Pune, India, Nov. 26, 2021 (GLOBE NEWSWIRE) -- The global electronic stability control market size is expected to gain momentum by reaching USD 66.65 billion by 2028 from USD 35.41 billion in 2021 exhibiting a CAGR of 9.5% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled "Electronic Stability Control Market, 2021-2028." The report further observes that the market stood at USD 34.55 billion in 2020. Factors such as the increasing demand for autonomous mobility and the presence of stringent government regulations regarding passenger safety are likely to propel the product's demand during the forecast period.
The effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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Market Segmentation:
Based on vehicle type, the market is bifurcated into passenger cars and commercial vehicles.
- On the basis of vehicle type, the passenger cars segment held a market share of about 60.3% in 2020. The segment is expected to dominate due to the surging demand for luxury passenger vehicles equipped with advanced safety features.
Based on the sales channel, the market is divided into OEM and aftermarket. On the basis of component type, this market is segmented into hydraulic modulators, Sensors, ECU, and others. Lastly, based on region, the market is classified into North America, Europe, Asia-Pacific, and Rest of the World.
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Presence of Stringent Government Regulation to Propel Market Growth
Governments in countries such as the U.S., Japan, Canada, Australia, and others have mandated regulations regarding safety features in automobiles. The increasing incidence of road accidents has further propelled other countries to implement stringent regulations, leading automotive manufacturers to develop advanced safety features. In addition to this, the higher adoption of autonomous vehicles worldwide is driving the demand for incorporating safety systems such as ADAS. Besides, the key players are investing in R&D activities to develop autonomous vehicles, which will boost the global electronic stability control market growth during the forecast period.
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REGIONAL INSIGHTS
North America – The region is expected to hold the largest global electronic stability control market share during the forecast period. This is due to the rising automotive sales in countries such as the U.S., which will propel the product's demand. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), around 14.45 million vehicles were sold in the U.S. in 2020. North America stood at USD 12.98 billion in 2020.
Asia-Pacific – The region is expected to showcase considerable growth during the forecast period. This is ascribable to factors such as the supportive government policies regarding vehicle regulations that will boost the adoption of advanced electronic stability control systems in countries such as India, China, and Japan.
Major Companies Focus on Investment in R&D Activities to Brighten Their Market Prospects
The market comprises small, medium, and large companies that are striving to maintain a stronghold. The companies are investing in R&D activities to develop advanced electronic stability control to cater to the growing demand from several automotive applications. Moreover, other key players are adopting organic and inorganic growth strategies that are likely to bode well for the market growth.
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Industry Development:
- January 2021 - Z.F. Friedrichshafen AG, a global provider of ESC systems, announced the launch of an advanced brake system for electric vehicles. This product is expected to boost the company's position amongst its competitors.
List of the Companies Operating in the Market:
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- Denso Corporation (Japan)
- ZF Friedrichshafen AG (Germany)
- WABCO (France)
- Delphi Technologies (U.K.)
- Autoliv Inc. (Sweden)
- Hitachi, Ltd. (Japan)
- Knorr-Bremse AG (Germany)
- Mando Corp. (South Korea)
- Johnson Electric (Hong Kong)
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