The global demand for AEB system installations is expected to reach 46,860 thousand units by 2024, according to a new report by Grand View Research, Inc. Automotive safety systems, such as automatic emergency braking (AEB) mitigate the impact of accidents on vehicle occupants and pedestrians and systems alongside, enable reduction in the number of accidents. Rising need for security from consumers and surging government initiatives are expected to drive AEB systems market growth.
The U.S. National Highway Traffic Safety Administration (NHTSA) publicized the inclusion of AEB systems into its new car assessment program (NCAP) in 2015 to avert car crashes or either reduce the severity of crashes or avoid them altogether.
Growing awareness among consumers, extensive R&D by market players and updated ratings of safety agencies have fueled market growth. Major automobile manufacturers have by now started to integrate basic AEB systems as optional and standard choices into their mass-market automobile models. For instance, Toyota launched its technologies that incorporate auto-adjust headlamp, auto-parking, pre-crash braking packages, and vehicle communication system to be unified into its 2015 models. Insurance companies have also taken a significant interest in commercialization of AEB systems in order to reduce the liability claims due to road accidents.
Key industry participants include automobile manufacturers such as, Audi, Bayerische Motoren Werke AG (BMW), Honda Motor Co., Ltd., Daimler AG (Mercedes-Benz), AB Volvo, and TESLA MOTORS, INC.
Sales in North America and European regions are largely contributed owing to their regulatory scenario and administrative protocols.
In-depth report on global automatic emergency braking (AEB) market by Grand View Research: