Autonomous Emergency Braking (AEB) System Market to Cross USD 159.48 Billion by 2030 Owing to Consumer Demand for Advanced Safety Features
Research Reports
Oct 25, 2023
As per SNS Insider’s research, the autonomous emergency braking (AEB) system market has been witnessing significant growth in recent years, driven by a combination of technological advancements, safety regulations, and increasing consumer awareness.
The SNS Insider report indicates that the size for autonomous emergency braking (AEB) system market was valued at USD 30.04 billion in 2022, with projections suggesting it will expand to USD 159.48 billion by 2030, experiencing a compound annual growth rate (CAGR) of 23.2% during the forecast period from 2023 to 2030.
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Market Report Scope
Autonomous Emergency Braking (AEB) is an advanced safety feature in modern vehicles designed to prevent or mitigate collisions by automatically applying the brakes when a potential collision is detected. This system is a significant advancement in automotive safety technology, aimed at reducing the severity of accidents and saving lives on the road. Many AEB systems are equipped to detect not only vehicles but also pedestrians and cyclists. This expands the safety net to a broader range of potential collision scenarios. AEB often works in conjunction with other advanced driver assistance systems (ADAS), such as adaptive cruise control and lane-keeping assist, to enhance overall vehicle safety.
Market Analysis
Governments and regulatory bodies worldwide have been actively promoting road safety by implementing stringent safety standards for vehicles. Many countries have made AEB systems mandatory or have incentivized their adoption through regulatory measures. For instance, the European New Car Assessment Program (Euro NCAP) introduced stricter safety ratings that require AEB for a high score. With an increasing number of road accidents and fatalities, there is a growing awareness among consumers about the importance of vehicle safety features. AEB systems offer the promise of reducing accidents by automatically applying brakes to avoid or mitigate collisions, making them an attractive feature for safety-conscious buyers. Ongoing advancements in sensor technologies, artificial intelligence, and machine learning have improved the performance and reliability of AEB systems. These systems now have the ability to detect not only other vehicles but also pedestrians, cyclists, and stationary objects, enhancing their overall effectiveness. The autonomous emergency braking (AEB) system market is not limited to developed countries. Emerging markets with growing automotive industries, such as China and India, are witnessing increased adoption of AEB systems due to rising income levels and a greater focus on safety.
Impact of Recession
The ongoing recession can have a mixed impact on the autonomous emergency braking (AEB) system market. While the demand for AEB systems is driven by safety concerns, economic downturns can affect consumer spending, production, and the overall automotive industry, which, in turn, can influence the AEB market. Manufacturers and suppliers in this industry should closely monitor market trends and adapt their strategies to navigate the challenges posed by the recession while continuing to emphasize the importance of safety in vehicles.
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Impact of Russia-Ukraine War
The Russia-Ukraine war has introduced a degree of uncertainty and disruption into the autonomous emergency braking (AEB) system market. Supply chain disruptions, rising material costs, shifting priorities, and global economic uncertainty all have the potential to impact the availability, affordability, and pace of innovation in AEB systems. However, it is also possible that this situation could drive investment in domestic supply chains and technological development in the long run. The extent of these effects will depend on the duration and resolution of the conflict and how governments and industries adapt to the evolving geopolitical landscape.
Key Regional Development
North America, particularly the United States and Canada, has seen a significant push towards AEB adoption due to regulatory requirements. The National Highway Traffic Safety Administration (NHTSA) announced plans to make AEB mandatory in new vehicles. Europe has long been at the forefront of vehicle safety regulations, with bodies like the European New Car Assessment Program (Euro NCAP) actively promoting AEB systems. AEB adoption is rising, not only in premium vehicles but also in mid-range and budget cars, driven by consumer demand and regulatory pressure. Developing countries like India and China are witnessing a surge in vehicle sales. The autonomous emergency braking (AEB) system market is expanding here, driven by safety concerns and an increasing middle-class population.
Key Takeaway from Autonomous Emergency Braking (AEB) System Market Study
- AEB systems have revolutionized the way we perceive road safety, and the Actuators segment is at the forefront of this transformation. One of the key factors propelling the Actuators segment to prominence is the increasing demand for enhanced vehicle safety. With the surge in global road traffic and the quest for reduced accident rates, automobile manufacturers are investing heavily in advanced safety technologies, with AEB systems being a cornerstone.
- In the ever-evolving landscape of automotive safety, the Multi-directional Braking segment is emerging as a dominant force within the market. Multi-directional braking technology represents a groundbreaking shift in the way vehicles respond to imminent collision threats, offering an unprecedented level of protection to drivers and passengers alike.
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Recent Developments Related to Autonomous Emergency Braking (AEB) System Market
- Jeep Meridian has set its sights on the Indian market, unveiling exciting plans to introduce the highly anticipated Jeep Meridian SUV in India. This announcement has generated considerable buzz among auto enthusiasts and prospective buyers alike, as the SUV promises to offer a range of cutting-edge features and safety technologies.
- Bird, a pioneer in the electric scooter sharing industry, has taken a significant step forward in enhancing the safety of urban micro-mobility with the introduction of its groundbreaking E-Scooter Automatic Emergency Braking (AEB) system. This innovative technology represents a major leap in improving rider safety and reducing accidents in the rapidly growing electric scooter market.
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