Electronic Stability Control System Market Overview
The Electronic Stability Control (ESC) system is a vehicle safety technology designed to enhance the stability and control of a vehicle by detecting and reducing skidding and loss of traction. ESC systems use a combination of sensors, microprocessors, and actuators to monitor vehicle behavior and intervene when necessary to prevent accidents.
The global Electronic Stability Control System market is expected to grow significantly in the coming years, driven by increasing demand for advanced safety features in vehicles, government regulations mandating the installation of ESC systems in new vehicles, and rising consumer awareness of the benefits of ESC systems.
Electronic Stability Control System Market is expected to be valued at USD 35,410 Million with a CAGR of 9.5% Forecast by 2030
The increasing demand for road safety, rising need for ESC programs in traffic control and automotive industry has propelled the market growth in past years and will also continue to be the major market drivers in the forecasted period.
During Covid-19 pandemic the Global Electronic Stability Control System Market has witnessed a huge drawback as the automotive industry was also affected during lockdowns and restrictions. But both of these markets are expected to recover rapidly in post pandemic time.
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Electronic Stability Control System Market Research Methodologies
A business intelligence study on the Electronic Stability Control System Market presents a comprehensive evaluation of the demand trends and growth opportunities during the forecast period of 2021 – 2028. The insights in the report present a scrutiny of the nature and size of the target customers, changing consumer needs and preferences, and strategies used to generate customer value by various companies and market players during the assessment/historical period. The market analysts adopt robust date science frameworks and cutting-edge methods to understand the consumer behavior in the Electronic Stability Control System market and the underlying revenue streams for various businesses.
Electronic Stability Control System Market Segmentation
The Global Electronic Stability Control System Market has segmented into component type, Vehicle type, sales channel and region.
Based on the Vehicle type, the market is divided into Passenger Cars and commercial cars. The passenger segment especially the luxury passenger cars holds the largest Global Electronic Stability Control System Market share and will also have a lucrative growth in future.
Based on the sales channel, the market is divided into OEM and aftermarket. The OEM segment holds the largest market share and predicted to have a significant amount of Global Electronic Stability Control System Market revenue within the forecasted period.
Electronic Stability Control System Regional Classification
According to the regional classification the Global Electronic Stability Control System Market is divided into North America, Europe, Asia Pacific and the other regions.
North America region holds the largest Global Electronic Stability Control System Market size due to the increasing demand for advanced automotive vehicles, improving traffic safety etc in this region.
Europe is predicted to hold the second largest position in the upcoming years.
Asia Pacific will be the fastest growing market due to technological advances and increasing use of advanced automotive vehicles in this region. The region will hold a significant amount of Global Electronic Stability Control System Market revenue in future.
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Electronic Stability Control System Market Key Players
· Robert Bosch GmbH (Germany)
· Johnson Electric (Hong Kong)
· TRW Automotive Holdings (U.S.)
· Continental AG (Germany)
· Delphi Automotive (U.K.)
· Hitachi Automotive Systems Ltd. (Japan)
· Autoliv Inc. (Sweden)
· Toyoda Gosei Co. Ltd (Japan)
· WABCO Holdings Inc. (U.S.)
· Murata Manufacturing Co. Ltd. (Japan)
Electronic Stability Control System Industry News
Some major companies in the Global Electronic Stability Control System Market are Continental AG, Robert Bosch GmbH, WABCO, Hitachi Ltd., Mando Corp., Autoliv Inc., ZF Friedrichshafen AG, Delphi Technologies, Johnson Electric, Denso Corporation etc. These key companies are looking forward to enhance their production capacity, technological improvements, new product launches, collaborations and acquisition to strengthen their grip over the global market and make a strong position in this highly competitive market.
· In March 2018, Bendix a subsidiary of Konrr- Bremse AG has announced its completion of 600,000+ ESP units delivery. This results in to the expansion of production capacity of the company.
· In January 2021, the ZF Friedrichshafen AG has launched a latest vehicle brake system in the global market. This launch was intended to increase the consumers base and meet the market demands.
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