Overview and Scope
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.
Sizing and Forecast
The automotive antilock braking system and electronic stability control market size has grown strongly in recent years. It will grow from $52.31 billion in 2023 to $56.37 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to a rise in road traffic accidents, growth in government regulations, rise in vehicle production, rise in adoption of electric vehicles, and growth in urbanization.
The automotive antilock braking system and electronic stability control market size is expected to see strong growth in the next few years. It will grow to $76.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to the rising implementation of stringent norms, growing awareness about road safety systems, rising production of vehicles, growing demand for electric vehicles, rising demand for advanced safety features, and increasing focus on vehicle safety. Major trends in the forecast period include technological advancements, adoption of 5G technology, enhanced sensor technologies, development of autonomous vehicles, and proactive safety features.
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
The increasing rate of accidents is expected to propel the growth of the automotive antilock braking system and electronic stability control market going forward. Accidents are rising due to increased vehicle usage and distracted driving, often caused by mobile device use. Additionally, insufficient infrastructure and driver errors contribute to the growing number of accidents. Antilock braking systems prevent wheels from locking during braking, improving steering control and reducing collision risks, while electronic stability control enhances vehicle stability by detecting and minimizing skids, thereby lowering accident rates significantly. For instance, in May 2022, the National Highway Traffic Safety Administration, a US-based federal government, reported a 10.5% rise in motor vehicle crash fatalities, with an average of 42,915 deaths compared to 38,824 in 2020. Therefore, the increasing rate of accidents is driving the growth of the automotive antilock braking system and electronic stability control market.
Key Industry Players
Major companies operating in the automotive antilock braking system and electronic stability control market are 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.
The automotive antilock braking system and electronic stability control market report table of contents includes:
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List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Automotive Antilock Braking System And Electronic Stability Control Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Automotive Antilock Braking System And Electronic Stability Control Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Automotive Antilock Braking System And Electronic Stability Control Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Toyota Motor Corporation Financial Performance
Table 75: Ford Motor Company Financial Performance
Table 76: Robert Bosch GmbH Financial Performance
Table 77: Hitachi Automotive Systems Ltd. Financial Performance
Table 78: Nissan Motor Co. Ltd. Financial Performance
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