Electronic Stability Control System Market
APAC to emerge as a major regional ground for electronic stability control system market
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.
India electronic stability control system market size, by vehicle type, 2018 & 2025 (USD Million)
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 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.
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Of late, India-based multinational automotive manufacturing companies have been working to launch medium and heavy commercial vehicles with electronic stability control with an aim to make Indian roads safer and more secure. The growing adoption of ESC systems and increasing number of safety innovations in several vehicles will further strengthen the regional ESC industry size.
The robust implementation of the intelligent vehicle systems in the automotive sector has enhanced safety protocols while driving and has created an efficient transportation system for vehicle users. From high-tech sensors to vehicle roll rate sensors – everything is being implemented by the manufacturers in the latest vehicles to maintain the stability of the vehicles and reduce any kind of mishap in the future.
In order to fortify their stance in ESC industry, 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.
The massive deployment of technological advancements across the automotive industry will have a favorable influence on the ESC 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 ESC industry.
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.
Author Name : Deeksha Pant