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The factors that drive the dynamics of Electronic Stability Control (ESC) system market are diverse and have impact on its growth, adoption, and trends. The demand for ESC, which is a critical safety feature in cars, has considerably increased because of the growing awareness about road safety and strict rules by governments to install it. The increasing number of global road accidents is among the primary drivers that affect the ESC market. Car makers are putting this technology into more vehicles since it minimizes chances of skidding and losing control.
Besides, automotive technology advancement has been a catalyst for the transformation of ESC systems. This integration resulted in sensors, microprocessors and smart algorithms which have improved on effective ESC systems making them reliable with quick response time as well. It is also at this juncture that market growth increased due to demands from clients and automobile manufacturers for advanced security measures.
Another important factor affecting dynamics of the ESC market is regulatory development. Global governments have made it mandatory to include ESC in vehicles according to safety standards set forth by governments around the world. Consequently, automakers prefer installing these features just towards improving their vehicle ratings while abiding by some basic safety requirements.
Furthermore, consumer preferences as well as awareness regarding safety attributes significantly drives the ESC industry. Consumers are increasingly purchasing newer models fitted with high-tech security options such as electronic stability control as shown by recent studies conducted among car buyers across America today alone. Given this change in customers’ behaviors, car manufacturers have started incorporating this system as a standard feature thereby driving up demand.
A highly competitive environment prevails in the field of ESL where key players engage themselves into intense rivalry; hence firms focus much attention on research and development with intent to innovate and develop more efficient systems of ESL within shortest time possible’. Meanwhile auto-manufacturers usually join hands with suppliers of such systems via collaboration as well as partnership leading to exchange between strengths especially concerning technology or/and distribution channels thus boosting expansion thereof.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | (2022 to 2030 |
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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