Press release
Traction Control System Market : Electrical Linkage Installation to Grow at CAGR of 17.4% During 2018 - 2025
According to a new report published by Allied Market Research, titled,"Traction Control System Market by Type, Component, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the traction control system market accounted for $27.59 billion in 2017, and it is expected to reach $44.14 billion by 2025, growing at a CAGR of 6.7% from 2018 to 2025. Europe and North America dominated the global market, in terms of revenue, accounting for about 58.3% share, in 2018.Traction control system is a method used in vehicles to stop the drive wheels from spinning. The drive wheels are the wheels that are powered by the motor. Traction control serves two main purposeshelp the driver to not lose control and reduce unnecessary tire wear. The system is designed to control the wheel slip rate by adjusting the motor torque directly and through reasonable correction to the target wheel speed.
Robert Bosch GmbH (Germany), Continental AG (Germany), Autoliv, Inc. (Sweden), and Nissin Kogyo Co. Ltd. (Japan), are the major product & service providers across the globe. In addition, increase in government initiative to maintain secure & safe environment and to reduce road fatalities is expected to boost the growth of Traction Control System market.
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The global traction control system market is segmented on the basis of type, installation, component, vehicle type, and region. Based on type, the market is divided into mechanical linkage and electric linkage. The mechanical linkage segment held the largest share, contributing about two-thirds of the total market share in 2017. However, the electrical linkage segment is projected to register the fastest CAGR of 17.4% during the forecast period.
On the basis of installation, the market is divided into home and commercial. Based on vehicle type, the market is segmented into ICE and electric vehicles. The ICE vehicle segment dominated the market in 2017, contributing around 97% of the total market and is expected to maintain its dominance throughout the study period. However, the electric vehicles segment is projected to manifest the fastest CAGR of 20.1% during the forecast period, owing to high-end functions and extended range offered by the vehicles.
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Growth in the demand for safety features such as ABS, traction control system and ESC, owing to the rise in number of road accidents around the world, drives the growth of the global traction control system market in almost all the geographies. Certain organizations and constitutional governments of countries issue safety protocols to the vehicles for the safety of the people, due to increase in rate of road accidents. The European Parliament has enforced a law which states that from January 2016, it is compulsory for bikes above 125cc to have ABS. The recent draft notification from the Indian Ministry of Road Transport and Highways mandates that two-wheelers with an engine capacity exceeding 125cc, manufactured from April 1, 2017, need to be fitted with anti-lock braking systems. Therefore, increase in global safety protocols is projected to drive the traction control system in the future.
The report includes an in-depth analysis of the major market players such as Continental AG (Germany), Robert Bosch GmbH (Germany), Nissin Kogyo Co. Ltd. (Japan), Autoliv, Inc. (Sweden), ZF TRW (U.S.), WABCO (Belgium), Denso Corporation (Japan), Hyundai Mobis (South Korea), ADVICS Co., Ltd (Japan), and Hitachi Automotive Systems, Ltd. (U.S.).
Key Findings of the Traction Control System Market:
The electrical linkage segment generated the highest revenue in 2015 and is projected to grow at a CAGR of 17.4% during the forecast period.
The traction control system market analysis based on sensor type segment is expected to witness fastest growth at a significant CAGR of 8.7% during the forecast period.
China is the major shareholder in the Asia-Pacific market, accounting for more than 57.0% of traction control system market size in 2017.
ICE vehicles are projected to have the largest share by 2025.
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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