Electronic Stability Control System Market Size worth $45bn by 2025
Published Date: July 26, 2019 Authors: Preeti Wadhwani, Shubhangi Yadav
Electronic Stability Control System Market size is set to reach USD 45 billion by 2025; according to a new research report by Global Market Insights, Inc. The global unit shipments will grow at over 9% CAGR from 2019 to 2025.
The electronic stability control system market is anticipated to have a lucrative growth with the increasing implementation of safety features such as traction control systems and anti-lock braking system in vehicles. The vehicle stability assist systems have become a vital part of vehicle safety to avoid accidents due to vehicle skidding, loss of steering control due to slippery road surfaces or sudden braking. According to Robert Bosch, 80 percent of the accidents due to skidding can be prevented by the implementation of electronic stability program. These systems can apply individual force to each wheel of the vehicle according to the requirements, preventing it from skidding and providing traction to improve the steering control. The manufacturers are providing these systems integrated with ABS and traction control system to effectively prevent understeer and oversteer, further increasing the demand in the electronic stability control system market.
The upcoming regulations for the mandatory implementation of the electronic stability control systems in countries such as India, Argentina will create significant growth opportunities in the electronic stability control system market. For instance, the Ministry of Road Transport & Highways in India introduced a new standard in February 2017 to make ABS systems mandatory for new cars sold in the country from April 2019. The Global NCAP is pushing countries such as Argentina, Mexico, Brazil, and Chile to implement electronic stability control systems owing to a large number of vehicle accidents in these countries.
Get more details on this report - Request Free Sample PDF
The commercial vehicles are expected to create a considerable demand in the electronic stability control system market. The commercial vehicles industry is growing with the increasing demand for goods transport and growth in the industrialization. The safety of commercial vehicles has gained growing importance in recent years. In April 2018 Bendix, one of the leading manufacturers in the industry, announced that it has sold 600,000 units of electronic stability control systems in North America since its launch in 2005. Also, WABCO offers stability systems and modular braking system platforms, particularly for the commercial vehicles, aimed at reducing the system development and installation time of vehicle manufacturers for multiple vehicle portfolios.
Browse key industry insights spread across 170 pages with 183 market data tables & 23 figures & charts from the report, “Electronic Stability Control System Market Size By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Component (Hydraulic Control Unit, Sensors, Electronic Control Unit [ECU]), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Asia Pacific is expected to witness a considerable growth in the electronic stability control system market owing to the large automotive industry. The countries, such as India, are witnessing rapid growth in automotive production. The steps such as allocation of 100 percent foreign direct investment for the automotive sector have created significant opportunities for automotive manufacturers. The country witnessed 8 percent growth in automotive production in 2018 as per the data by the International Organization of Motor Vehicle Manufacturers. The growing safety regulations also influencing the dynamic stability control market in the Asia Pacific region. The Malaysian government for example introduced a mandatory standard for the implementation of electronic stability program in November 2016, which applies to new vehicles sold in the country from 2018. Moreover, the high growth of the industrial sector and urbanization with economic developments are adding to the demand for commercial vehicles.
Robert Bosch GmbH, Continental AG, ZF Friedrichshafen, Autoliv Inc., Hitachi Automotive Systems Ltd., Johnson Electric, WABCO, General Motors (StabiliTrak), Denso Corporation, IAV Engineering, and Johnson Electric are among the major companies in electronic stability control system market. Cost optimization has become one of the prominent areas of work by manufacturers. For instance, ZF Friedrichshafen offers vehicle stability control system with small package size and higher integration ability with the other safety systems in the vehicle. The company also offers improved microprocessor units with extended ROM/RAM size and speed. The implementation of stability systems in mid-range vehicles has created new growth opportunities for the manufacturers.
The electronic stability control system market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD & shipments in units from 2015 to 2025 for the following segments:
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Hydraulic unit
- Electronic control unit (ECU)
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- South Africa
Explore More on Related Topics: