Electronic Stability Control System Market to Record Escalated Growth in Revenue During the Forecast Period

Global electronic stability control system market is projected to witness unprecedented growth over the forecast timeline owing to increasing deployment of advanced safety features such as anti-lock braking and traction control systems in vehicles. According to Robert Bosch, installation of these systems can prevent up to 80% of accidents caused due to skidding.
Vehicle stability assist systems apply equal force to each wheel of the automobile based on the requirements, providing traction to enhance steering control and avoid vehicle skidding. These systems have become a key element of a vehicle to ensure safety and avoid accidents caused by loss of steering control and vehicle skidding due to sudden braking or slippery roads.
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Numerous countries including Japan, India, Australia, South Korea, Canada, Argentina and the European Union have enforced obligatory safety regulations for the installation of vehicle stability assist systems, In addition, developing economies are also focusing on introducing such norms to ensure safety for both drivers as well as passengers, further fostering the business growth.
Automobile manufacturers are increasingly deploying electronic stability control through integrated traction control system and ABS to efficiently prevent oversteer or understeer, propelling the product demand. Strict government norms mandating the installation of these systems in automobiles will certainly bolster electronic stability control system market outlook.
For instance, the Ministry of Road Transport & Highways in India had launched a new safety standard in February 2017 to mandate ABS systems for new cars from April 2019. In September 2018, the ministry had also announced the government’s plan to make the installation of electronic stability control systems and automatic emergency braking (AEB) compulsory in cars by 2022-23.
Electronic stability control system market share is estimated to garner substantial gains from the commercial vehicles segment. The commercial vehicles industry is expanding on account of escalating demand for goods transport and rapid industrialization. Rising awareness pertaining to vehicle safety is accelerating the deployment of these systems in commercial vehicles.
Asia Pacific electronic stability control system industry share will witness robust growth owing to the rapidly advancing automotive sector in the region. Countries such as India are experiencing a rapid upsurge in automotive production and automobile sales. Regulations such as allocation of 100% foreign direct investment for the automobile sector have generated ample opportunities for the product manufacturers.
Growing implementation of safety regulations are also positively influencing electronic stability system industry growth in the Asia Pacific region. Rapid urbanization and industrialization along with robust economic growth on account of booming population and rising disposable incomes is further anticipated to boost the product adoption across the region.
Europe electronic stability control system market is exhibiting immense growth potential on account of surging demand and increasing implementation of advanced vehicle safety features. Presence of EU mandate for the installation of vehicle stability assist systems in commercial vehicles as well as passenger cars will further complement the regional industry forecast.
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Presence of prominent market players including ZF Friedrichshafen, Robert Bosch and others in Europe is contributing towards the overall electronic stability control system market trends, where manufacturers are increasingly focusing on cost optimization. For instance, ZF Friedrichshafen manufactures these systems with higher integration ability and small package size to further ensure vehicle safety.
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