ABS Pump Market Insights, Trends & Growth Outlook to 2025
Based on credible forecast, the global ABS pump market is slated to grow substantially over the period of 2020-2025. Shifting consumer preference for smooth driving, coupled with strict federal directives mandating ABS installation in all vehicles are impelling the expansion of ABS pump market. The system is capable of saving severe accidents by averting the risk of skidding in case of slippery terrains and reducing the stopping distance on sudden braking, which in turn is promoting its widespread adoption.
Surging number of road fatalities across the globe, in tandem with rising concerns regarding passenger and driver safety will augment the market outlook in the upcoming years. Evolving lifestyles and increasing consumer awareness regarding the benefits of antilock braking system are further driving the growth of ABS pump market.
However, high cost of raw materials and expensive maintenance of ABS as compared to conventional braking systems will restrain market growth. Nevertheless, there has been an upswing in design innovations and manufacturers are investing heavily towards product upgradation. This factor, along with development of advanced braking systems for two-wheelers will bolster the adoption of ABS, thereby favoring the ABS pump market share.
Elaborating on the type, the market is categorized into mechanical ABS pump and electronic ABS pump. As per the reliable reports, electronic ABS pump market segment is predicted to gain modest impetus over the forecast period, on account of its ability to maintain traction between tires and ground. The system manages the pressure, consists of speed sensors, and prevents the tires from locking, hence avoiding accidents.
In terms of application outlook, the global ABS pump market is bifurcated into commercial vehicles and passenger vehicles. The latter segment is presumed to register modest return over the analysis timeframe, owing to rising sales of passenger vehicles across the globe. Ever-growing population, coupled with improving per capita, and surging adoption of safety systems in passenger vehicles will contribute towards the segmental share.
Considering the geographical backdrop, the global ABS pump industry is fragmented into Asia Pacific, North America, South America, Europe, and Middle East & Africa, with key contribution from United States, Germany, China, Brazil, Saudi Arabia, Canada, France, Japan, Argentina, Egypt, Mexico, UK, Korea, Nigeria, Russia, India, South Africa, Italy, and Southeast Asia.
Estimates by credible sources claim that Asia Pacific ABS pump market will witness considerable growth through the year 2025. Increase in the sales of two-wheelers and passenger cars across the region, in consort with mandatory installation of ABS in all vehicles types is driving the regional market. Manufacturers across the region are focusing on developing high-quality, low cost, and lightweight ABS, which will further aid ABS pump sales in Asia Pacific.
WABCO, Bilstein, BYD, GreatWall, FOX, MANDO, ALKO, Honda, and Schaeffler are some prominent companies operating in the global ABS pump market. These industry behemoths are entering into agreements with governments to develop safety systems for commercial and passengers vehicles, thereby improving their market stake.