A record increase in the vehicle accident rate worldwide is offering a lucrative business opportunity to Automatic Emergency Braking Market. In response to the safety call for both pedestrians and passengers, government on a global scale is showing a great interest in integrating hi-tech mechanism in automobiles to combat the crisis. In this regard, Euro NCAP has mandated the incorporation of technologically advanced safety systems in the vehicles to dodge intense collisions. As estimated by U.S. NHTSA, one-third of the vehicle crashes are usually from rear-end collisions that occur due to tailgating. With the latest penetration of technology in braking mechanism, front seat travelers and drivers are ensured with comparatively better security. According to Global Market Insights Inc., “Automatic emergency braking market is slated to exceed a revenue of USD 15 billion by 2024, at a sharp CAGR of 29.3% over the period of 2016-2024.”
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Automatic emergency braking industry, based on vehicle type is bifurcated into passenger and commercial vehicles. Increasing consumer preference toward public transport mode equipped with advanced safety features is driving the market demand across passenger vehicles. AEB technology is the most reliable safety measure for passenger vehicles to curtail the tailgating impacts. In addition to this, increasing number of luxury vehicles and new vehicle segments such as crossovers and SUVs are further expected to stimulate automatic emergency braking market outlook.
Asia Pacific will be one of the prominent region contributing to the AEB industry growth, subject to robust sale of high-end luxury cars and growing awareness regarding vehicle safety. The region is also flourishing due to growing infrastructure development which is required for installation.
Europe and Middle East and Africa is also actively partaking in automatic emergency braking market. EMEA is likely to dominate the industry due to intensive and early technology adoption, particularly in UK and Germany. Various car assessment agencies have put forth high specifications and standards regarding safety. Rising participation of car makers and government support for vehicle safety will favor automatic emergency braking industry.
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Automatic emergency braking market is highly consolidated with key MNCs holding more than half of the overall industry share. Many OEMs are focusing on key strategies including intensive research, cost- effective technologies, and product innovation. Major players who have established a strong foothold in this industry are likely to adopt partnership and work as a joint venture to gain maximum control and expand their business model. Bosch, Autoliv, Continental, Mobileye, and ZF-TRW are few of the prominent players in this space.
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