Automotive Antilock Braking System and Electronic Stability Control Market The automotive antilock braking system (ABS) and electronic stability control (ESC) market has shown significant growth, with its size increasing from $52.31 billion in 2023 to $56.37 billion in 2024, reflecting a CAGR of 7.8%. This growth is attributed to increased road traffic accidents, stricter government regulations, a rise in vehicle production, electric vehicle adoption, and urbanization. The market is expected to grow further, reaching $76.34 billion by 2028, at a CAGR of 7.9%. This growth is driven by stringent norms, increased awareness about road safety, higher vehicle production, rising demand for electric vehicles, and a focus on advanced safety features. Key trends include 5G technology, enhanced sensor technologies, and the development of autonomous vehicles.
Major Driver In The Automotive Antilock Braking System And Electronic Stability Control Market
The increasing number of accidents is anticipated to spur the growth of the automotive antilock braking system and electronic stability control market. The rise in accidents is linked to increased vehicle usage, distracted driving from mobile devices, insufficient infrastructure, and driver errors. Antilock braking systems prevent wheel lock-up during braking, improving steering control and reducing collision risks, while electronic stability control enhances vehicle stability by detecting and minimizing skids. For example, the National Highway Traffic Safety Administration reported in May 2022 a 10.5% increase in motor vehicle crash fatalities, with 42,915 deaths in 2021 compared to 38,824 in 2020. Thus, the increasing rate of accidents is driving the growth of the automotive antilock braking system and electronic stability control market.
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Automotive Antilock Braking System And Electronic Stability Control Market Competitive Landscape
Toyota Motor Corporation, Ford Motor Company, Robert Bosch GmbH, Hitachi Automotive Systems Ltd., Nissan Motor Co. Ltd., Tata Motors Limited, DENSO Corporation, Continental AG, Hyundai Mobis Co. Ltd., ZF Friedrichshafen AG, Aisin Corporation, Schaeffler Group, Murata Manufacturing Co. Ltd., Autoliv Inc., Knorr-Bremse AG, Akebono Brake Industry Co. Ltd., Bendix Commercial Vehicle Systems LLC, Veoneer HoldCo LLC, Haldex AB, Magneti Marelli, Delphi Technologies, WABCO Holdings Inc.
Key Automotive Antilock Braking System And Electronic Stability Control Market Trend
Companies in the automotive antilock braking systems and electronic stability control market are focusing on electric braking systems to improve vehicle safety, efficiency, and performance. In October 2022, Lippert International Inc., a US-based producer of connection systems, introduced a fully integrated electric anti-lock braking system (ABS) designed for trailers. This advanced system monitors wheel speed in real-time, providing precise control to prevent wheel lock-up during braking. The robust and reliable system ensures smooth and safe trailer towing across various road and weather conditions, setting a new standard for trailer braking technology.
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Automotive Antilock Braking System And Electronic Stability Control Market Segmentation
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
By Geography:The regions covered in the automotive antilock braking system and electronic stability control market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Automotive Antilock Braking System And Electronic Stability Control Global Market Report 2024 furnishes information about the global automotive antilock braking system and electronic stability control market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
