The global Intelligent Braking System market size is projected to reach approximately USD 19.76 Billion by 2033, at a CAGR of 30.01% from 2023 to 2033. An Intelligent Braking System (IBS) is a type of advanced safety technology that uses sensors and computer algorithms to assist a vehicle’s braking system in emergencies. The system works by continuously monitoring various parameters such as vehicle speed, distance to other vehicles, and driver inputs. In case of an impending collision, the IBS can apply the brakes automatically to help the driver avoid or mitigate the impact of a collision. IBS can also work in conjunction with other safety technologies such as collision warning systems, adaptive cruise control, and lane departure warning systems to improve overall vehicle safety.
COVID-19 Impact Analysis
The COVID-19 pandemic had a negative impact on the Intelligent Braking System (IBS) market. The pandemic has caused widespread disruptions in many industries, including the automotive industry. With lockdowns and travel restrictions in place in many parts of the world, demand for new vehicles decreased, which in turn affected the demand for IBS systems. Moreover, supply chain disruptions caused by the pandemic may have also affected the production and distribution of IBS systems. The closure of factories and logistics centers, as well as transportation disruptions, have made it difficult for manufacturers to obtain the necessary components and raw materials for IBS systems.
Market Dynamics
The major factors that have impacted the growth of the Intelligent Braking System are as follows:
Drivers:
Rise in the number of road accidents
Over the past few years, road accidents have become an increasingly concerning issue. This has driven the demand for Intelligent Brake Systems (IBS), which provide a safer and more effective braking system to reduce the number of accidents occurring on roads across the world. The rise in road accidents is expected to drive substantial growth in the IBS market, as more people are looking for ways to ensure their safety while driving.
Restraint:
- The high cost of the technology
the high cost of the Intelligent Braking System (IBS) technology can hamper the growth of the IBS market. The cost of IBS technology is often higher than traditional braking systems, which can make it unaffordable for many consumers, particularly in emerging markets. Moreover, the high cost of IBS technology can also be a challenge for manufacturers who may find it difficult to justify the cost of incorporating IBS into their vehicles, especially for budget or low-end models. In addition, the high cost of IBS technology can also limit the adoption of the technology in commercial fleets, which typically operate on tight budgets and may be reluctant to invest in expensive safety technologies.
Opportunity:
Increasing adoption of advanced driver assistance systems (ADAS)
ADAS is a set of safety technologies that are designed to assist drivers in avoiding accidents and improving road safety. ADAS technologies include features such as lane departure warnings, blind spot detection, and adaptive cruise control, among others. IBS is an essential component of ADAS, and it is often used in conjunction with other safety technologies to provide a comprehensive safety solution. With the increasing adoption of ADAS, there is a growing demand for IBS technology, which is expected to drive the growth of the IBS market. Moreover, the increasing focus on autonomous and semi-autonomous vehicles is also creating new opportunities for IBS technology. These vehicles rely on advanced safety technologies to operate safely and efficiently, and IBS is an important component of these technologies.
Segment Overview
By Type
Based on the Type, the Intelligent Braking System market is segmented based on ABS, EBS, and Others. ABS is a well-established safety technology that has been widely adopted in the automotive industry, and it is often considered a fundamental safety feature in modern vehicles. As a result, ABS is expected to continue to be a key component of IBS technology, and it could hold a significant market share in the IBS market.
By Application
Based on Application, the global Intelligent Braking System market has been divided into Automotive, Aircraft, Trains, and Others. The Automotive segment is expected to hold the largest market share. The automotive industry is one of the largest users of IBS technology, and most of the innovation and development in this field is focused on the automotive sector. Moreover, governments and regulatory bodies around the world are taking steps to mandate the use of IBS technology in new vehicles, which is expected to drive growth in the automotive segment of the IBS market.
Global Intelligent Braking System Market Share, by Segmentation
Regional Analysis
Based on region, the global Intelligent Braking System market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Europe is projected to dominate the use of the Intelligent Braking System market followed by the Asia-Pacific and North American regions.
