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Friday, August 12, 2022

Global Traction Control System Market Size To Grow At A CAGR Of 6.2% In The Forecast Period Of 2022-2027

The ‘Global Traction Control System Market Report and Forecast 2022-2027’ by Expert Market Research gives an extensive outlook of the global traction control system market price, assessing the market on the basis of its segments like types, components, distribution channels, vehicle types, and major regions.

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Traction Control System Market

Traction Control System Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2017-2027)

• Forecast CAGR (2022-2027): 6.2%

Report AttributeDetails
Historical Period2017-2021
Forecast Period2022-2027
Base Year2020
Market Size in 202032 billion
Revenue Forecast in 202647 billion
Growth Rate CAGR6.2%
Major PlayersRobert Bosch GmbH, MAHLE GmbH, DENSO Corporation, Continental AG, Hyundai Motor Group and others.

The increasing deployment of traction control systems in passenger cars for maintaining the grip of tyres on slippery surfaces is driving the growth of the global market. The inflating disposable income, rapid urbanisation, and growing personal vehicle ownership are increasing the sales of passenger cars, thereby fuelling the global traction control system market growth.

The anticipated increase in demand for super-luxury vehicles is likely to accelerate the demand for technologically advanced sensors and hydraulic modulators. The rising demand for commercial vehicles such as ambulances is surging the utilisation of efficient traction control systems to augment the safety and security of patients. The increasing focus of manufacturers to enhance the safety of commercial vehicles while transporting heavy loads is boosting the demand for advanced safety features, including traction control systems.

In terms of region, the Asia Pacific accounts for a significant share in the traction control system market owing to the increasing traffic congestion in both developed and developing countries.

The system provides enhanced stability to vehicles and boosts the protection and security of passengers. Moreover, the growing demand for heavy commercial vehicles in the region owing to rapid industrialisation is expected to fuel the demand for traction control systems.

Traction Control System Definition and Major Segments

A traction control system refers to a system that aids a vehicle to maintain control over slippery or wet surfaces during acceleration or retardation. The basic working of a traction control system involves the detection of grip loss of a tyre and prevention of its movement. Moreover, a traction control system consists of various components, including sensors and hydraulic modulators. It is essential to reduce the risk of accidents and enhance passenger safety.

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Based on type, the market can be segmented into:

• Electrical Linkage
• Mechanical Linkage
• Others

The market can be broadly categorised based on component into:

• Hydraulic Modulators
• Sensors
• Electronic Control Unit
• Others

By distribution channel, the market is bifurcated into:

• Aftermarket

The significant vehicle types included in the market research report are:

• Passenger Car
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Electric Vehicles
• Others

On the basis of region, the market can be divided into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Traction Control System Market Trends

The key trends in the traction control system market growth include technological advancements in the automotive industry and the rising demand for safety systems to improve driving stability and optimise traction.

The development of online adaptive tractors that improve the efficiency of production while imposing minimal impact on the environment by key players is expected to support the market growth in the forecast period.

The increasing sales of electric vehicles are likely to boost the demand for electronic control units for enhanced safety and reduced carbon emissions. Over the forecast period, the increasing investments in the research and development activities aimed towards developing electric cars with high torque and horsepower are likely to propel the incorporation of traction control systems.

The introduction of various stringent government regulations aimed towards bolstering the safety on roads is likely to positively influence the growth of the traction control system market in the forecast period.

Key Market Players

The major players in the traction control system market report are :

  • Robert Bosch GmbH
  • MAHLE GmbH
  • DENSO Corporation
  • Continental AG
  • Hyundai Motor Group
  • others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT analysis and Porter’s Five Forces Models.

About Us:

Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skillful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

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