31 Jul Electronic Stability Control System Market shipments to see…
Selbyville, Delaware, July 31, 2019 (GLOBE NEWSWIRE) —
The electronic stability control system market revenue is poised to rise from around $27 billion in 2018 to $45 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The market growth is due to increasing implementation of safety features such as traction control systems and anti-lock braking system in vehicles. The vehicle stability assists systems have become a vital part of vehicle safety to avoid accidents due to vehicle skidding, loss of steering control due to slippery road surfaces or sudden braking.
According to Robert Bosch, 80 percent of the accidents due to skidding can be prevented by the implementation of electronic stability program. These systems can apply individual force to each wheel of the vehicle according to the requirements, preventing it from skidding and providing traction to improve the steering control. The manufacturers are providing these systems integrated with ABS and traction control system to effectively prevent understeer and oversteer, further increasing the demand in the electronic stability control system market.
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The upcoming regulations for the mandatory implementation of the electronic stability control systems in countries such as India, Argentina will create significant growth opportunities in the electronic stability control system market.
The commercial vehicles are expected to create a considerable demand in the market. The commercial vehicles industry is growing with the increasing demand for goods transport and growth in the industrialization. The safety of commercial vehicles has gained growing importance in recent years.
Browse key industry insights spread across 170 pages with 183 market data tables & 23 figures & charts from the report, “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” in detail along with the table of contents:
Asia Pacific is expected to witness a considerable growth in the electronic stability control system market owing to the large automotive industry. The countries, such as India, are witnessing rapid growth in automotive production. The steps such as allocation of 100 percent foreign direct investment for the automotive sector have created significant opportunities for automotive manufacturers. The country witnessed 8 percent growth in automotive production in 2018 as per the data by the International Organization of Motor Vehicle Manufacturers. The growing safety regulations also influencing the market in the Asia Pacific region.
Robert Bosch GmbH, Continental AG, ZF Friedrichshafen, Autoliv Inc., Hitachi Automotive Systems Ltd., Johnson Electric, WABCO, General Motors (StabiliTrak), Denso Corporation, IAV Engineering, and Johnson Electric are among the major companies in electronic stability control system market. Cost optimization has become one of the prominent areas of work by manufacturers.
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