Press release
What's Driving the Electronic Stability Control System Market Growth? Autoliv, ADVICS North America, Inc., Bendix Commercial Vehicle Systems LLC, Continental, DENSO, General Motors, Hitachi Automotive Systems Americas, Inc., Hyundai MOBIS, IAV Automotive
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Electronic stability control system industry is anticipated to observe rapid growth through increased product deployment in commercial vehicles. Intensifying awareness about vehicle safety is producing a higher demand for electronic stability control systems in commercial vehicles. In October 2017, Tata Motors has reportedly introduced electronic stability control systems for commercial and medium vehicles in India.
Industry participants operational in electronic control system market, such as WABCO and Bendix Commercial Vehicle Systems, have been introducing innovative products for commercial vehicles. In November 2018, WABCO has apparently inked an agreement with the commercial vehicle producer, Hyundai Motor Company to develop advanced products and technologies. The technologies include electronic stability control systems, electronic braking systems, anti-lock braking systems, and others, for series manufacturing of new medium-duty trucks of Hyundai.
Government regulations for the inclusion of these systems in automobiles have been generating a higher demand in electronic stability control system market. Australia, Japan, Canada, the European Union, and South Korea have proposed regulations for mandatory deployment of electronic stability control systems.
Companies covered: AISIN SIEKI Co. Ltd., Autoliv Inc, Advics Co. Ltd., Bendix Commercial Vehicle Systems, Continental AG, Denso Corporation, General Motors, Hitachi Automotive Systems Ltd, Hyundai Mobis, IAV Engineering, Johnson Electric, Knorr-Bremse AG, Murata Manufacturing Co. Ltd., Robert Bosch GmbH, WABCO, ZF Friedrichshafen
Moreover, developing economies are concerned to introduce such rules for bettering vehicle safety. For instance, in September 2018, the Ministry of Road Transport and Highway of India has reportedly announced inclusion of mandatory automatic emergency braking (AEB) and electronic stability control system in cars by 2022-23.
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Europe is projected to showcase high growth potential for the electronic stability control system industry due to growing demand of vehicle safety features in the region. The presence of several industry players such as ZF Friedrichshafen, Robert Bosch, and others have been stimulating the growth of electronic stability control system market outlook.
Furthermore, EU mandate for implementation of electronic stability control systems in cars and commercial vehicles will ensure automotive safety sector growth. These favorable factors are predicted to spur electronic stability control system industry size over the coming years.
ZF Friedrichshafen, Robert Bosch GmbH, Continental AG, Hitachi Automotive Systems Ltd., Autoliv Inc., Johnson Electric, WABCO, and Bendix Commercial Vehicle Systems are some of the leading firms in electronic stability control system market.
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