Source: Future Market Insights announcement
LONDON — Over the period of 2022-2032, the automatic emergency braking (AEB) market is expected to grow at a CAGR (compound annual growth rate) of eight percent, exceeding $63,591.7 million by 2032 according to a study by Future Market Insights.
The growing passenger-vehicle fleet in East Asia will fuel significant growth in the regional AEB market. This is expected to rise at a CAGR of 10.2 percent during the projected period.
By 2022, the region is expected to produce 33 million passenger vehicles, accounting for more than half of all passenger vehicle production worldwide. The market for AEB is expected to witness traction, thanks to increased use in single and multi-directional braking.
Market demand is driven by factors such as strict government regulation on car safety, growing safety concerns among drivers, and higher expenditure on modern automotive functionalities like ADAS (advanced driver-assist systems) with an increase in disposable income.
Government bodies are increasing their initiatives and investments in response to growing number of traffic accidents around the world. Since pedestrians, motorcyclists, and cyclists account for about half of those killed on the road, AEB systems are viewed as a key ADAS technology that should be widely implemented around the world.
• By technology type, the radar sensor sales are expected to grow at a CAGR of 7.8 percent in the global market.
• By vehicle type, the passenger vehicle segment will dominate the market with more than 71 percent of the market share.
• By sales channel, the OEM segment will lead the AEBmarket and is anticipated to create an absolute dollar opportunity worth $33.5 billion
• In terms of region, South Asia and Pacific are predicted to exhibit a CAGR of 12.1 percent over the forecast period.
“Increasing road safety awareness coupled with a growing autonomous vehicle fleet will create lucrative opportunities for the market in the forecast period,” said a Future Market Insights analyst.
AEB market competitive landscape
Among the industry’s key players are Continental AG, ZF Friedrichshafen AG, Mobileye, Aptiv Plc, Veoneer Inc., Valeo SA, Magna International, Aisin Seiki Co., Ltd and others
Manufacturers are strategically collaborating with technology partners for long supply relation and to intrigate a central control unit for different ADAS technologies.