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Source: Future Market Insights announcement
LONDON — Over the forecast period of 2022-2032, the automatic emergency braking (AEB) market is expected to grow at a compound-annual-growth rate (CAGR) of 8.0 percent, exceeding $63,591.7 million by 2032, according to a recent report 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 over 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 automatic emergency braking 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 advanced driver-assistance systems (ADAS) 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, automatic emergency braking systems are viewed as a key ADAS (advance driver assistance system) technology that should be widely implemented around the world.
Key Takeaways from the report:
• 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 automatic emergency braking market 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.
Automatic Emergency Braking Market Competitive Landscape
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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 relations and to integrate a central control unit for different ADAS technologies.
