The revenue of Electronic Stability Control System Market crossed $27 billion in the year 2018 and is predicted to touch 45 billion-dollar mark till 2025, growing at 8% between the years 2019 and 2025.
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The revenue of Electronic Stability Control System Market crossed $27 billion in the year 2018 and is predicted to touch 45 billion-dollar mark till 2025, growing at 8% between the years 2019 and 2025; as per the research done by Global Market Insights, Inc.
Electronic stability control system market trends are poised to gain immense momentum over the forecast years, owing to rise in fatal car crashes and serious vehicle accidents causing large-scale damage to the masses. Since the last few decades, the automotive industry has shifted its focus towards implementation of more active safety features like traction control system and antilock braking system which reduce the chances of crashes to a large extent during acceleration and in harsh driving conditions. This increasing demand to improve transport efficiency has undeniably impelled the expansion of the electronic stability control system market size.
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Commercial vehicles are consistently becoming the leading mode of road transportation in the Asia Pacific region. As compared with other transportation vehicles, commercial vehicles exhibit greater safety risks and several performance limitations because of their features including unstable roll motion at higher speeds and poor maneuverability at low speeds. With the advent of the electronic stability control in cars, next-gen driver assistance concepts have taken root, and have played a significant role in contributing towards increasing safety on the roads.
A 2018 report by the U.S. National Highway Traffic Safety Administration (NHTSA) suggests that with the introduction of electronic stability control (ESC) systems, there has been a considerable reduction in passenger vehicle crashes by 34% and SUV crashes by 59%. ESC systems also substantially reduce rollover accidents. Nowadays, commercial vehicles are already incorporated with ESC systems and these vehicles are specifically designed to mitigate understeer and oversteer conditions as well as reduce untripped crashes.
The Asia Pacific electronic stability control system market is likely to emerge as a strong contender due to increasing implementation of road safety gears and the design and development of vehicles equipped with safety features. According to International Organization of Motor Vehicle Manufacturers, in 2018, India had witnessed 8% growth in automobile production. China is also a prominent automotive market, the expansion of which will augment APAC ESC market outlook in the forecast years.
In order to fortify their stance in electronic stability control system market, several companies are adopting different growth strategies to move ahead of their rivals. In June 2019, ZF Friedrichshafen, a German car parts manufacturer and partner 2GetThere had launched autonomous shuttles in the Middle East and Europe. The main aim of the company is to improve vehicle handling, reduce motion sickness and deliver safe, clean transportation options that are competitive and comfortable as well. Innovative launches such as the aforementioned will create a positive influence on the product demand and augment the Europe industry share.
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The massive deployment of technological advancements across the automotive industry will have a favorable influence on the electronic stability control system market. Moreover, the involvement of prominent companies in designing vehicles with advanced safety features are likely to fuel the industry growth in the ensuing years.
The enforcement of favorable government policies are likely to impact the industry outlook. In 2018, the Ministry of Road Transport & Highways of India had announced that by 2023 all Indian vehicles should be compulsorily equipped with safety breaking features like autonomous braking and ESC. This will further generate lucrative opportunities for automotive players in the electronic stability control system market.
Major companies that have captured a prominent proportion of electronic stability control system market share include ZF Friedrichshafen, General Motors (StabiliTrak), Johnson Electric, Robert Bosch GmbH, Autoliv, IAV Engineering, Denso Corporation and Johnson Electric. Global Market Insights, Inc., estimates electronic stability control system market size to reach US $ 45 billion by 2025.
Glimpse of Table of Content (ToC)
Chapter 3. Electronic Stability Control System Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2025
3.2.1. Automotive industry overview
3.2.1.1. Automobile production statistics, 2015 - 2018
3.2.1.1.1. North America
3.2.1.1.2. Europe
3.2.1.1.3. Asia Pacific
3.2.1.1.4. Latin America
3.2.1.1.5. MEA
3.2.2. Automotive safety industry landscape
3.3. Industry ecosystem analysis
3.3.1. Suppliers
3.3.2. Manufacturers
3.3.3. Distribution channel analysis
3.3.4. Vendor matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.5.1. North America
3.5.2. Europe
3.5.3. Asia Pacific
3.5.4. Latin America
3.5.5. MEA
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Advancements in automotive electronics & autonomous driving
3.6.1.2. Growing awareness through campaigns such as Stop the Crash by NCAP
3.6.1.3. Emerging government regulations for anti-braking system (ABS) and stability systems
3.6.1.4. Stringent government regulations for electronic stability programs in North America and Europe
3.6.1.5. Implementation of stability systems in mid-range vehicles & commercial vehicles
3.6.1.6. Increasing adoption of these systems by Chinese manufacturers
3.6.1.7. Growth of automotive sales in Asia Pacific
3.6.2. Industry pitfalls and challenges
3.6.2.1. Increase in vehicle cost due to implementation of these systems
3.6.2.2. Declining automotive production in North America
3.7. Growth potential analysis
3.8. Porter’s analysis
3.8.1. Industry rivalry
3.8.2. Threat of new entrants
3.8.3. Buyer power
3.8.4. Supplier power
3.8.5. Threat of substitutes
3.9. Competitive landscape, 2018
3.9.1. Company market share
3.9.2. Strategy dashboard
3.10. PESTEL analysis
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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