Europe Market
Europe has been one of the dominant regions in the IBS market. The region has a well-established automotive industry, and the adoption of advanced safety technologies in vehicles is high. Moreover, the region has stringent regulations related to vehicle safety, which has led to a high demand for IBS technology. In addition, the increasing focus on road safety in Europe is expected to drive the growth of the IBS market in the region. The European Union has set a target to reduce the number of road fatalities and serious injuries by 50% by 2030, which is expected to increase the adoption of advanced safety technologies, including IBS.
Asia-Pacific Market
The Asia Pacific region is expected to experience the fastest growth in the Intelligent Braking System (IBS) market in the coming years. The growth is driven by factors such as increasing demand for advanced safety technologies in vehicles, the growth of the automotive industry, and the presence of a large number of key players in the region. Moreover, the increasing adoption of electric vehicles in the region is also expected to drive growth in the IBS market, as these vehicles require advanced safety technologies to operate safely and efficiently.
Competitive Landscape
The market comprises tier-1, tier-2, and local players. With their wide product portfolios, tier-1 and tier-2 players have a global reach. Since of their strategic innovations and broad regional presence, companies such as Continental, Bosch, Hyundai Mobis, and ADVICS, lead the global Intelligent Braking System business. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as growth, product releases, and alliances.
Prominent Players:
- Bosch
- Continental
- TRW
- ADVICS
- Hyundai Mobis
- Mando
- Wabco
- Knorr-Bremse
- Hitachi
- Nissin Kogyo
- Junen
- Wanxiang
- APG
- Kormee
- Dongfeng Electronic
- Guangzhou Sivco
- Volvo
Scope of the Report
Global Intelligent Braking System Market, by Type
- ABS
- EBS
- Others
Global Intelligent Braking System Market, by Application
- Automotive
- Aircraft
- Trains
- Others
Global Intelligent Braking System Market, by Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia Pacific
- Rest of the World
| Parameters | Indicators |
|---|---|
| Market Size | 2033: $ 19.76 Billion |
| CAGR | 30.01% CAGR (2023-2033) |
| Base year | 2022 |
| Forecast Period | 2023-2033 |
| Historical Data | 2021 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Segmentations | Type, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, Middle East, Africa |
| Key Vendors | Bosch, Continental, TRW, ADVICS, Hyundai Mobis, Mando, Wabco, Knorr-Bremse, Hitachi, Nissin Kogyo, Junen, Wanxiang, APG, Kormee, Dongfeng Electronic, Guangzhou Sivco, Volvo |
| Key Market Opportunities | Increasing adoption of advanced driver assistance systems (ADAS) |
| Key Market Drivers | Rising the number of road accidents |
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Intelligent Braking System market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Intelligent Braking System market historical market size for the year 2021, and forecast from 2023 to 2033
- Intelligent Braking System market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Intelligent Braking System market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
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Frequently Asked Questions (FAQ)
- What is the study period of this market?
- The study period of the global Intelligent Braking System market is 2022- 2033
- What is the growth rate of the global Intelligent Braking System market?
- The global Intelligent Braking System market is growing at a CAGR of ~30.01% over the next 10 years
- Which region has the highest growth rate in the global Intelligent Braking System market?
- Asia Pacific is expected to register the highest CAGR during 2023-2033
- Which region has the largest share of the global Intelligent Braking System market?
- Europe holds the largest share in 2022
- Who are the key players in the global Intelligent Braking System market?
- Bosch, Continental, TRW, ADVICS, Hyundai Mobis, Mando, Wabco, Knorr-Bremse, Hitachi, Nissin Kogyo, Junen, Wanxiang, APG, Kormee, Dongfeng Electronic, Guangzhou Sivco, Volvo are the major companies operating in the global Intelligent Braking System
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- Yes, we offer 16 hours of analyst support to solve the queries
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- Yes, we provide regional as well as country-level reports. Other than this we also provide a sectional report. Please get in contact with our sales representatives.
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