The electric vehicle security system market to rise from USD 44.99 billion in 2023 to reach a presumed USD 70.50 billion, exceeding at CAGR of 5.12% between 2023 and 2032.
In the medium term, the market is being driven by the production of more vehicles integrated with Advanced Driver Assistance Systems (ADAS), meeting passenger comfort demands, enhancing safety measures, and complying with government security regulations. Furthermore, the increasing acceptance of autonomous or self-driving vehicles is contributing to market expansion.
Every year, approximately 1.25 million people lose their lives in accidents, with a majority occurring in developing countries. In response, governments worldwide are implementing stricter regulations to prevent traffic accidents. Major Original Equipment Manufacturers (OEMs) are investing in Research and Development (R&D) to develop cutting-edge technology, including advanced braking systems and artificial intelligence-driven safety features. This focus on vehicle safety, coupled with government regulations and the growth of global automobile manufacturing, is expected to bolster market safety during the anticipated surge in electric vehicles.
Many OEMs have already incorporated electronic stability control systems into their products, particularly in large and luxury vehicles. These electronic safety controls have significantly reduced accident rates, demonstrating their effectiveness. As vehicle management technology continues to advance, the market is poised for robust growth, with a projected Compound Annual Growth Rate (CAGR) exceeding 21% during the forecast period.
The electronic security system market is experiencing growth driven by increasing consumer awareness of emergency services, which is further fueled by the rise in road traffic. Governments worldwide are actively promoting vehicle safety measures, with many countries mandating the installation of electronic security controls.
Factors such as rising disposable income and evolving consumer preferences towards vehicles equipped with safety features are also driving market expansion. The passenger car segment is anticipated to dominate the market, constituting 66% of the global automobile market, supported by the growing number of international passengers.
Governments are implementing laws and regulations aimed at enhancing user protection, with proposals for mandating Advanced Driver Assistance Systems (ADAS) installation in vehicles to mitigate accidents. For instance, the Indian government has mandated Anti-lock Braking Systems (ABS) for motorcycles and is working towards making Electronic Stability Control (ESC) and Automatic Emergency Braking (AEB) mandatory in cars by 2022-2023.
The emergence of autonomous driving technology, particularly for Level 4 and Level 5 autonomous vehicles, is poised to become a significant global market. By 2030, the automotive industry's value in this sector is projected to reach $60 billion, with North America expected to account for 30% of global traffic, followed by China and Western Europe at 24% each. These factors are expected to drive further growth in the electronic security system market.
China stands as one of the world's largest automobile markets, with passenger car sales surpassing 23.56 million units in 2022, marking a 9.5% year-on-year increase from 2021. Despite the pandemic's impact, China remains a key player in global automobile sales, presenting a significant opportunity for predictive technology to establish itself in the Chinese automotive sector. The Chinese government's emphasis on developing various vehicle technologies, including electronic stability control, is expected to yield substantial economic benefits throughout the forecast period.
India, an emerging market, is gradually embracing advanced features in passenger vehicles. With a robust and burgeoning market, India is gradually making strides in the automotive industry in terms of autonomous driving capabilities.
For Instance,
Japan, renowned in the automotive industry, hosts powerful automobile manufacturers whose products are distributed globally. As lidars and cameras emerge as pivotal components of self-driving cars, numerous companies specializing in these technologies are tapping into the burgeoning market by establishing strategic partnerships.
The automotive electronic stability control market is dominated by several major players, including Robert Bosch GmbH, Continental AG, Denso AG, Hitachi Automotive Systems, and Autoliv AG. This market is witnessing rapid growth propelled by the integration of high-end systems even in entry-level vehicles and increasing collaboration among key players to develop advanced safety systems. Such advancements are expected to drive significant economic growth during the forecast period.
For Instance,
Furthermore, in December 2022, Dongfeng Motor (Dongfeng Motor Company) introduced the new Yufeng V9+ bus, optionally equipped with features such as a tire pressure monitoring system and Electronic Stability Control (ESC) system, highlighting the growing emphasis on vehicle safety features in the market.
In 2023, passenger vehicles are expected to dominate the automotive market, accounting for 66% of the total market share. As global car ownership continues to rise, original equipment manufacturers (OEMs) are ramping up their production of engines tailored for various types of passenger vehicles. Innovations in automotive engine technology, such as multi-fuel engines, variable valve technology (VVT), turbocharging, and Common Rail Direct Injection (CRDI), are driving the development of high-power and high-torque engines, particularly for luxury vehicles. These advancements aim to meet the evolving preferences of consumers seeking enhanced vehicle performance and efficiency.
The automotive electronic stability control system is engineered to manage and uphold vehicle stability, thereby preventing potential accidents and collisions.
The market for vehicle electronic security control is segmented based on several factors including vehicle type, location, sales channel, and region. Vehicle type segmentation includes passenger cars and commercial vehicles. Component segmentation encompasses sensors, electronic control units (ECUs), actuators, and other related components. Sales segmentation categorizes the market into original equipment manufacturer (OEM) and aftermarket segments. Geographically, the market is divided into North America, Europe, Asia Pacific, and the rest of the world.
By Vehicle Type
By Component
By Sales Channel
By Geography
Adriel Mergulhao is a distinguished professional renowned for his expertise in consulting, market research, and primary market analysis. With over the year of experience, Adriel has solidified his position as a senior solution advisor, providing invaluable insights to numerous clients across diverse industries. His proficiency in primary market research methodologies allows him to uncover deep-seated consumer preferences and trends, empowering businesses to make strategic decisions confidently.
Adriel's strategic insight and analytical prowess have earned him a reputation for delivering actionable recommendations that drive business growth and profitability. He has a proven track record of success in translating market insights into tangible results, making him a sought-after advisor in the competitive market research landscape. Adriel's dedication to excellence and commitment to client success underscore his position as a trusted expert in the field.
We offer automotive expertise for market projections and customizable research, adaptable to diverse strategic approaches.
Contact Us