.