Electronic Stability Control System Market Size

Electronic Stability Control System Market Size

Electronic Stability Control System Market size estimated at over USD 27 billion in 2018 and will grow at a CAGR of 8% from 2019 to 2025. The global industry shipments are expected to reach 95 million units by 2025.

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The developments in vehicle safety systems have gained traction with growing customer awareness and government regulations, propelling the electronic stability control system market. Australia, Japan, New Zealand, Russia, South Korea, Turkey, Canada, the European Union, and Israel have made the electronic stability program mandatory and is expected to soon become compulsory in Argentina. According to the National Safety Council, around 40,000 people died in the U.S. due to car crashes in 2018 whereas around 4.5 million people were seriously injured. The global safety report from the World Health Organization states that the annual road traffic deaths have reached around 1.35 million. These factors have made automotive manufacturers to implement a greater number of safety features in vehicles.

Customers in developed nations are highly inclined toward more safety features, adding to the growth of the electronic stability control system market. The electronic stability control systems provide an effective way to improve vehicle stability by detecting the reduction in the traction of wheels. It also determines the loss of vehicle control and applies the brakes automatically to help the driver steer the vehicle. Braking can be applied as per the individual wheel requirements. The ability of these systems to prevent oversteer (when a car turns farther than the driver intended) or understeer (when a car moves forward without turning) is expected to influence the industry.