The sales in the global automotive anti-lock braking system (ABS) motor market are projected to rise at a remarkable CAGR of 8% to 9% CAGR during the assessment period between 2022 and 2032. Rising industry player inclination towards adoption of high-performance braking systems in modern vehicles is estimated to accelerate the sales of automotive ABS motors in the market over the forthcoming years.
| Report Attribute | Details |
|---|---|
| Automotive ABS Motor Market Projected Growth Rate (2022 to 2032) | 8% to 9% CAGR |
ABS is an advanced automotive braking system particularly used in automotive vehicles, owing to its ability to assist in preventing the wheels from locking up and help the vehicle maintain steering control. It allows wheels to maintain dynamic contact with the surface of the road, which is equally proportional to the braking inputs provided by the driver.
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A significant rise in number of road accidents were being witnessed across the globe over the past couple of years. For instance, according to a study published by the National Crime Records Bureau, in 2020, nearly 354,796 road accidents were reported in India.
Due to these growing road accident instances, a number of governmental and road safety organizations such as the Insurance Institute of Highway Safety are implanting stringing regulations and standards mandating the adoption of advanced ABS braking technologies.
In addition to this, increasing launch of novel vehicle testing programs for assessing driver safety such as New Car Assessment Program (NCAP) is further encouraging automotive manufacturers to adopt ABS braking systems. As automotive ABS motor plays a vital role in the efficient performance of this braking system, rising deployment of ABS braking systems is expected to accelerate the sales in the global market.
Despite a number of benefits associated with the automotive ABS motors, extravagant cost of advanced ABS braking systems, high maintenance, and fluctuation cost of raw materials are some of the factors hindering the sales in the global market.
Future Market Insights reveals that North America is anticipated to exhibit robust growth in the global automotive ABS motor market between 2022 and 2032.
The market for automotive ABS motors is largely driven by the rapidly expanding automotive industry across the globe. Over the past couple of years, there is a swift increase in adoption of automotive vehicles such as passenger cars, sport utility vehicles (SUVs), and luxury vehicles, across North America, resulting in propelling the demand for associated components.
For instance, according to a study by the International Energy Agency, nearly 17 million cars were reported to be sold in the USAin the year 2019. As automotive ABS motors are extensively being deployed in modern cars, due to the presence of stringent safety standards, increasing automobile sales is expected to augment the demand in the North America market.
Western Europe is anticipated to emerge as a highly opportunistic market for automotive ABS motors during the forecast period 2022 to 2032, as per FMI
With increasing inclination toward electric vehicles with innovative features, and rising concerns regards driver safety, key automotive vehicle manufacturers in Europe are emphasizing on launching novel cars with advanced safety features.
For instance, in 2022, BMW, a German multinational luxury vehicles manufacturer, announced introducing, the BMW 7 Series, a new range of all-electric luxury sedans along with hybrid and internal combustion engine models with advanced ABS-EBD braking technology. A multiplicity of such new automobile launches with ABS systems is estimated to bolster the sales of automotive ABS motors in the Western Europe market.
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Some of the leading players in the automotive ABS motor market LG Innotek, Mahle, Johnson Electric Holdings Limited, Continental AG, Parker Hannifin Corporation, Denso Manufacturing Italia S. P. A., and others.
The market for automotive ABS motor is highly competitive, due to growing focus on launching novel products and entering into collaboration, agreement, and partnership with industry players.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8% to 9% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Vehicle Type, ABS Type, Sales Channel, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa |
| Key Companies Profiled | LG Innotek; Mahle; Johnson Electric Holdings Limited; Continental AG; Parker Hannifin Corporation; Denso Manufacturing Italia S. P. A.; Others |
| Customization | Available Upon Request |
FMI projects the demand for automotive ABS motor in the market is expected to rise at 8% to 9% value CAGR by 2032
The global automotive ABS motor market is anticipated to be dominated by North America over the forecast period 2022 to 2032.
LG Innotek, Mahle, Johnson Electric Holdings Limited, Continental AG, Parker Hannifin Corporation, Denso Manufacturing Italia S. P. A., and others some of the leading players in the prominent automotive ABS motor market.
| Estimated Market Size (2024E) | USD 309.5 million |
|---|---|
| Projected Market Value (2034F) | USD 753.2 million |
| Value-based CAGR (2024 to 2034) | 9.3% |
| Expected Market Value (2022) | USD 782.9 Million |
|---|---|
| Market Anticipated Forecast Value (2032) | USD 945.4 Million |
| Market Projected CAGR (2022 to 2032) | 11.6% |
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