PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1358995
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1358995
According to Stratistics MRC, the Global Traction Control System Market is accounted for $11.7 billion in 2023 and is expected to reach $20.5 billion by 2030 growing at a CAGR of 8.3% during the forecast period. Traction control is a subordinate function of electronic stability control (ESC) on motor vehicles that is designed to prevent road wheels from losing grip. When engine force and control input are incompatible with the road's circumstances, it is stimulated. To help drivers keep control of their vehicles, traction control, an enhanced active braking system, is used in automobiles. It enables a vehicle's wheels to maintain dynamic contact with the road, which is inversely proportional to the driver's inputs for braking.
According to The Global Burden of Disease, published by The Harvard School of Public Health on behalf of the World Health Organization and the World Bank, road accidents are estimated to become the third leading cause of death by 2020.
Advanced Driver Assistance Systems (ADAS), which include safety features like anti-lock braking systems (ABS), lane-keeping assistance, and collision avoidance systems, play a crucial role in traction control. With regard to improving the stability and control of cars during acceleration and deceleration, traction control systems are particularly important. The need for traction control systems is growing as these technologies become more widely known and used. Consumers are becoming more aware of the convenience and safety advantages this technology offers. As a result, this element is fueling market expansion.
Manufacturers face a significant problem when integrating traction control systems with other vehicle systems like the engine, brakes, and stability control. Successful integration and seamless interoperability include a number of technical challenges. These systems' algorithms take into account a number of variables, including wheel speed differentials, vehicle speed, steering input, and road conditions. As a result, creating traction control systems that provide optimal performance and reduce false alarms is a difficult procedure. Therefore, it is anticipated that these factors will restrain market growth throughout the forecast period.
Autonomous vehicles use a wide range of sensors, including cameras, radar, LIDAR, and GPS, to detect their surroundings and make wise driving judgments. The need of reliability and safety will grow as demand for autonomous vehicles rises. As traction control systems let autonomous vehicles safely handle a variety of road conditions, they become even more crucial. One of the main factors propelling the market's expansion is the increasing demand for traction control systems in driverless vehicles.
The traction control system for cars seems like a really promising safety feature. Currently, the market's expansion is being hampered by the high cost of maintenance. The traction control system is made up of a number of electronic parts that have a very short lifespan and require routine maintenance, such as control modules and sensors. These components are highly expensive, and fixing them will cost a lot of money. Additionally, the market is hampered by a lack of alternatives for these components.
Due to the COVID-19 pandemic, the car sector has seen a significant decline in both sales and production. As a result of supply chain issues that slowed down production activities, fewer automobiles have been launched. As a result, there has been a reduction in car sales across all market sectors, combined with a decline in consumer demand as a result of the unstable labor market and the recession. Unfavourable effects are therefore projected to have a adverse effect on the market.
The electric linkage segment is expected to be the largest during the forecast period due to the rise of electric and hybrid vehicles. This enables precise regulation of power distribution to maximize traction and boost overall vehicle performance. It also enables flawless communication and coordination between the electric powertrain components and the traction control system. They are essential in the signal and command transmission process between the vehicle's numerous parts and the traction control module.
The passenger car segment is expected to have the highest CAGR during the forecast period due to the rising demand for passenger cars globally as well as the implementation of severe safety rules in the automotive sector. In addition, as consumer awareness of vehicle safety has grown, OEMs are increasingly including sophisticated traction control systems in passenger cars. This element is additionally projected to support market expansion within the projected time frame.
North America is projected to hold the largest market share during the forecast period owing to increasing investment in research support and development of vehicle safety features. The use of traction control systems will also be further boosted by the improvement in economic conditions and the rising demand for autonomous and electric vehicles, which will fuel the expansion of the regional market during the projection period.
Asia Pacific is projected to hold the highest CAGR over the forecast period. The growth and development of autonomous driving technologies, such as sensor networks, artificial intelligence, and machine learning, have enhanced the viability and promise of self-driving cars, which has increased the demand for traction control systems. The widespread adoption of cutting-edge safety and driver-assistance technologies in automobiles made locally is a key factor driving the traction control system market.
Some of the key players in Traction Control System market include: ZF TRW, WABCO, Hyundai Mobis CO., LTD, Hitachi Ltd, Denso Corporation, Nissin Kogyo Co., Robert Bosch GmbH, AUTOLIV INC, Continental AG, ADVICS CO., LTD, MAHLE GmbH and Delphi Automotive LLP.
In August 2023, Hyundai Mobis , a leading global automotive supplier and Autotalks, a world leader in V2X (Vehicle-to-Everything) communication solutions are set to unveil their latest joint effort: Hyundai Mobis' MTCU (Multi-functional Telematics Control Unit) connectivity modules.
