Rise in instances of road accidents and greater concerns regarding road safety has increased the demand for electronic stability control in vehicles. Increasing numbers of emerging countries are introducing legislations that make the fitment of ESC mandatory in new vehicles.
According to the report published by Allied Market Research, the global electronic stability control market generated $8.4 billion in 2021, and is estimated to reach $18.3 billion by 2031, witnessing a CAGR of 8.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 – https://www.alliedmarketresearch.com/request-sample/11130
Although the European, Japan, Korea, and North American markets have registered almost complete or complete ESC penetration for a few years now, emerging markets such as South America, India, and China are expected to make progress in terms of ESC penetration over the next few years. Asia-Pacific is expected to experience significant growth during the forecast period. Increase in sale of passenger cars across the Asia-Pacific region has been observed. Several countries in the region such as India are planning to implement mandates regarding the use of ESC in vehicles in the coming years. ESC continues to remain a feature that is largely present in premium vehicles in emerging automotive markets.
The report offers a detailed segmentation of the global electronic stability control market based on component, vehicle type, vehicle propulsion, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on component, the hydraulic unit segment held the largest share of more than two-fifths of the global electronic stability control market in 2021, and is estimated to dominate the global market in terms of revenue during the forecast period. However, the sensors segment is expected to witness the fastest CAGR of 9.1% during the forecast period. The report also analyzes the ECU segment.
Based on vehicle type, the passenger cars segment was the largest in 2021, capturing two-thirds of the global electronic stability control market share, and is estimated to maintain its dominance during the forecast period. However, the heavy commercial vehicles segment is likely to grow at the highest CAGR of 10.1% during the forecast period.
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Based on vehicle propulsion, the ICE segment was the largest in 2021, capturing over 90% of the global electronic stability control market share, and is likely to lead the trail through 2031. However, the electric and hybrid segment is estimated to witness the fastest CAGR of 18.3% during the forecast period.
Based on region, the market in Asia-Pacific was the largest in 2021, accounting for more than two-fifths of the global electronic stability control market share, and is likely to maintain its leadership status during the forecast timeframe. However, the market in the same region is expected to manifest the highest CAGR of 9.1% from 2022 to 2031. The other regions analyzed in the study include North America, Europe, and LAMEA.
Leading players of the global electronic stability control market analyzed in the research include Robert Bosch GmbH, Continental AG, Hitachi, Ltd., Denso Corporation, Johnson Electric Group, ZF Friedrichshafen AG, Aisin Corporation, Murata Manufacturing Co., Ltd., Knorr-Bremse AG, and Mando Corp.
Factors such as rise in concern associated with road safety, greater adoption of driver assistance systems, high demand for vehicles equipped with safety features, and stringent safety rules and regulations are expected to drive the electronic stability control market growth. However, increase in vehicle cost due to integration of ESC, and unavailability of raw materials are the factors that hamper the market growth. Furthermore, technological advancements, surge in adoption of autonomous vehicles, and greater demand from emerging countries are the factors expected to offer lucrative opportunities for the market growth.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐭 – https://www.alliedmarketresearch.com/request-for-customization/A10765
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