MarkNtel Advisors recently published a detailed industry analysis of the Traction Control System Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Insights and Analysis of the Traction Control System Market (2024-2030)
The Global Traction Control System Market size was valued at USD 38.7 Billion in 2023 and is expected to reach USD 58.6 Billion by 2030, exhibiting a growth rate (CAGR) of 5.9% during the forecast period, i.e., 2024-30.
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What is driving the Traction Control System Market?
Increasing Focus Towards Road Safety to Prevent Accidents– Governments and safety organizations globally increased their standards and policies on road safety and awareness. This has been primarily to reduce the number of road accidents across the globe, as these accidents have been frequently taking multiple lives across the world. Countries such as India, Brazil, Australia, etc., have been experiencing a significant rise in the number of road accidents during the historical years. Hence, observing the damage caused by the increasing number of road accidents, governments across the globe have introduced stricter road safety regulations which also include automobile safety. These efforts to establish road safety have been putting pressure on automotive companies to equip vehicles with better safety technologies such as Traction Control Systems (TCS). Hence, this has led companies to launch vehicles with Traction Control Systems, which offer better safety solutions to the consumers. For instance,
- In 2024, JLR introduced the features of its upcoming Range Rover electric car, which would be equipped with a traction control system to enhance its capability to run on all types of terrain.
Thus, with the launch of models with traction control solutions globally, their demand would escalate significantly in the coming years. Also, as consumers are expected to prefer vehicles ensuring road safety, the production of these models would ramp up in the forecast years. Hence, this would help in driving the demand for traction control systems as well in the future.
What segments define the Traction Control System Market from 2024 to 2030? How do these segments contribute to market dynamics and growth?
By Component
(Hydraulic Modulators, Electronic Control Unit [ECU], Brake Actuators Sensors, Others),
By Type
(Mechanical Linkage, Electrical Linkage),
By Vehicle Type
(Passenger Vehicles, Commercial Vehicles),
By Propulsion Type
(ICE Vehicle, Electric Vehicle),
By Distribution Channel
(OEM, Aftermarket)
By Region
North America, South America, Europe, Middle East & Africa, Asia-Pacific
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Who are the leading key players shaping the Traction Control System Market landscape?
Goss, Robert Bosch Gmbh, Continental AG, Eaton Cummins Automated Transmission Technologies, Denso Corporation, Autoliv Inc., ZF Friedrichshafen AG, Advics, IAV Automotive Engineers, Delphi Powertrain Systems, Infineon Technologies AG, Knorr Bremse AG, Ford Motorcraft Company, Lenord Bauer & Co. Gmbh,, SKF, NTN Corporation, Others
Questions Addressed in this Study
1.What factors are driving the Traction Control System Market growth?
2.How is the Traction Control System Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Traction Control System Market?
4.What is the current size of the Traction Control System Market, and how is it projected to change in the future?
6.What is the future outlook for the Traction Control System Market in terms of technological advancements and market expansion?
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