The global automotive emergency braking market is expected to witness significant growth in the coming years, owing to rising customer demand for safety features and technology in automobiles and increasing government mandates and regulations for the incorporation of the emergency braking system in automobiles. The increasing demand for premium vehicles is also anticipated to benefit the market during the forecast period.
Based on vehicle type, the market is categorized into passenger cars and commercial vehicles. During the forecast period, the passenger car category, especially premium luxury cars, is expected to dominate the automotive emergency braking market. The increasing production of passenger cars and rising income levels are major factors fueling the demand for the emergency braking system.
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During the forecast period, Asia-Pacific is expected to dominate the automotive emergency braking market because of the high production of passenger cars, growing safety concerns among car users, and rising disposable incomes, especially of the middle-class population, in the region. The automotive emergency braking technology helps in preventing accidents and reducing the severity of the crash with the automatic application of the brakes. In 2015, Fildes et al. conducted an analysis of international crash data, according to which cars featuring the emergency braking technology were 38% less likely to report collisions.
Government mandates regarding the installation of safety-related systems in automobiles is the key driver for the automotive emergency braking market. For instance, in March 2016, the U.S. Department of Transportation's National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety announced an agreement with 20 automakers, constituting more than 99% of the U.S auto industry, to incorporate the emergency braking system in all new cars by 2022. As a result, four automakers have incorporated the system in more than half of their 2017 model year vehicles.
The global automotive emergency braking industry is consolidated, with few established players operating in the industry. Technological barriers and high R&D costs pose a challenge to the new players entering the market. Some of the major players in the automotive emergency braking market are Continental AG, Autoliv Inc., DENSO Corporation, Tesla Inc., Magna International Inc., and Robert Bosch GmbH.
