Electronic Stability Control System Industry Global Review From 2019 To 2023
Posted by abhi0210 on February 6th, 2019
Electronic Stability Control System Market Analysis Report 2019 is latest report published by “Market Research Future”. Global Electronic Stability Control System Market Information Report, By Vehicle Type (Passenger Cars, Light Commercial Vehicle and Heavy Commercial Vehicle), By Drive Type (Rear Wheel Drive, Front Wheel Drive, and All Wheel Drive), and By Region - Forecast To 2023.
Get More Information At: https://www.marketresearchfuture.com/reports/electronic-stability-control-system-market-4684
Electronic stability control systems considerably enhance stability and control in vehicles in critical situations. These systems use computer control for individual wheel brakes to help the driver maintain control of the vehicle during extreme movements. This is done by keeping the vehicle headed in the direction the driver is steering even when the vehicle nears or reaches the limits of road traction. ESC is therefore expected to have a substantial positive effect on road safety. Electronic stability control systems have a variety of names, including Dynamic Stability Control, Vehicle Stability Control, Dynamic Stability and Traction Control, StabiliTrak, and Advance Trac.
Geographically, the global electronic stability control system market has been divided as North America, Europe, Asia Pacific and Rest of the World. North America, of all the regions, has accounted for the largest market share, in 2016, followed by Europe and Asia Pacific. Increasing production of technologically advanced vehicle, and growing investment in R&D in automotive industry, are driving the growth of the market in North America. Asia Pacific is expected to grow at a highest CAGR during the forecast period, driven by the increasing automotive manufacturing activities. Increasing disposable income among individuals and the rising demand for luxury vehicles, are also fueling the market growth. China is the major market in Asia Pacific region. It has emerged as one of the leading markets for electric cars in terms of sales. And as per government reforms, the country has planned to ban the sales of all the petrol and diesel vehicles by 2019. However, the demand for electric car is expected to rise in the future, which will also increase the market growth. Moreover, Japan, Singapore and South Korea governments, are also planning to take such initiatives.
For the purpose of this study, the global electronic stability control systems market has been segmented by vehicle type, and by drive type. By vehicle type, the market has been segmented as passenger car, light commercial vehicle and heavy commercial vehicles of which passenger cars account the largest market followed by LMV and HMV. The passenger vehicle, which essentially carries many passengers, accounts for almost 66% of the global vehicle production. With the rise in income levels, the passenger vehicle segment has witnessed a significant rise in production and sales. Light commercial vehicle segment is the second largest segment in terms of value. A commercial vehicle is basically a motor vehicle utilized for the purpose of transporting goods or paid passengers. Light commercial vehicles include pickup trucks, and vans. On the basis of drive type, the market has been segmented as rear wheel drive, front wheel drive, and all-wheel drive. The rear wheel drive segment dominates the drive type segment of the market. The all-wheel drive segment is expected to grow at the highest CAGR during the forecast period. Rise in both production of all-wheel drive vehicles and safety concerns among the consumers in North America and Europe, are driving the demand of this segment.
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