Automatic Emergency Braking Market Analysis By 2024 Growth Drivers & Regional Statistics

The Automatic emergency braking market is set to grow from its current market value of more than USD 6.5 billion to over USD 20 billion. Automatic emergency braking industry has been gaining increasing traction in the recent years, primarily due to the rising concern and awareness regarding the death toll due to traffic injuries. However, the surging emergence of autonomous vehicles has also been majorly responsible for the expansion of this vertical.
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Apparently, automatic preventive braking will work by applying small preventive brakes that will increase the distance between two vehicles and maintain safe distance between vehicles rather than brake suddenly to avoid collision. Integration of such braking systems on autonomous vehicles as well as ordinary vehicles driven by humans will immensely augment the safety of passengers as well as pedestrians. Such considerations taken by automakers are certain to add a considerable boost to the growth of the automatic emergency braking market.
The substantial upsurge in the number of road accidents has occurred not only because number of vehicles on the road has been increasing exponentially but due to inattentive driving, drunk driving and speeding. In 2016, the National Safety Council of the U.S. estimated the chances of people dying in a car crash was 1 in every 114, which amounted to nearly 40,000 people losing their lives in motor vehicle mishaps. Naturally, the National Highway Traffic Safety Association (NHTSA) of the U.S. is working towards the promotion of road safety through the enhancement of vehicle technologies that can potentially reduce the number of crashes, thus helping to save thousand of lives each year, not to mention reduction of all the damage associated with a road accident.
The expanding automotive industry will also add a noticeable stimulus to the automatic emergency braking market. According to reliable statistics, the automotive industry was estimated to sell nearly 78.6 million passenger vehicles in 2017. In terms of production and sales, China and the United States are among the leading countries in the automotive industry with 6.9 million passenger cars having been sold in the U.S. alone in 2016.
While the automotive industry is led by such giants as Volkswagen, Daimler and Toyota, the automotive supplier industry, which also plays a major role in the automatic emergency braking market, is led by Bosch, Continental, Denso, Magna etc. Aided by initiatives like the Paris Agreement, electric and hybrid vehicles are expected to register 20% CAGR over 2018-2024, adding greater growth impetus to the overall market. As passenger vehicles witness explosive demand in the emerging economies, it is predictable that the automatic emergency braking industry will also register a massive growth rate as traffic safety concerns will be rising with the increasing use of vehicles.
In fact, in 2015, ten major U.S. car manufacturers committed to making automatic emergency braking a standard feature in all vehicles to increase vehicle safety. Electric car manufacturer Tesla added an automatic emergency braking system on its vehicles that uses a radar technology to bounce under vehicles to detect potential accidents up to 2 cars ahead and is activated even before the human driver has the chance to access the situation and react. Pedestrian automatic emergency braking systems are also becoming more commonly used in automobiles as autonomous vehicles are making their appearance in the market and it is of crucial importance that pedestrian safety is maintained in case of such vehicles.
In 2015, NHTSA and the Insurance Institute of Highway Safety made an announcement in which it was declared that ten of the major U.S. car manufacturers committed towards including automatic emergency braking as a standard feature in all new vehicles. Considering that the ten manufacturers constitute nearly 60% of the automakers in United States, their commitment to the inclusion of the feature is an important one and comprehensively indicates the future growth prospects for the automatic emergency braking market.
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Data Tables
TABLE 1.    Automatic emergency braking industry 3600 synopsis, 2013 – 2024
TABLE 2.    Automatic emergency braking market estimates and forecast, 2013 – 2017, (Thousand Units) (USD Million)
TABLE 3.    Automatic emergency braking industry estimates and forecast, 2018 – 2024, (Thousand Units) (USD Million)
TABLE 4.    Automatic emergency braking industry estimates and forecast by brake, 2013 – 2017 (Thousand Units)
TABLE 5.    Automatic emergency braking industry estimates and forecast by brake, 2018 - 2024 (Thousand Units)
TABLE 6.    Automatic emergency braking market estimates and forecast by brake, 2013 – 2017 (USD Million)
TABLE 7.    Automatic emergency braking industry revenue estimates and forecast by brake, 2018 - 2024 (USD Million)
TABLE 8.    Automatic emergency braking industry volume estimates and forecast by vehicle, 2013 – 2017 (Thousand Units)
TABLE 9.    Automatic emergency braking industry volume estimates and forecast by vehicle, 2018 - 2024 (Thousand Units)
TABLE 10.    Automatic emergency braking industry revenue estimates and forecast by vehicle, 2013 – 2017 (USD Million)
TABLE 11.    Automatic emergency braking industry revenue estimates and forecast by vehicle, 2018 - 2024 (USD Million)
TABLE 12.    Automatic emergency braking industry estimates and forecast by technology, 2013 – 2017 (USD Million)
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