The global anti-lock braking system and electronic stability control system market is anticipated to register growth over the forecast period. Stringent norms related to safety, increased safety awareness and technological advancements are expected to favorably impact anti lock braking system (ABS) and electronic stability control (ESC) system market growth over the forecast period. Surging demand for luxury cars in regions such as Europe and Asia Pacific, particularly China, Japan and India is also expected to drive ABS and ESC system market growth over the next few years. Additionally, affordability and prevalence of programs such as New Car Assessment Program (NCAP) that award safety ratings to cars based on safety performance are expected to drive market growth.
Anti-lock braking system and electronic stability control system market growth may also be attributed to the several benefits it offers such as stable braking characteristics on all road surfaces, reduced braking distance, preventing vehicle combinations from jackknifing and reduced tier wear. However, sustainable growth across this market will considerably depend on legal environment in several countries. Developed regions have mandated the adoption of ABS and ESC systems, whereas legislations across developing regions are expected to improve in near future in order to create high growth opportunities.
Although anti lock braking systems and electronic stability control systems are an effective safety device, they cannot suspend the limits defined by driving physics. A vehicle fitted with anti lock braking systems may also go off control if driven too fast. Therefore, anti lock braking system and electronic stability control system are not a license for rash driving style or failure to observe the correct safety distance. Key players in this anti-lock braking system and electronic stability control system market include Robert Bosch GmbH, Autoliv Inc., TRW Automotive, Denso Corporation and Continental AG.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.