AEB market to reach $68.25 billion by 2033

In 2022, the automotive emergency braking (AEB) systems market was estimated to be worth US$29.52 billion. And the industry is projected to be valued at $31.61 billion by the end of 2023, both figures according to a recently published Future Market Insights report. In addition, the global market for AEB systems will likely expand at an 8 per cent compound annual growth rate (CAGR) over the course of the next decade, with a projected value of $68.25 billion by 2033.

“The integration of emergency braking systems with more comprehensive advanced driver assistance systems (ADAS) is a crucial component of the global automotive emergency braking system market since it improves overall safety as well as appeals to tech-savvy consumers,” said Nikhil Kaitwade associate vice president at Future Market Insights, Inc.

Key takeaways from the new report include data suggesting that, from 2023 to 2033, the AEB market in the United Kingdom is expected to flourish at a CAGR of 6.80 per cent.

Meanwhile, the AEB market in the United States will grow at a 6.70 per cent CAGR between now and 2033.

Automotive emergency braking system demand in Germany is anticipated to expand faster still at a 7.50 per cent CAGR over the forecast period.

However, the fastest growing market is China where AEB demand is anticipated to surge at a 14.10 per cent CAGR between 2023 and 2033.

The market in India is projected to expand at a 12.40 per cent CAGR.

By 2023, it is anticipated that the radar sensors market share will reach 25.34 per cent.

The passenger vehicle sector is projected to grow to 81.25 per cent of the global market in 2023.

In order to capitalize on rising markets, firms are increasing their global footprint. According to the Future Market Insights “Automotive Emergency Braking System Market” report, and in line with the data, safety technologies are reportedly becoming more and more popular in emerging markets, and manufacturers are setting up shop there to take advantage of the rising demand.

A key factor in raising customer awareness and acceptance of these safety technologies is effective branding and marketing. In marketing campaigns, manufacturers frequently draw attention to the superior safety features and cutting-edge technology of their emergency braking systems. By providing customization choices for various car models and market segments, manufacturers may serve a larger number of customers. Variations in response times, sensitivity, and user preferences are examples of this personalization.

To access a wider market than just new car sales, several manufacturers provide aftermarket improvements for older vehicles’ emergency braking systems. To guarantee correct installation and operation of emergency braking systems, manufacturers offer dealers and customers support in the form of training. This improves the perceived value of the technology as well as the user experience.

Related developments include the news that Chinese State-owned Changan Automobile Company Ltd has revealed plans to develop an electric vehicle (EV) plant in Thailand in 2023 to service the local and vital abroad markets. The statement comes after discussions that took place earlier this year during an investment roadshow between the company and Thailand’s Board of Investments (BOI). At the Shanghai Motor Show in April, the business announced for the first time that it intended to invest in a factory in Thailand.

In 2023, Tesla improved its autonomous emergency braking system and added the ability to operate in reverse driving mode. It is projected that this new function will improve vehicle reversing safety for both drivers and passengers.

Jeep debuted the Jeep Meridian SUV in India in 2022. The SUV has improved adaptive cruise control, a sophisticated autonomous emergency braking system, front collision warning, and blind-spot monitoring and assistance.

Meanwhile, the overall ADAS market is set to reach $211.71 billion by 2034.