January 27, 2020
According to the research report titled ‘Electronic Stability Control System Market Size By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Component (Hydraulic Control Unit, Sensors, Electronic Control Unit (ECU)), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Poland, China, India, Japan, South Korea, Taiwan, Thailand, Australia, Brazil, Argentina, Mexico, South Africa), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global electronic stability control system market is expected to surpass USD 45 billion by the year 2025.
According to the report, surging need to improve vehicle safety and to prevent skidding due to loss of vehicle control, slippery road surfaces, and sudden braking are major factors driving the electronic stability control system market. Electronic stability control systems use various sensors such as steering angle sensors, lateral acceleration sensors and wheel speed sensor in order to identify the required braking force needed for each vehicle wheel. Moreover, ABS and traction control systems are integrated with these systems which prevent oversteer and understeer in vehicles, further reducing the risk of accidents and thus aiding the market expansion.
Governments in countries such as European Union, South Korea, Canada, Australia, and Japan are also promoting the implementation of electronic stability control systems in automobiles in order to enhance vehicle safety. However, complexity of the electronic stability control systems along with high costs associated with application of such systems in vehicles may hinder the market growth.
As per vehicle type, the report states that commercial vehicles segment is expected to register substantial growth during the estimated timeframe. Increasing awareness pertaining to vehicle safety along with technological advancements are fueling the demand for electronic stability control systems in commercial vehicles, thereby stimulating the industry outlook.
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As per the regional analysis, the report cites that Europe electronic stability control system industry is presumed to expand significantly during the forecast period. Growing demand for safety features in vehicles along with high presence of key industry players are aiding remuneration in the region. Additionally, favorable government policies which encourage electronic stability control systems in commercial as well as passenger vehicles are facilitating the business scenario.
The prominent companies operating in the electronic stability control system market are ZF Friedrichshafen, WABCO, Robert Bosch GmBH, Murata Manufacturing Co. LTd., Knorr-Bremse AG, Johnson Electric, IAV Engineering, Hyundai Mobis, Hitachi Automotive Systems Ltd., General Motors, Denso Corp., Continental AG, Bendix Commercial Vehicle Systems, Advics Co. Ltd., Autoliv Inc. and AISIN SIEKI Co. Ltd.
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