Valley Cottage, NY, November 14, 2017 (Newswire.com) - A newest report offered by Future Market Insights has predicted the global automotive ABS and ESC market is likely to show an outstanding growth rate over the course of the given forecast period of 2017 to 2022. The sales of the market for automotive ABS and ESC across the globe has been projected to cross over US$100 bn in terms of revenues by the end of 2022.
The antilock braking system (ABS) stops wheels of an automobile to lock at times of hard or sudden braking or abruptly stop moving. ABS functions by successively braking for offering better control to the driver of the vehicle in critical circumstances, and reducing distances for stopping in case of any emergency. An electronic stability control (ESC) is well known for being the best system for safety of a vehicle when it is moving sideways. In cases of emergency, ESC functions with the help of sensors offered in the vehicles that account for ABS, throttling and steering by evaluating a possible skid, applies required brakes, and shutting down the power for counteracting the skid.
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Increasing Demand for Active Safety Systems in Vehicle to Drive Growth of Global Automotive ABS and ESC Systems Market
The global automotive industry is presently being augmented by hi-tech innovative products, being more preferential towards the uptake of newest cutting edge technologies for cutting down the chances of accidents, and mitigating the effect of crashes on the passengers. Safety systems in automobiles such as ESC and ABS, are thus gaining a significant momentum among customers across the world. Leading players in the global automotive ABS and ESC systems market are thus adopting tactical approaches such as mergers, takeovers, and launch of new products, with a vision to expand their line of product and sustain their leading position in the global market.
Active systems for vehicle safety are increasingly becoming an integral part of passenger vehicles, with more demand among consumers for systems such as ESC and ABS for avoiding situations of accidents. This trend is expected to become more popular in the emerging economies over the coming years which thus will significantly drive the overall growth of the global market for automotive ABS and ESC systems. Several institutes across the globe are awarding safety ratings and certificates to cars depending on their safety performance. In addition to this, numerous governments across the globe have imposed strict regulations regarding the safety of vehicles with the help multiple advertising campaigns. Furthermore, innovations in technology and advancements in the automotive sector have resulted in making these safety systems such as ABS and ESC more affordable. All the factors are expected to considerably drive the overall growth of the global automotive ABS and ESC safety systems market over the coming years of forecast.
Europe to Remain Dominant in Global Market though North America Show a Higher CAGR
In terms of geographical regions, the Europe market for automotive ABS and ESC systems is expected to remain dominant followed by the market in North America. However, the North America market is projected to expand at a relatively higher CAGR that that of Europe during the given forecast period. In addition to this, the revenue generation shares of Middle East and Africa and Japan in the global market are expected to remain comparatively lower than all the other regional market segments over the course of the given forecast period.
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Source: Future Market Insights