Market Size of Automotive Electronic Stability Control Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 10.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Electronic Stability Control Systems Market Analysis
The automotive electronic stability control system market was valued at USD 40.84 billion in the current year and is projected to grow to USD 74.35 billion by the next five years, registering a CAGR of more than 10.5% in terms of revenue during the forecast period.
Over the medium term, Growing production of vehicles with integrated ADAS features in the wake of rising awareness toward the comfort and safety of passengers and government regulations mandating safety features is expected to drive demand in the market. Moreover, the rising acceptance of self-driving or automated vehicles further contributes to the enhanced growth of the market.
Every year, around 1.25 million people are killed in road accidents. The highest numbers are from developing countries. Many governments across the globe have started to impose stringent regulations to curb rising road accidents. Major OEMs have started investing in R&D to develop superior technology. Increasing concerns about vehicle safety, the adoption of advanced braking systems, advanced AI-powered systems, and government vehicle safety norms combined with growth in vehicle production worldwide are expected to help the automotive electronic stability control system market grow during the forecasted period.
Many OEMs are equipping their products with electronic stability control systems in most medium- and luxury cars. Electronic stability control systems have reduced fatal run-off-road crashes by 36% for passenger cars and 7% for light trucks and vans. With the increase in autonomous vehicles, which is expected to register a CAGR of over 21% during the forecasted period, this market is expected to have a high growth rate during the latter half of the forecasted period.
