Electronic Stability Control Market Projected to Show Strong Growth by 2031 | To reach $18.3 billion

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.

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Several automobile manufacturers are launching new passenger cars integrated with electronic stability control system in the market, owing to introduction of new rules by governments of several countries, which mandates compulsory integration of electronic stability control system in new vehicles, which is boosting the growth of the market. For instance, in January 2022, Skoda launched its new passenger car Skoda Kodiaq in India. The new Kodiaq includes 2.0 TSI engine with 7 speed DSG and 4x4 capabilities. It also includes 9 airbags standard along with several safety systems such as stability control, adaptive front headlights, multi-collision braking and park assist.

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. 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 market growth.

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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.

Covid-19 Scenario:

1. The COVID-19 pandemic impacted the electronic stability control market negatively. The disruption of supply chain, the closing of manufacturing units, and the slowing down of economies in various nations led to a decrease in demand for electronic stability control.

2. Although, the automotive industry faced challenges during the pandemic due to a decline in vehicle sales and shortage of electronic components, the electronic stability control market is expected to experience growth in the coming years due to rising integration of electronic stability control in commercial vehicles.

3. Developing nations are introducing stringent safety rules and regulations and making it mandatory to integrate electronic stability control in passenger vehicles for enhanced safety.

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.

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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 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 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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