Press release
Automotive ABS and ESC Market Forecasted to Reach USD 4,069.95 Million by 2033, Growing at a CAGR of 11.2%
Automotive ABS and ESC Market
Key Growth Drivers and Market Dynamics
Rising Consumer Awareness: Growing awareness among consumers about road safety issues has led to an increased demand for sophisticated safety features in vehicles. ABS and ESC systems are essential for preventing collisions and maintaining control during emergencies.
Regulatory Compliance: Stringent safety regulations imposed by governments and regulatory agencies worldwide have prompted the widespread adoption of ABS and ESC systems in vehicles. Compliance with these regulations drives demand for vehicles equipped with these critical safety features.
Electric Vehicle Adoption: The growing popularity of electric vehicles (EVs) has positively impacted the ABS and ESC market. Manufacturers are incorporating advanced safety features to align with the unique characteristics of electric drivetrains, ensuring enhanced safety for EV users.
Insurance Incentives: Insurance companies often offer reduced premiums for vehicles equipped with ABS and ESC technologies, encouraging vehicle owners to opt for cars with these safety features. This incentivization boosts the growth of the electronic stability control (ESC) technology market.
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Challenges in the Automotive ABS and ESC Industry
The main hurdle facing the market is rising costs during the designing and testing stages and the high cost of the raw materials used to manufacture automotive ABS and ESC. These factors may hinder the automotive ABS and ESC market from expanding during the projected period.
Key Takeaways
The three channel ABS segment in the technology type category to grab a share of 25.4% from 2023 to 2033.
In the vehicle type category, the compact vehicle segment to acquire a market share of 12% between 2023 and 2033.
From 2023 to 2033, the automotive anti-lock braking system (ABS)and ESC market in Canada is projected to expand at a CAGR of 9.5%.
By 2023, sales of automotive ABS and ESC in the United States are expected to boost at a 12.5% CAGR.
A CAGR of 12.2% is projected for automotive anti-lock braking system (ABS)and ESC demand in the United Kingdom between 2023 and 2033.
Between 2023 and 2033, the France automotive anti-lock braking system and ESC market is projected to strengthen at a CAGR of 11.38%.
The Italy automotive anti-lock braking system (ABS)and ESC market is expected to expand at a CAGR of 10.56% until 2023.
A CAGR of 11.3% is anticipated for Spain automotive ABS and electronic stability control market growth between 2023 and 2033.
A CAGR of 11.0% is projected by the German automotive anti-lock braking system and electronic stability control (ESC) technology market through 2023.
India's automotive anti-lock braking system and electronic stability control market is anticipated to rise at a CAGR of 11.89% by 2023.
China automotive anti-lock braking system (ABS) and ESC sales are expected to climb at a CAGR of 11.38% until 2033.
Japan's automotive anti-lock braking system and electronic stability control market may exhibit a CAGR of 10.24% by 2023.
ASEAN sales of automotive ABS motors to record a CAGR of 9.64% between 2023 and 2033.
Australia and New Zealand (ANZ) automotive anti-lock braking system and electronic stability control market to register a CAGR of 9.64% through 2023.
Competitive Landscape
The automotive ABS and ESC businesses are forming alliances, making strategic investments, and purchasing important technologies. The anti-lock braking and stability control systems used in practically all passenger cars is another factor fuelling the market expansion for automotive ABS and ESC.
Vital Automotive ABS and ESC Manufacturers
Robert Bosch GmbH
Continental AG
ZF Friedrichshafen AG
Denso Corporation
Aisin Seiki Co. Ltd
Autoliv Inc.
WABCO Holdings Inc.
Hyundai Mobis Co. Ltd.
Bendix Commercial Vehicle Systems LLC
Delphi Technologies
Others
Novel Advancements
A long-term contract was struck in March 2022 between Haldex and KRONE Commercial Vehicle Group to provide the fourth-generation Electronic Brake System (EBS) platform for trailers.
ZF Friedrichshafen acquired WABCO in 2020 to increase its knowledge of commercial vehicle safety systems, such as ESC and ABS. The acquisition aimed to build an extensive array of safety products for passenger and commercial vehicles.
To collaboratively develop next-generation safety technologies with an emphasis on autonomous driving capabilities, Hyundai Mobis and Aptiv collaborated in 2019. Their partnership aims to establish integrated safety technology for the upcoming automobile industry.
Regional Outlook
When it comes to market share, Europe rules the automotive ABS and ESC market. This is because more cars are being sold in this region and advanced technology has been introduced.
North America is anticipated to develop rapidly because of the automotive market growth and modern technology's adoption.
One of the markets with enormous growth is Asia Pacific. The demand for anti-lock braking systems (ABS) is rising due to stringent traffic laws requiring ABS on all new automobiles.
In-Depth Market Analysis: A Complete Report
https://www.futuremarketinsights.com/reports/automotive-abs-and-esc-market
Key Segmentations
By Technology Type:
Three Channel ABS
Four Channel ABS
ESC
By Vehicle Type:
Compact Vehicle
Mid-Sized Vehicle
Premium Vehicle
Luxury Vehicle
Commercial Vehicle
Heavy Commercial Vehicle
By Sales Channel:
OEM
Aftermarket
By Region:
North America
Latin America
Europe
Japan
Asia Pacific
Middle East Asia
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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