Traction Control System Market to grow at a CAGR of 6.32% from 2022 to 2027|The rising adoption of advanced driver assistance systems is a primary trend -Technavio
NEW YORK, Dec. 11, 2023 /PRNewswire/ -- The traction control system market size is estimated to grow by USD 10.84 billion from 2022 to 2027. The market is estimated to accelerate at a CAGR of 6.32%, according to Technavio. The rising adoption of advanced driver assistance systems is a primary trend in the key traction control system market. Some of the key safety features offered by traction control systems in Advanced Driver Assistance Systems (ADAS) are anti-lock braking systems (ABS), lane-keeping assistance, and collision avoidance systems. Additionally, the traction control system plays a major role in improving the stability and control of vehicles during acceleration and deceleration. The demand for traction control systems is expected to increase due to the growing popularity and increasing adoption of ADAS technologies. There is a growing preference for traction control systems in vehicles as it significantly contributes to vehicle safety and handling. As a result, these systems have become a central aspect of ADAS systems due to their assistance to drivers in maintaining better control and stability, particularly in adverse driving conditions. Hence, such factors are expected to drive market growth during the forecast period. Download a Sample Report Now!
Traction Control System Market Insights -
- Vendors: 15+, Including ABB Ltd., AISIN CORP., Autoliv Inc., Continental AG, DENSO Corp., Hitachi Ltd., Hyundai Motor Co., Infineon Technologies AG, Kendrion NV, Knorr Bremse AG, MAHLE GmbH, Mitsubishi Electric Corp., Nidec Corp., Nissan Motor Co. Ltd., RaceTronics, Robert Bosch GmbH, Siemens AG, Voith GmbH and Co. KGaA, Wabtec Corp., and ZF Friedrichshafen AG, among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Type (Electric linkage and Mechanical linkage), vehicle type (passenger cars, light commercial vehicles, and heavy commercial vehicles), and Geography (APAC, Europe, North America, Middle East and Africa, and South America)
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Traction Control System Market - Vendor Analysis
The growing competition in the market is compelling vendors to adopt various growth strategies, such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors, including ABB Ltd., AISIN CORP., Autoliv Inc., Continental AG, DENSO Corp., Hitachi Ltd., Hyundai Motor Co., Infineon Technologies AG, Kendrion NV, Knorr Bremse AG, MAHLE GmbH, Mitsubishi Electric Corp., Nidec Corp., Nissan Motor Co. Ltd., RaceTronics, Robert Bosch GmbH, Siemens AG, Voith GmbH and Co. KGaA, Wabtec Corp., and ZF Friedrichshafen AG, among others.
Traction Control System Market - Market Dynamics
Major Drivers -
The robust demand for autonomous vehicles drives the growth of the key traction control system market during the forecast period. Autonomous vehicles are equipped with multiple sensors such as cameras, radar, lidar, and GPS to perceive the surroundings and make driving decisions accordingly. Traction control systems are one the vital components for ensuring the safety and stability of these vehicles. Traction control systems play a major role in the optimization of the grip between the vehicle's tires and the road surface. The main functionality of the traction control system is that it regulates the wheel slip, road conditions, and vehicle dynamics. through continuous monitoring and adjustment of power delivery to each wheel. This helps to prevent wheel spin, loss of control, and chances of accidents, especially in severe weather conditions or on slippery surfaces. Furthermore, they allow autonomous vehicles to navigate diverse road conditions securely. Hence, such factors are expected to drive market growth during the forecast period.
Key challenges -
The complexity of technology associated with traction control systems is a major challenge hindering the market growth during the forecast period. The integration of traction control systems with different vehicle systems, such as the engine, brakes, and stability control, is a major challenge to manufacturers. There are several technical complexities related to achieving seamless interoperability and effective integration. The algorithm of these systems takes multiple factors into consideration, such as wheel speed differentials, vehicle speed, steering input, and road conditions. Therefore, the development of traction control systems to ensure optimal performance and minimize false detections is a complex process. Hence, such factors are expected to hinder market growth during the forecast period.
The traction control system market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
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What are the key data covered in this Traction Control System Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the traction control system market between 2023 and 2027
- Precise estimation of the size of the traction control system market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the traction control system market across APAC, Europe, North America, Middle East and Africa, and South America
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of traction control system market vendors
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Table of Contents
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Type
- Market Segmentation by Vehicle Type
- market Segmentation by Geography
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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SOURCE Technavio
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