Electronic Stability Control System Market To Witnessed An Appreciable Growth By 2025
Asia Pacific electronic stability control system market is likely to emerge as a strong contender due to increasing implementation of road safety gears and the design and development of vehicles equipped with safety features. According to International Organization of Motor Vehicle Manufacturers, in 2018, India had witnessed 8% growth in automobile production. China is also a prominent automotive market, the expansion of which will augment APAC ESC market outlook in the forecast years.
Of late, India-based multinational automotive manufacturing companies have been working to launch medium and heavy commercial vehicles with electronic stability control with an aim to make Indian roads safer and more secure. The growing adoption of ESC systems and increasing number of safety innovations in several vehicles will further strengthen the regional electronic stability control system market size.
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Electronic stability control system market trends are poised to gain immense momentum over the forecast years, owing to rise in fatal car crashes and serious vehicle accidents causing large-scale damage to the masses. Since the last few decades, the automotive industry has shifted its focus towards implementation of more active safety features like traction control system and antilock braking system which reduce the chances of crashes to a large extent during acceleration and in harsh driving conditions. This increasing demand to improve transport efficiency has undeniably impelled the expansion of the electronic stability control system market size.
Commercial vehicles are consistently becoming the leading mode of road transportation in the Asia Pacific region. As compared with other transportation vehicles, commercial vehicles exhibit greater safety risks and several performance limitations because of their features including unstable roll motion at higher speeds and poor maneuverability at low speeds. With the advent of the electronic stability control in cars, next-gen driver assistance concepts have taken root, and have played a significant role in contributing towards increasing safety on the roads.
The massive deployment of technological advancements across the automotive industry will have a favorable influence on the ESC market. Moreover, the involvement of prominent companies in designing vehicles with advanced safety features are likely to fuel the industry growth in the ensuing years.
The enforcement of favorable government policies are likely to impact the industry outlook. In 2018, the Ministry of Road Transport & Highways of India had announced that by 2023 all Indian vehicles should be compulsorily equipped with safety breaking features like autonomous braking and ESC. This will further generate lucrative opportunities for automotive players in the ESC industry.
Major companies that have captured a prominent proportion of electronic stability control system market share include ZF Friedrichshafen, General Motors (StabiliTrak), Johnson Electric, Robert Bosch GmbH, Autoliv, IAV Engineering, Denso Corporation and Johnson Electric. Global Market Insights, Inc., estimates electronic stability control system market size to reach US $ 45 billion by 2025.
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Partial Chapter of the Table of Content
Chapter 4. Electronic Stability Control System Market, By Vehicle Type (Revenue, Shipment)
4.1. Key trends in market, by vehicle type
4.2. Passenger cars
4.2.1. Market estimates and forecast, 2015 – 2025
4.3. Light Commercial Vehicle (LCVs)
4.3.1. Market estimates and forecast, 2015 – 2025
4.4. Heavy Commercial Vehicle (HCVs)
4.4.1. Market estimates and forecast, 2015 – 2025
Chapter 5. Electronic Stability Control System Market, By Component (Revenue)
5.1. Key trends in market, by component
5.2. Hydraulic unit
5.2.1. Market estimates and forecast, 2015 – 2025
5.3. Sensors
5.3.1. Market estimates and forecast, 2015 – 2025
5.4. Electronic control unit (ECU)
5.4.1. Market estimates and forecast, 2015 – 2025
Charts & Figures
FIG. 1 Electronic stability control system market segmentation
FIG. 2 Global market, 2015 - 2025 (USD Million)
FIG. 3 Industry ecosystem analysis
FIG. 4 Growth potential analysis
FIG. 5 Porter’s analysis
FIG. 6 Company market share, 2018
FIG. 7 PESTEL analysis
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