Published Date: 28-Feb-2023
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According to a new report, published by KBV research, The Global Electronic Stability Control Market size is expected to reach $13.6 billion by 2028, rising at a market growth of 8.0% CAGR during the forecast period.
The Sensors segment is showcasing a CAGR of 8.4% during (2022 - 2028). This is because these systems employ a variety of sensors, including lateral acceleration, wheel speed, steering angle, and others. To prevent automobiles and other objects from skidding, these sensors evaluate factors such as the wheel's rotational direction, speed, and the amount of braking power required. As these sensors are an essential component of the stability control system, the segment's growth will surge in the forecasted period.
The ICE segment acquired maximum revenue share in the Global Electronic Stability Control Market by Vehicle Propulsion in 2021 thereby, achieving a market value of $9.5 billion by 2028. This is due to the fact that ESC detects when the automobile is likely to lose stability or is in danger of skidding and instantly limits engine power and engages individual brakes. Because of this invention's significance, all new automobiles must now be equipped with ESC, per the legislation. Operate to maintain the car's planned course if the wheels are in danger of slipping due to slick road conditions or the driver's actions.
The Light Commercial Vehicles segment has shown the growth rate of 8.2% during (2022 - 2028). This is because light commercia vehicles can all be equipped with electronic stability control (ESC), which is an active safety technology. It is a development of the antilock brake system, which incorporates separate braking for each wheel and speed sensors. Within practical bounds, it seeks to stabilize the heavy vehicle and avoid sliding in all driving circumstances. Also, it prevents driver weariness, which is a potential contributing factor to several accidents. These factors will boost the segment's expansion.
The Asia Pacific market dominated the Global Electronic Stability Control Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $5 billion by 2028. The Europe market is exhibiting a CAGR of 7.2% during (2022 - 2028). Additionally, The North America market would display a CAGR of 7.7% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/electronic-stability-control-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Robert Bosch GmbH, Continental AG, Johnson Electric Holdings Limited, Aisin Corporation (Toyota Motor Corporation), Valeo SA, Murata Manufacturing Co., Ltd., Hitachi, Ltd., Knorr-Bremse AG, ZF Friedrichshafen AG (TRW), and Mando Corporation (Halla Group).
By Vehicle Propulsion
By Vehicle Type
Unique Offerings from KBV Research
North America Electronic Stability Control Market Future Scope & Opportunities 2022-2028
Europe Electronic Stability Control Market Size & Growth Forecast 2022-2028
Asia Pacific Electronic Stability Control Market Size, Share & Industry Outlook to 2028
LAMEA Electronic Stability Control Market Growth, Trends & Forecasts 2022-2028