NEWARK, Del, Nov. 02, 2023 (GLOBE NEWSWIRE) -- By 2023, the global automotive ABS and ESC market size is expected to achieve US$ 1,407.80 million. The automotive ABS and ESC sales are expected to surge at a robust 11.2% CAGR between 2023 and 2033. The automotive ABS and ESC demand is projected to soar to a valuation of US$ 4,069.95 million by 2033.
The automotive ABS and ESC market in automobiles continues to expand steadily. The market growth for automotive ABS and ESC may be attributed to rising incomes and spending power, changing lifestyles, and increasing public awareness of road safety measures.
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Growth Factors and Dynamics of Automotive ABS and ESC Market
- The demand for sophisticated safety features in vehicles has increased due to consumers' growing knowledge of safety issues. The automotive ABS and ESC market is growing because anti-lock braking system and electronic stability control systems are crucial for averting collisions and retaining emergency control.
- The widespread implementation of anti-lock braking systems and electronic stability control systems in automobiles is prompted by the strict safety laws enforced by numerous governments and regulatory agencies globally. The requirement for these safety measures is mandated by these rules, which increases demand for automobiles.
- The automotive anti-lock braking system and electronic stability control (ESC) technology market has benefited from the growing popularity of electric cars. To ensure safety in tandem with the advent of EVs, automotive ABS and ESC manufacturers implement safety elements to meet the special characteristics of electric drivetrains.
- Since anti-lock braking systems and electronic stability control systems have been shown to improve safety, insurance firms frequently give reduced rates for cars with these features. This incentivizes vehicle owners to buy automobiles with these technologies, increasing the electronic stability control (ESC) technology market growth.
Challenges in the Automotive ABS and ESC Industry
The main hurdle facing the market is rising costs during the designing and testing stages and the high cost of the raw materials used to manufacture automotive ABS and ESC. These factors may hinder the automotive ABS and ESC market from expanding during the projected period.
Regional Outlook
When it comes to market share, Europe rules the automotive ABS and ESC market. This is because more cars are being sold in this region and advanced technology has been introduced.
North America is anticipated to develop rapidly because of the automotive market growth and modern technology's adoption.
One of the markets with enormous growth is Asia Pacific. The demand for anti-lock braking systems (ABS) is rising due to stringent traffic laws requiring ABS on all new automobiles.
“Growing consumer awareness and safety standards accelerate the automotive ABS and ESC market opportunity for steady expansion. These features are more common in contemporary cars, giving automotive ABS and ESC manufacturers a competitive advantage. ABS and ESC continue to be essential parts of improving vehicle safety and stability as global automotive markets develop.” - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Key Takeaways
- The three-channel ABS segment in the technology type category to grab a share of 25.4% from 2023 to 2033.
- In the vehicle type category, the compact vehicle segment to acquire a market share of 12% between 2023 and 2033.
- From 2023 to 2033, the automotive anti-lock braking system (ABS)and ESC market in Canada is projected to expand at a CAGR of 9.5%.
- By 2023, sales of automotive ABS and ESC in the United States are expected to boost at a 12.5% CAGR.
- A CAGR of 12.2% is projected for automotive anti-lock braking system (ABS)and ESC demand in the United Kingdom between 2023 and 2033.
- Between 2023 and 2033, the France automotive anti-lock braking system and ESC market is projected to strengthen at a CAGR of 11.38%.
- The Italy automotive anti-lock braking system (ABS)and ESC market is expected to expand at a CAGR of 10.56% until 2023.
- A CAGR of 11.3% is anticipated for Spain automotive ABS and electronic stability control market growth between 2023 and 2033.
- A CAGR of 11.0% is projected by the German automotive anti-lock braking system and electronic stability control (ESC) technology market through 2023.
- India's automotive anti-lock braking system and electronic stability control market is anticipated to rise at a CAGR of 11.89% by 2023.
- China automotive anti-lock braking system (ABS) and ESC sales are expected to climb at a CAGR of 11.38% until 2033.
- Japan's automotive anti-lock braking system and electronic stability control market may exhibit a CAGR of 10.24% by 2023.
- ASEAN sales of automotive ABS motors to record a CAGR of 9.64% between 2023 and 2033.
- Australia and New Zealand (ANZ) automotive anti-lock braking system and electronic stability control market to register a CAGR of 9.64% through 2023.
Competitive Landscape
The automotive ABS and ESC businesses are forming alliances, making strategic investments, and purchasing important technologies. The anti-lock braking and stability control systems used in practically all passenger cars is another factor fuelling the market expansion for automotive ABS and ESC.
Vital Automotive ABS and ESC Manufacturers
- Robert Bosch GmbH
- Continental AG
- ZF Friedrichshafen AG
- Denso Corporation
- Aisin Seiki Co. Ltd
- Autoliv Inc.
- WABCO Holdings Inc.
- Hyundai Mobis Co. Ltd.
- Bendix Commercial Vehicle Systems LLC
- Delphi Technologies
- Others
Novel Advancements
- A long-term contract was struck in March 2022 between Haldex and KRONE Commercial Vehicle Group to provide the fourth-generation Electronic Brake System (EBS) platform for trailers.
- ZF Friedrichshafen acquired WABCO in 2020 to increase its knowledge of commercial vehicle safety systems, such as ESC and ABS. The acquisition aimed to build an extensive array of safety products for passenger and commercial vehicles.
- To collaboratively develop next-generation safety technologies with an emphasis on autonomous driving capabilities, Hyundai Mobis and Aptiv collaborated in 2019. Their partnership aims to establish integrated safety technology for the upcoming automobile industry.
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Key Segments
By Technology Type:
- Three Channel ABS
- Four-Channel ABS
- ESC
By Vehicle Type:
- Compact Vehicle
- Mid-Sized Vehicle
- Premium Vehicle
- Luxury Vehicle
- Commercial Vehicle
- Heavy Commercial Vehicle
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific
- Middle East Asia
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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