Electronic Stability Control Market to Reach $66.65 Billion by 2028
The notable players being addressed in the electronic stability control market are Robert Bosch GmbH, Continental AG, Denso Corporation, ZF Friedrichshafen AG, WABCO, Delphi Technologies and Autoliv Inc. and Hitachi, Ltd. and Knorr-Bremse AG and Mando Corp. and Johnson Electric and others
Pune, India, November 26, 2021 (GLOBE NEWSWIRE) – World Electronic stability control market Volume is expected to gain momentum by reaching $66.65 billion by 2028 from $35.41 billion in 2021 while showing a compound annual growth rate 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 notes that the market reached $34.55 billion in 2020. Factors such as the growing demand for autonomous mobility and the presence of strict government regulations regarding passenger safety are likely to drive the demand for product within the forecast period.
The impact of the global pandemic, COVID-19, has been seen in many economies facing unprecedented losses. Due to the closure announced by government agencies, many industries were halted with limited operating activities. However, a collective effort from the government and industries is likely to get the economy back on track and help restart industrial activities.
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Based on the type of vehicle, the market is segmented into passenger cars and commercial vehicles.
On the basis of vehicle type, the passenger car segment captured a market share of around 60.3% in 2020. This segment is expected to dominate due to the increasing demand for luxury passenger cars 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. Finally, based on the region, the market is categorized into North America, Europe, Asia Pacific, and the rest of the world.
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Having strict government regulation to drive market growth
Governments in countries such as the United States, Japan, Canada, Australia, and others have issued mandatory regulations on safety features in cars. The increase in road accidents has led other countries to implement strict regulations, which has led to car manufacturers developing advanced safety features. In addition, the increasing reliance on self-driving vehicles worldwide has led to an increased demand for integrating safety systems such as ADAS. Besides, major players are investing in research and development activities to develop self-driving vehicles, which will boost the growth of global electronic stability control market during the forecast period.
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North Amarica – The region is expected to have the largest global market share for electronic stability control during the forecast period. This is due to the rise in car sales in countries such as the United States, which will drive demand for the product. For example, according to the International Organization of Automobile Manufacturers (OICA), about 14.45 million cars were sold in the United States in 2020. North America amounted to $12.98 billion in 2020.
Asia Pacific – The region is expected to witness significant growth during the forecast period. This is attributed to factors such as supportive government policies regarding vehicle regulations that will promote the adoption of advanced stability electronic control systems in countries such as India, China and Japan.
Big companies focus on investing in research and development activities to increase market prospects
The market consists of small, medium and large companies striving to maintain their stronghold. Companies are investing in research and development activities to develop advanced electronic stability control to meet the growing demand from many automotive applications. Moreover, other major players are adopting organic and inorganic growth strategies that are likely to bode well for market growth.
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January 2021 – ZF Friedrichshafen AG, the global supplier of ESC systems, has announced the launch of an advanced brake system for electric vehicles. This product is expected to enhance the company’s position among its competitors.
List of companies operating in the market:
Robert Bosch GmbH (Germany)
Continental AG (Germany)
Denso Corporation (Japan)
ZF Friedrichshafen AG (Germany)
Delphi Technologies (UK)
Autoliv Inc. (Sweden)
Hitachi Co., Ltd. (Japan)
Knorr-Bremse AG (Germany)
Driving Company (South Korea)
Johnson Electric (Hong Kong)
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