ID: MRFR/AM/3263-HCR | December 2022 | Region: Global | 100 pages
Impact of COVID-19 on the Electronic Stability Control System Market
The global spread of the COVID-19 pandemic has significantly impacted the growth of the electronic stability control systems market and most of the industries worldwide. The governments of various countries have imposed lockdowns that have compelled people to stay at home, which, in turn, has minimized the physical interaction among people. Companies have allowed employees to work from their homes to ensure business continuity during the COVID-19 pandemic, which is expected to hamper the growth of the electronic stability control systems market over the forecast timeframe. The increasing focus on remote working has restricted the growth of the automotive industry, which, in turn, is likely to limit the growth of the electronic stability control systems market.
Global operations in the automotive sector have been interrupted due to the COVID-19 crisis. The shift in consumer preference towards essential products is likely to influence the electronic stability control system market over the projected period. Furthermore, the COVID-19 outbreak has resulted in the sealing of international boundaries, which has caused a severe decline in the demand for electronic stability control systems across the globe. Authorities worldwide have imposed restrictions on travel. Hence, the market is also expected to be affected due to lowered vehicle usage. Additionally, the restrictions on public gatherings along with the travel bans imposed in several countries are expected to restrict the growth of the electronic stability control systems market over the forecast timeframe.
New Passenger Car Registrations in the EU (Units in Thousand)The figure above shows the statistics of automobile registrations in the EU from January 2020 to March 2020. Electronic stability control systems are crucial for improved vehicle operations and enhanced control and safety. The statistics show the fluctuations in new vehicle registrations during Q1 of 2020, which have affected the demand for electronic stability control systems in the automotive industry severely. The increased focus on personal hygiene and care is likely to affect the demand for vehicles in the coming months. Thus, there is an acute uncertainty regarding the growth of the electronic stability control systems market over the projected timeframe.