How Is The Global Automotive Antilock Braking System And Electronic Stability Control Market Defined?
An automotive antilock braking system (ABS) and electronic stability control (ESC) are integrated safety technologies designed to improve vehicle control and prevent accidents. ABS prevents wheel lock-up during braking, maintaining steering control, while ESC detects and reduces loss of traction, applies brakes to individual wheels, and adjusts engine power to help the driver maintain control of the vehicle. Together, these systems enhance vehicle stability and safety in various driving conditions.
Automotive Antilock Braking System And Electronic Stability Control Global Market Report 2024 provides data on the global automotive antilock braking system and electronic stability control market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive antilock braking system and electronic stability control market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Automotive Antilock Braking System And Electronic Stability Control Market Size And Annual Growth Rates?
The market for automotive antilock braking systems (ABS) and electronic stability control (ESC) has also demonstrated strong growth, increasing from $52.31 billion in 2023 to $56.37 billion in 2024 at a CAGR of 7.8%. Historical growth was supported by rising road traffic accidents, stricter government regulations, increased vehicle production, and the growing adoption of electric vehicles and urbanization. The market is expected to grow to $76.34 billion in 2028 at a CAGR of 7.9%, driven by stricter safety norms, heightened road safety awareness, growing vehicle production, and the rising demand for electric vehicles. Emerging trends include technological innovations, the adoption of 5G technology, enhanced sensor technologies, the development of autonomous vehicles, and proactive safety features.
Which Key Drivers Are Propelling The Automotive Antilock Braking System And Electronic Stability Control Market's Growth?
The rise in accident rates is expected to spur growth in the automotive antilock braking system and electronic stability control markets. The increase in accidents is linked to higher vehicle usage, distracted driving (often due to mobile phone use), poor infrastructure, and driver errors. Antilock braking systems prevent wheel lockup during braking, improving steering control and lowering the risk of collisions, while electronic stability control improves vehicle stability and helps prevent skids. For example, in May 2022, the National Highway Traffic Safety Administration reported a 10.5% increase in motor vehicle crash fatalities, with 42,915 deaths in 2021, up from 38,824 in 2020. As accidents continue to rise, demand for these safety systems will drive market growth.
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What Are The Key Segments Within The Global Automotive Antilock Braking System And Electronic Stability Control Market?
The automotive antilock braking system and electronic stability control market covered in this report is segmented –
1) By Technology: Three Channel Antilock Braking System, Four Channel Antilock Braking System, Electronic Stability Control
2) By Vehicle Type: Compact Vehicle, Mid-Sized Vehicle, Premium Vehicle, Luxury Vehicle, Commercial Vehicle, Heavy Commercial Vehicle
3) By End Use: Original Equipment Manufacturer, Aftermarket
How Are New Trends Impacting The Size Of The Automotive Antilock Braking System And Electronic Stability Control Market?
Key players in the automotive antilock braking systems and electronic stability control market are focusing on electric braking systems to boost safety, efficiency, and performance. These systems utilize electronic controls for precise braking force management, outperforming traditional hydraulic systems. In October 2022, Lippert International Inc., a US-based producer of high-quality connection systems, introduced a fully integrated electric anti-lock braking system for trailers. The system enhances safety by monitoring wheel speed in real time, preventing wheel lock-ups, and ensuring smooth and reliable braking under diverse road and weather conditions.
Which Region Drives The Highest Growth In The Automotive Antilock Braking System And Electronic Stability Control Market?
Europe was the largest region in the automotive antilock braking system and electronic stability control market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive antilock braking system and electronic stability control market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
