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The growth and dynamics of the Electronic Stability Control (ESC) System market are influenced by a number of market factors. One major cause that increases the size of the market is when more attention is placed on vehicle safety. This leads to governments and regulatory authorities in various countries enforcing very strict safety standards which make car makers include advanced safety features such as ESC systems in their vehicles. These are designed to help prevent skidding and loss of control, thus helping reduce accidents thereby enhancing road safety.
Another important market factor is the evolution towards smarter and more connected vehicles in the automotive industry. Demand for advanced safety and control systems such as ESC increases with sophistication of vehicles. ESC systems are increasingly being adopted by consumers who prioritize intelligent safety technologies in their cars. In addition, most modern vehicles have incorporated ESC as a standard feature indicating increased commitment from the industry to enhance overall driving experience while mitigating risks associated with harsh road conditions.
The demand for ESC systems also results from global trends in urbanization and rising traffic congestion. In densely populated areas, where traffic conditions can change at any time without warning, drivers find themselves better off with having an additional layer of security provided by ESC system which helps them maintain control during emergency maneuvers or difficult road situations. Given that urbanisation will continue particularly in emerging economies, this implies that there will be a long-term need for such systems since they assist drivers navigate complicated and congested traffic environments.
Environmental considerations also play a role in shaping the ESC system market. Shifts towards electric vehicles (EVs) and hybrid technologies within automotive sector have seen development of ESC systems specifically tailored to these kinds of cars. Electric/hybrid vehicle oriented versions improve general efficiency and ensure safe operation through incorporation into alternative propulsion strategies consistent with industrial sustainability goals aiming at reducing ecological impact.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Vehicle type, Drive type |
Electronic Stability Control System Market Highlights:
Electronic Stability Control System Market Synopsis:
Global automotive electronic stability control systems market is expected to grow USD 35,410 million at 9.5% CAGR during the forecast period.
Geographically, the global electronic stability control system market has been divided as North America, Europe, Asia Pacific and Rest of the World. North America, of all the regions, has accounted for the largest market share, in 2016, followed by Europe and Asia Pacific. Increasing production of technologically advanced vehicle, and growing investment in R&D in automotive industry, are driving the growth of the market in North America. Asia Pacific is expected to grow at a highest CAGR during the forecast period, driven by the increasing automotive manufacturing activities. Increasing disposable income among individuals and the rising demand for luxury vehicles, are also fueling the market growth. China is the major market in Asia Pacific region. It has emerged as one of the leading markets for electric cars in terms of sales. And as per government reforms, the country has planned to ban the sales of all the petrol and diesel vehicles by 2019. However, the demand for electric car is expected to rise in the future, which will also increase the market growth. Moreover, Japan, Singapore and South Korea governments, are also planning to take such initiatives.
For the purpose of this study, the global electronic stability control systems market has been segmented by vehicle type, and by drive type. By vehicle type, the market has been segmented as passenger car, light commercial vehicle and heavy commercial vehicles of which passenger cars account the largest market followed by LMV and HMV. The passenger vehicle, which essentially carries many passengers, accounts for almost 66% of the global vehicle production. With the rise in income levels, the passenger vehicle segment has witnessed a significant rise in production and sales. Light commercial vehicle segment is the second largest segment in terms of value. A commercial vehicle is basically a motor vehicle utilized for the purpose of transporting goods or paid passengers. Light commercial vehicles include pickup trucks, and vans. On the basis of drive type, the market has been segmented as rear wheel drive, front wheel drive, and all-wheel drive. The rear wheel drive segment dominates the drive type segment of the market. The all-wheel drive segment is expected to grow at the highest CAGR during the forecast period. Rise in both production of all-wheel drive vehicles and safety concerns among the consumers in North America and Europe, are driving the demand of this segment.
The Prominent Players
The prominent players in the electronic stability control system market include Robert Bosch GmbH (Germany), Johnson Electric. (Hong Kong), TRW Automotive Holdings (U.S.), Continental AG (Germany), Delphi Automotive (U.K.), Hitachi Automotive Systems Ltd. (Japan), Autoliv Inc. (Sweden), Toyoda Gosei Co. Ltd (Japan), WABCO Holdings Inc. (U.S.), and Murata Manufacturing Co., Ltd. (Japan),.
Electronic stability control systems considerably enhance stability and control in vehicles in critical situations. These systems use computer control for individual wheel brakes to help the driver maintain control of the vehicle during extreme movements. This is done by keeping the vehicle headed in the direction the driver is steering even when the vehicle nears or reaches the limits of road traction. ESC is therefore expected to have a substantial positive effect on road safety. Electronic stability control systems have a variety of names, including Dynamic Stability Control, Vehicle Stability Control, Dynamic Stability and Traction Control, StabiliTrak, and Advance Trac.
The report for Global Electronic Stability Control System Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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