Global Traction Control System Market to be Driven by Rising Adoption of Electric Vehicle Across the Globe in the Forecast Period of 2021-2026

Global Traction Control System Market to be Driven by Rising Adoption of Electric Vehicle Across the Globe in the Forecast Period of 2021-2026

“Traction Control System Market Size, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2021-2026 |”
The new report by Expert Market Research titled, ‘Global Traction Control System Market Report and Forecast 2021-2026’, gives an in-depth analysis of the Global Traction Control System market, assessing the market based on its segments like type, component, distribution channel, vehicle type and major regions.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

Note 1: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.

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The key highlights of the report include:

Market Overview (2016-2026)

  • Historical Market Size (2020): USD 32 billion
  • Forecast CAGR (2021-2026): 6.2%
  • Forecast Market Size (2026): USD 47 billion

Traction control system is witnessing increase in popularity due to vehicle safety and comfort systems in automobiles worldwide. The increasing focus on road safety and the increasing demand for advanced safety systems, are contributing to the growth of the industry. The market is further supported by rapid technological advances and increased demand for premium and high-ranged electric vehicle. The growth of the automotive industry, increasing disposable incomes, and strict government regulations regarding vehicle safety are other factors driving the growth of the industry.

Industry Definition and Major Segments

Traction control is an active safety device for automobiles designed to help vehicles make optimal use of all the traction available on the road while accelerating on road surfaces with low friction. The wheels are likely to slip when a vehicle without traction control tries to accelerate on a slick surface like ice, snow, or loose gravel. The effect of wheel slip is that the tires spin easily without getting any real traction on the road surface, so the vehicle does not accelerate. When it detects that the wheels can slip, traction control triggers, helping drivers make the most of the traction available on the road surface.

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Based on type, the market is divided into:

  • Electrical Linkage
  • Mechanical Linkage
  • Others

By component, the industry can be segmented into:

  • Hydraulic Modulators
  • Sensors
  • Electronic Control Unit
  • Others

Based on distribution channel, the industry is bifurcated into:

  • OEM
  • Aftermarket

Based on vehicle type, the market can be categorised into:

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

On the basis of regional markets, the industry is divided into:

1 North America
1.1 United States of America
1.2 Canada
2 Europe
2.1 Germany
2.2 United Kingdom
2.3 France
2.4 Italy
2.5 Others
3 Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.5 Others
4 Latin America
4.1 Brazil
4.2 Argentina
4.3 Mexico
4.4 Others
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 Nigeria
5.4 South Africa
5.5 Others

Market Trends

It is expected that automation of automobiles, such as driverless cars, would lead to an increased demand for automotive safety systems. As a result, steady demand for the automotive traction control system is expected, thus benefiting the overall growth of the industry. High operating costs and high safety quality scores are the traction control system industry standard. However, the production of advanced vehicle braking systems and the expansion of untapped markets in developing countries such as India, Indonesia and Brazil are expected to provide market players in the traction control system with growth opportunities.

Key Market Players

The major players in the market are Robert Bosch GmbH, MAHLE GmbH, DENSO Corporation, Continental AG, Hyundai Motor Group, among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

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