Market synopsis
According to market research future (MRFR), there will be a 12% CAGR in the global market for Electronic stability control from 2023 to 2030. (forecast period). According to the survey, the market for Electronic stability control market is expected to grow. Due to the increasing popularity of electric cars (evs) and the growth of the automotive industry, the global market for Electronic stability control is expected to see a significant increase by the year 2020.
The market may grow as a result of the escalating safety-related concerns and the growing understanding of auditory perception. For electric and hybrid automobiles, the AVAS is a sound-generating device. The internal combustion engine (ICE) vehicle's noise frequency/level is substantially different from that of the electric vehicle (EV). Due of the ambient noise's ability to conceal the ev's low noise level, it may be challenging for pedestrians, especially those who are visually challenged, to hear it approaching in the flow of traffic. The potential risk of quiet vehicles for walkers, cyclists, and the general public is also increased by the growing number of electric vehicles on the road.
Key players
The key participants identified by MRFR in the global Electronic stability control industry are delphi technologies (uk), denso corporation (japan), harman international (us), daimler ag (germany), volkswagen ag (germany), bmw ag (germany), nissan motor corporation (japan), mando-hella electronics corp. (south korea), honda motor co., ltd (japan), and kufatec gmbh co. Kg (germany).
Market dynamics
The growth of the global market for Electronic stability control can mainly be attributed to the strict regulations imposed by governments across the globe to curb the risk of accidents induced by electric vehicles' low sound. For example, the European union has a new regulation requiring all new electric and hybrid vehicles to alert pedestrians when traveling at speed below 12 mph by 2021. Likewise, in the us, the national highway safety administration (nhtsa) mandated to require all electric and hybrid vehicles to emit sound while traveling up to 18.6 mph by september 2020.
Nevertheless, the reliability and longevity of avas in electric vehicles are expected to impede the growth of the global market for Electronic stability control over the forecast period. The rising demand for autonomous vehicles and connected vehicles generates opportunities for manufacturers.
Moreover, governments around the world, including the united states, the united kingdom, india, and china, are taking steps to raise awareness about the use of electric vehicles to mitigate adverse environmental impacts and foreign exchange reserves. For illustration, the government of india has launched the national electric mobility mission plan (nemmp) 2020, with the goal of achieving national fuel security by encouraging the use of electric vehicles in the country. Likewise, the european commission initiated ‘green emotion’ project worth eur 41.8 million (usd 47.22 million) intending to achieve technical optimization and the growth of the ev industry. This further increases the penetration of electric vehicles on the road, leading to the global market's growth for Electronic stability control.
Market segmentation
The global market for Electronic stability control has been segmented into vehicle type and sales channel.
Based on vehicle type, the global market for Electronic stability control has been segmented into heavy commercial vehicles, passenger car, and light commercial vehicles.
Based on the sales channel, the global market for Electronic stability control has been segmented into the original equipment manufacturer (oem) and aftermarket.
Regional analysis
The global market for Electronic stability control has been segmented into four major regions: North America, Europe, Asia pacific, and the rest of the world.
The demand for electric vehicles in north America is projected to dominate the global market for Electronic stability control over the assessment period. This is due to the government's strict pre-mounting standards for evs and hybrid cars during the manufacturing process.
Europe is anticipated to see strong growth in the global market for Electronic stability control. Growth in the region can be attributed to the strict rules laid down by the European parliament to allow avas to all new electric and hybrid vehicles.
The Asia pacific is expected to post the highest CAGR on the global market for Electronic stability control during the forecast period.
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