In May 2023, Bosch and Plus are collaborating to make software-defined commercial trucks a reality. Through a new technology agreement, Plus is offering its PlusDrive solution with the integrated steering system from Bosch featuring hardware and software to deliver driver assistance and partially automated features to commercial vehicles.
In December 2022, Hyundai Mobis, the global automotive supplier, and Ottopia, the global leader in teleoperation software, announced a partnership to develop an end-to-end remote mobility assistance solution that enables the commercialization of autonomous mobility.
List of Figures
Figure 1 Traction Control System - Market Segmentation
Figure 2 Research Methodology
Figure 3 Data Mining
Figure 4 Data Analysis
Figure 5 Data Validation
Figure 6 Research Pipeline
Figure 7 Research Approach
Figure 8 Research Sources
Figure 9 Traction Control System Market Scenario, Emerging Markets (2023) (% Market Share)
Figure 10 Porter's Five Forces Analysis - Traction Control System
Figure 11 Global Traction Control System Market Analysis & Projection, By Type (2023 VS 2030) (US$MN)
Figure 12 Global Traction Control System Market Analysis & Projection, By Electrical Linkage (2023 VS 2030) (US$MN)
Figure 13 Global Traction Control System Market Analysis & Projection, By Mechanical Linkage (2023 VS 2030) (US$MN)
Figure 14 Global Traction Control System Market Analysis & Projection, By Other Types (2023 VS 2030) (US$MN)
Figure 15 Global Traction Control System Market Analysis & Projection, By Component (2023 VS 2030) (US$MN)
Figure 16 Global Traction Control System Market Analysis & Projection, By Hydraulic Modulators (2023 VS 2030) (US$MN)
Figure 17 Global Traction Control System Market Analysis & Projection, By Sensors (2023 VS 2030) (US$MN)
Figure 19 Global Traction Control System Market Analysis & Projection, By Electronic Control Unit (2023 VS 2030) (US$MN)
Figure 20 Global Traction Control System Market Analysis & Projection, By Other Components (2023 VS 2030) (US$MN)
Figure 21 Global Traction Control System Market Analysis & Projection, By Vehicle Type (2023 VS 2030) (US$MN)
Figure 22 Global Traction Control System Market Analysis & Projection, By Passenger Car (2023 VS 2030) (US$MN)
Figure 23 Global Traction Control System Market Analysis & Projection, By Electric Vehicles (2023 VS 2030) (US$MN)
Figure 24 Global Traction Control System Market Analysis & Projection, By Light Commercial Vehicle (2023 VS 2030) (US$MN)
Figure 25 Global Traction Control System Market Analysis & Projection, By Heavy Commercial Vehicle (2023 VS 2030) (US$MN)
Figure 26 Global Traction Control System Market Analysis & Projection, By Internal Combustion Engine (ICE) (2023 VS 2030) (US$MN)
Figure 27 Global Traction Control System Market Analysis & Projection, By Other Vehicle Types (2023 VS 2030) (US$MN)
Figure 28 Global Traction Control System Market Analysis & Projection, By Distribution Channel (2023 VS 2030) (US$MN)
Figure 29 Global Traction Control System Market Analysis & Projection, By Original Equipment Manufacturer (OEM) (2023 VS 2030) (US$MN)
Figure 30 Global Traction Control System Market Analysis & Projection, By Aftermarket (2023 VS 2030) (US$MN)
Figure 31 Global Traction Control System Market Analysis & Projection, By Geography (2023 VS 2030) (US$MN)
Figure 32 Global Traction Control System Market Analysis & Projection, By Country (2023 VS 2030) (US$MN)
Figure 33 Global Traction Control System Market Analysis & Projection, By North America (2023 VS 2030) (US$MN)
Figure 34 Global Traction Control System Market Analysis & Projection, By Europe (2023 VS 2030) (US$MN)
Figure 35 Global Traction Control System Market Analysis & Projection, By Asia Pacific (2023 VS 2030) (US$MN)
Figure 36 Global Traction Control System Market Analysis & Projection, By South America (2023 VS 2030) (US$MN)
Figure 37 Global Traction Control System Market Analysis & Projection, By Middle East & Africa (2023 VS 2030) (US$MN)
Figure 38 ZF TRW - Swot Analysis
Figure 39 WABCO - Swot Analysis
Figure 40 Hyundai Mobis CO., LTD - Swot Analysis
Figure 41 Hitachi Ltd - Swot Analysis
Figure 42 Denso Corporation - Swot Analysis
Figure 43 Nissin Kogyo Co. - Swot Analysis
Figure 44 Robert Bosch GmbH - Swot Analysis
Figure 45 AUTOLIV INC - Swot Analysis
Figure 46 Continental AG - Swot Analysis
Figure 47 ADVICS CO., LTD - Swot Analysis
Figure 48 MAHLE GmbH - Swot Analysis
Figure 49 Delphi Automotive LLP - Swot Analysis