Pune, India, Jan. 06, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the automotive ABS and ESC market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the automotive ABS and ESC market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the technology, sales channel, vehicle type and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global automotive ABS and ESC market are Tata Motors, Autoliv, Aptiv, AISIN CORPORATION, AKEBOND BRAKE INDUSTRY CO. LTD., Hitachi, Ltd., Ford Motor Company, Mando Corp., Murata Manufacturing Co., Ltd., Continental AG, Robert Bosch GmbH, Veoneer HoldCo, LLC., HYUNDAI MOBIS, ZF Friedrichshafen AG, Haldex, DENSO Corporation among others. To achieve a substantial market share in the worldwide automotive ABS and ESC market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
During braking, anti-skid braking systems ensure that the wheels of a motor vehicle maintain tractive contact with the road surface based on the driver's inputs. ESC helps the driver to control the vehicle during sharp curves and critical conditions. Automobile companies are currently embracing hi-tech innovation in order to reduce crashes and mitigate the impact of accidents on their passengers. Globally, consumers are taking an increasing interest in automotive safety systems like ABS and ESC, which is boosting market growth. Passenger cars are becoming more equipped with active safety systems, with consumers increasingly demanding systems that avert accidents, including ESCs and ABS. There are some factors which are hindering the growth of the market such as a lack of awareness about the technologies and the high cost of the product and installation. Increasing costs of raw materials used to manufacture automotive antilock braking systems (ABS) and electronic stability controls (ESC) have caused a significant burden on the market. The biggest challenge to the market will be the increasing costs associated with designing and testing. Moreover, Automotive ABS and ESC market leaders are adopting tactical approaches, such as mergers and takeovers, as well as the launch of new products, to expand their product line and maintain their leading position.
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Scope of Automotive ABS and ESC Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Technology, Sales Channel, Vehicle Type and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Tata Motors, Autoliv, Aptiv, AISIN CORPORATION, AKEBOND BRAKE INDUSTRY CO. LTD., Hitachi, Ltd., Ford Motor Company, Mando Corp., Murata Manufacturing Co., Ltd., Continental AG, Robert Bosch GmbH, Veoneer HoldCo, LLC., HYUNDAI MOBIS, ZF Friedrichshafen AG, Haldex, DENSO Corporation among others. |
Segmentation Analysis
Electronic system control is expected to be the fastest-growing segment in 2022.
The technology segment includes diagnosis, detection and others. The electronic stability control segment is expected to witness the highest growth rate during the forecast period. ESC systems automate the braking of individual wheels to assist drivers in maintaining control of a car during critical moments. In addition, electronic stability control-equipped vehicles are involved in 32% fewer single-vehicle crashes, and 58% fewer rollover crashes resulting in injury to the driver.
OEM is expected to be the fastest-growing segment in 2022.
The sales channel segment includes aftermarket and OEM. The OEM segment is expected to witness the highest growth rate during the forecast period. Automotive ABS and ESC are expected to reach revenues of nearly US$ 100,000 Mn by 2029-end, with OEMs remaining the most attractive sales channel. OEMs are contributing a major share in the growth of the market by availing the technologies to consumers quickly.
Light commercial vehicles are expected to be the fastest-growing segment in 2022.
The vehicle type segment includes heavy commercial vehicles, compact vehicles, luxury vehicles, mid-sized vehicles, premium vehicles, and light commercial vehicles. The light commercial vehicles segment is expected to witness the highest growth rate during the forecast period. It is projected that ABS and ESC sales in light commercial vehicles and heavy commercial vehicles will increase, but light commercial vehicles will remain more lucrative than heavy commercial vehicles. To keep the driver safe during driving ABS and ESC technologies are installed in commercial vehicles for a smooth and safe driving experience, the rising demand from the commercial vehicles segment whether the vehicle is heavy or light is propelling the growth of the market.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the automotive ABS and ESC market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The European region witnessed a major share. The presence of major key players in the region is contributing a large share in the growth of the regional automotive ABS and ESC market. Moreover, stringent rules by the European government to install the systems in vehicles to improve safety are also boosting market growth. The European government has made it mandatory to install ABS and ESC systems in every vehicle to ensure the safety of their citizens.
Country Analysis
- Germany
Germany's automotive ABS and ESC market size was valued at USD 12.07 billion in 2022 and is expected to reach USD 28.8 billion by 2030, at a CAGR of 11.5% from 2023 to 2030.
Mercedes Benz, Porsche, Audi, and BMW are just a few of the major carmakers in Germany that utilize anti-lock braking systems in their vehicles. Hence, the industry has a great deal of potential to capitalize.
- China
China's automotive ABS and ESC market size was valued at USD 6.22 billion in 2022 and is expected to reach USD 14.6 billion by 2030, at a CAGR of 11.3% from 2023 to 2030.
Due to rising driving safety demands, the market for auto anti-lock braking systems and electronic stability control systems in China is experiencing rapid growth.
- India
India's automotive ABS and ESC market size was valued at USD 4.9 billion in 2022 and is expected to reach USD 11.45 billion by 2030, at a CAGR of 11.2% from 2023 to 2030.
The significant growth of the automotive ABS and ESC market in the country is due to consumer preferences for better safety systems and legislation & policy frameworks mandating safety equipment integration into cars.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of automotive ABS and ESC market is mainly driven owing to the increasing demand from the automotive industry to install ABS and ESC systems in vehicles to reduce the chances of road accidents, propelling the growth of the market across the countries.
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