LONDON--(BUSINESS WIRE)--The global automotive brake override system market is expected to post a CAGR of more than 4% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global automotive brake override system market size is the increasing demand for battery electric vehicles (BEV). Several OEMs are focusing on enhancing the range of EVs, which is increasing the demand for safety technologies in vehicles. As users of fuel-powered vehicles are habituated to driving vehicles with three pedals, driving an electric vehicle with two pedals can cause an error in judgement, which can lead to serious consequences. Brake override systems disconnect the drive train from electric motors once the simultaneous braking and acceleration command is detected. This enhances the braking effect as only brakes interact with the wheels. Thus, the rising demand for BEVs will fuel the growth of the automotive brake override system market during the forecast period.
As per Technavio, the advances in ADAS technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive brake override system market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Brake Override System Market: Advances in ADAS Technology
The adoption of ADAS has increased at a significant rate over the last few years, mainly driven by regulatory norms, and the growing adoption by OEMs. Moreover, OEMs are increasingly focusing on developing autonomous vehicles, which is likely to boost the adoption of ADAS during the forecast period. This is expected to provide growth opportunities for active safety technologies, such as brake override systems.
“Apart from the advances in ADAS technology, other factors such as the growing shift toward electrifying the vehicle fleet, and the increasing emergence of autonomous vehicles will have a significant impact on the growth of the automotive brake override system market value during the forecast period,” says a senior analyst at Technavio.
Global Automotive Brake Override System Market: Segmentation Analysis
This market research report segments the global automotive brake override system market worth by vehicle type (passenger cars, and commercial vehicles), and geographic regions (Europe, North America, APAC, South America, and MEA).
The North American region led the automotive brake override system market in 2018, followed by APAC, Europe, MEA, and South America respectively. The automotive brake override system market analysis report identifies factors such as the increasing awareness about vehicle safety features, and technological advances to fuel the market dominance of North America during the forecast period.
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Five Forces Analysis
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