New York, US, Sept. 13, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Electronic Stability Control System Market Information Report, By Vehicle Type, By Drive Type, and By Region - Forecast To 2030”, the market is anticipated to flourish at a robust CAGR of approximately 9.50% to reach USD 35,410 Million during the assessment timeframe.
Electronic Stability Control System Market Overview:
Electronic stability control systems significantly improve control and stability in vehicles in critical situations. The systems utilize computer control for independent wheel brakes to assist the driver in retaining control of the vehicle during intense movements. This is done by maintaining the car headed towards the driver is steering even when the vehicle reaches or nears the boundaries of road traction. ESC is thus anticipated to have a significant positive effect on road safety. These systems have a range of names, such as Advance Trac, StabiliTrak, Dynamic Stability Control, Dynamic Stability & Traction Control, and Vehicle Stability Control.
Report Scope:
| Report Metrics | Details |
| Market Size | 2030: USD 35,410 Million |
| Growth | 9.5% CAGR (2022 to 2030) |
| Forecast Period | 2022 to 2030 |
| Key Market Opportunities | Increasing production of technologically advanced vehicle Increasing disposable income among individuals and the rising demand for luxury vehicles |
| Key Market Drivers | Growing investment in R&D in automotive industry Demand for electric car is expected to rise in the future |
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The latest automotive electronic stability control system is developed to assist in maintaining and controlling the lateral stability of the vehicle. Electronic stability inhibits the car from skidding and, consequently, from a crash. As per the Bosch GmbH reports, each year, 32,000 people fall victim to traffic crashes in the U.S., and the electronic stability control system is beneficial in avoiding such accidents. These systems consist of an electronic control unit and wheel speed sensor. The wheel speed sensor identifies the vehicle's speed and senses a slip between the road and the tire. The global electronic stability control systems market has recorded massive growth in the last few years.
Electronic Stability Control Market USP Covered
Electronic Stability Control System Market Drivers
The global electronic stability control systems market has exhibited massive growth in the last few years. The market's growth is attributed to the factors such as growth in demand for advanced safety features, growing per capita income, and growing awareness of road safety awareness among people.
Electronic Stability Control System Market Restraints
On the other hand, the high cost of these systems may impede the market's growth.
COVID-19 Impact
The global health crisis has had a massive impact on the majority of the industry areas across the globe. It not only impacted the public health crisis but also caused a significant disruption in the global financial or industrial activities worldwide. In order to curb the spread of the disease, several governments imposed partial or complete lockdowns. Given the travel restrictions and social distancing norms, the supply chain networks for most of the market areas were disrupted. Like all other industry areas, the global market for electric stability control systems was also severely impacted by the pandemic. In the early stage of the pandemic, automobile sales across the globe took a deep steep. The demand fall caused a significant revenue loss for the global market players. On the other hand, the global financial and industrial activities are picking pace with the fading impact of the pandemic across the globe in the last few months. With the global economy getting back on track, the global market for electronic stability control systems is likely to witness a surge in the growth rate over the assessment timeframe.
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Electronic Stability Control System Market Segment Analysis
Among all the vehicle types, the passenger cars segment is anticipated to dominate the global market for electronic stability control systems over the assessment era. Electronic systems and features have become prevalent across passenger cars, given the rising demand for safety across developed countries, especially in Europe and North America. Passenger car sales have risen in the last few years, further boosting the demand. As per the European Automobile Manufacturers Association, greater than 80 million passenger cars were generated across the globe in 2017. Furthermore, the rise in the buying capacity of people and implementation of automotive stability enhancement systems in a higher number of cars at least as a choice is anticipated to offer high growth potential in the passenger cars segment. Moreover, the rising safety standards in emerging economies will have a substantial impact on market growth.
Among the components, the sensor segment is anticipated to dominate the global electronic stability control systems market over the assessment timeframe. The sensors used in these systems include a lateral acceleration sensor, wheel speed sensor, steering angle sensor, and others. These sensors are a crucial aspect of the stability control system and assess parameters such as the direction of rotation of the wheel and the speed and brake force needed to avoid skidding of vehicles and others.
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Electronic Stability Control System Market Regional Analysis
The global market for electronic stability control systems is analyzed across five major regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
According to the analysis reports by MRFR, the North American region is anticipated to dominate the global market for electronic stability control systems over the coming years. the primary factor boosting the growth of the regional market is the growing production of technologically advanced vehicles across the region. Furthermore, the rising investment in R&D in the automotive industry is also likely to catalyze the regional electronic stability control system market growth over the forecasted era.
The electronic stability control systems market for the Asia-Pacific regional market is likely to register the highest CAGR over the assessment timeframe. The primary aspect supporting the regional market's growth is the increasing automotive manufacturing activities. Furthermore, factors such as growing disposable income among individuals and increasing demand for luxury vehicles are also anticipated to boost the regional market's growth over the review timeframe. China is the leading growth contributor across the regional Electronic Stability Control System Market.
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Electronic Stability Control System Market Competitive Analysis
The list of leading players across the global market for electronic stability control systems includes companies such as:
- Murata Manufacturing Co., Ltd. (Japan)
- Robert Bosch GmbH (Germany)
- WABCO Holdings Inc. (U.S.)
- Autoliv Inc. (Sweden)
- Delphi Automotive (U.K.)
- TRW Automotive Holdings (U.S.)
- Toyoda Gosei Co. Ltd (Japan)
- Hitachi Automotive Systems Ltd. (Japan)
- Continental AG (Germany)
- Johnson Electric. (Hong Kong)
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