Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Electronic Stability Control System Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 02, 2021 (GLOBE NEWSWIRE) -- The Global Electronic Stability Control System Market is expected to grow at a CAGR of around 9.7% from 2020 to 2027 and reach the market value of over US$ 40.4 Bn by 2027.
Europe dominates recorded significant market share for the electronic stability control system market in the past and it is projected that it will continue the similar trend in the forthcoming years. The factors that contribute to the growth of the regional market involve strong advancements in the automotive industry coupled with presence of a large pool of key manufacturers residing in the European Union (EU). With a strong focus on innovation and implementation of an electric stability control system like technology in cars and light commercial vehicles record a profitable index for the regional growth in European markets.
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Apart from that, Asia Pacific is another region growing at a rapid pace by recording around 39.8% market share for vehicle assist system market. Rising economic development in the region witnessed the growth of automotive industry in the APAC market. As Thailand and Malaysia recorded 9% and 12.2% growth in automotive production respectively as per the estimates released by the International Organization of Motor Vehicle Manufacturers, it upsurge the Asia-Pacific regional growth for electronic stability control systems market.
High government involvement enhances the growth of the global electronic stability control systems market
Innovation and skill development are essential components in bringing sustainable growth and the creation of a skilled workforce. This is the prominent reason for financing innovations one of the top priorities for the European Investment Bank (EIB). In 2019, the European Union (EU) Bank provided US$ 1751.41 Mn to finance different RDI projects. In Spain, in 2018, the EIB made available over US$ 16 Bn in favor of the innovation projects of Spanish companies.
Additionally, the Spanish multinational Gestamp, specialized in development and manufacturing of metal components for the automotive industry, announced receive of US$ 2425.77 Mn from the European Investment Bank (EIB) to develop new research lines enabling the production of safer, lighter, and more environmental friendly cars.
The global electronic stability control systems market is segmented based on vehicle type and component. Vehicle type is segmented as passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). Based on components, the electronic stability control systems market is segregated as hydraulic units, sensors, electronic control unit (ECU), and others.
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By vehicle type, passenger vehicle will record remarkable and all time high market shares contributing for the growth of electronic stability control systems market. Rising demand for passenger cars globally coupled with high sales turnover for the manufacturers. High sales turnover results in surging demand for passenger cars that spur the electronic stability control system market worldwide. As passenger vehicles carry many passengers it is accounted for recording almost 65.8% of the global vehicle production. Light commercial vehicles (LCVs) are projected to gain high pace for contributing the growth of electronic stability control system market.
Based on components, sensors segment will contribute the highest for the growth of electronic stability control system market. As sensors play a vital role for bringing stability in vehicles and measurement related parameters such as maintaining speed and direction of rotation of wheels, brake forces, prevention of skidding of vehicles, and others.
Key companies profiled in this report involve Robert Bosch GmbH, Johnson Electric, TRW Automotive Holdings Corp., Continental AG, Delphi Automotive, Autoliv Inc., Toyoda Gosei Co. Ltd, WABCO Holdings, Inc., Murata Manufacturing Co., Ltd., and others.
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Some of the key observations regarding Electronic Stability Control System industry include:
In April 2018, Tata Motors announced launching of electronic stability control systems in medium and heavy commercial vehicles. Tata Motors becomes the first company in India to launch commercial vehicles with electronic stability control systems.
In October 2017, WABCO INDIA Limited announced collaboration with Tata Motors Limited. The collaboration aims to launch of Electronic Stability Control (ESCsmart™) for trucks and buses at WABCO INDIA's test track in Chennai.
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