The increasing implementation of safety features in automobiles is expected to drive electronic stability control system market. The automotive industry has been witnessing significant rise in utilization of vehicle safety features like traction control system and ABS (anti-lock braking system). The growing awareness of such systems in emergency driving situations on the road, is drawing government attention, making them a compulsion for auto manufacturers.
The growing demand for both passenger and commercial vehicles worldwide, owing to the rise in industrialization complemented by the increasing per capita income and easy credit availability will fuel automobile sales, bolstering electronic stability control system market size.
The ESC system comprises a combination of microprocessors, sensors, and an ABS unit which work in coordination with each other. The system completely relies on real-time data gathered from live sensors based on which the microprocessor controls the ABS unit, and all of this happens within a timeframe of milliseconds.
The integrated traction control system also makes use of the sensors to detect if any one of the wheels is spinning quicker than the corresponding wheel. The system then reduces engine power or even apply brakes for the vehicle to regain traction again. The ability of the ESC system to promote great control over the vehicle, improving vehicle handling on slick and solid surfaces, will drive industry trends.
Electronic stability control system enhances the braking, traction, and skid control; therefore, it helps drivers to avoid accidents from the wheel slip due to over acceleration and braking in harsh driving conditions. And this is typically true for today’s high torque engines, where regulation of wheel slip and traction control can considerably increase the safety and comfort while driving on slippery surfaces.
Reportedly, about 80 percent of accidents occur due to vehicle skidding which necessitates the requirement of electronic stability control. Currently, the ESC systems have integrated with ABS and traction control system, further helping to achieve the benefits of vehicle stability control. The increasing number of casualties due to road accidents resulting from the loss of traction will enhance electronic stability control system industry outlook.
The growing demand for the safest personal cars pertaining to the increase in standard of living and wide availability of credit sources will fuel product demand in the passenger vehicle segment, further fostering the electronic stability control market share. Also, the commercial vehicles are on a high demand owing to the rising necessity of goods transportation ensued by growing urbanization and industrialization.
As the safety of commercial vehicles is a rising concern, the industry players are increasingly expected to incorporate ESC systems, which will propel market trends. For instance, in April 2018, Bendix a major player that develops safety technologies for commercial vehicles, announced that it has sold 600,000 units of ESC systems in North America, since it has been launched back in 2005.
Similarly, the upcoming vehicle safety regulations across many countries can make it mandatory for manufacturers to integrate ESC system, which is expected to drive electronic stability control system industry growth. Reportedly, the improving regulations in countries like India and Argentina can force car manufacturers to implement ESC system, further widening the market opportunities. For instance, in February 2017, the Ministry of Road Transport & Highways in India announced a new circular to make the ABS mandatory for new cars that have sold in the country from April 2019 onwards.
Asia Pacific is anticipated to bring about strong growth trends in electronic stability control system market credited to the large automotive industry in the region. The presence of two of the fastest growing emerging countries, China and India, representing massive automotive production, will propel the regional industry share.
Reportedly, China produces the greatest number of cars in the world – one out of three cars produced in the world exported from China. According to statistics, in 2016, the country alone produced 24,420,744 cars, about 33.9% of the total global production. Additionally, government initiatives to promote local production – like India allows 100 percent FDI (foreign direct investment) in the automotive sector, can also create immense opportunities for automotive manufacturers. International Organization of Motor Vehicle Manufacturers observed that India recorded 8 percent growth in automotive production in 2018.
The improving safety regulations are anticipated to influence the electronic stability control system market throughout the forecast period. Furthermore, the increasing consumer focus and awareness towards buying safer cars will foster electronic stability control system market growth. Global Market Insights, Inc., reports that electronic stability control system market size will reach USD 45 billion by 2025.