Electronic Stability Control System Market Growth Highlights:
Automotive Electronic Stability Control Systems Market is expected to grow at 8.9% CAGR during the forecast period.
Market Research Future (MRFR), in the new electronic stability control system market global report, shed lights of different forces that can influence the market. A complete analysis on the impact of COVID 19 outbreak on the electronic stability control system is also offered. As per MRFR data, the rapid expansion of the electronic stability control system market can be credited to the increase in the use of automobiles. The increased focus of producers for the upgradations of Electronic stability control system is expected support the expansion of the market across the study period. The rise in the popularity of these systems that are known to enhance stability and control of vehicles in critical situations can also promote the expansion of the electronic stability control system market.
Key Players
Murata Manufacturing Co., Ltd. (Japan), Delphi Automotive (U.K.), Robert Bosch GmbH (Germany), TRW Automotive Holdings (U.S.), Johnson Electric. (Hong Kong), Continental AG (Germany), WABCO Holdings Inc. (U.S.), Autoliv Inc. (Sweden), Toyoda Gosei Co. Ltd (Japan), and Hitachi Automotive Systems Ltd. (Japan) among others are some reputed names in the electronic stability control system global market as listed by MRFR.
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Market Segmentation
The segment based segments of the electronic stability control systems global market are vehicle type and by drive type.
The vehicle type based segments of the electronic stability control systems market share are light commercial vehicle, passenger car, and heavy commercial vehicles. The passenger vehicle segment can generate high revenue for the electronic control system market across the analysis period. The increase in passenger automobile by 66% is boosting the global vehicle production. This can support the expansion of the electronic stability control system market across the analysis period. The increase in income and high sales of commercial vehicle can also boost the expansion of the electronic stability control market across the study period. The Light commercial vehicle segment can register the second largest share of the global market. The increase in transporting goods application and paid passengers services of Light commercial vehicles via pickup trucks and vans can also support the expansion of the market.
The drive types based segments of the electronic stability control systems global market are front wheel drive, rear wheel drive, and all-wheel drive. The Rear wheel drive segment is likely to dominate the global electronic stability through the study period. The all-wheel drive segment can thrive at the highest CAGR in the study period. The increase in safety concerns, along with high production of all-wheel drive cars can support the market rise.
Regional Study
The continuous surge in the production of technically advanced vehicle, and the increase in the investment in R&D in automotive industry can drive the expansion of the electronic stability control system market in the North America region. In Asia Pacific, the expansion of the electronic stability control system is likely to happen at the highest CAGR in the forecast period. The surge in automotive manufacturing activities is likely to contribute largely to expansion of the market across the review period. The growing preference for luxury vehicles can also support the expansion of the regional market across the analysis period. In Europe, the existence of top notch automobile producers and their investment in different innovations can also support the expansion of the electronic stability control market growth in the analysis period. The increase in initiatives by government for vehicular emission control is expected to boost the expansion of the electronic stability control systems market size through the study period, reveals MRFR data.
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