Traction Control System Market to Reach $44.14 Bn, Globally, by 2025 at 6.7% CAGR: AMR
Surge in demand for safety features and technological advancement in automobiles drive the growth of the global traction control system market
PORTLAND, Oregon, April 30, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, Traction Control System Market by Type (Mechanical Linkage and Electrical Linkage), Component (Hydraulic Modulator, ESU, and Sensors), and Vehicle Type (ICE and Electric Vehicles): Global Opportunity Analysis and Industry Forecast, 2018 - 2025. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global traction control system market generated $27.59 billion in 2017, and is expected to reach $44.14 billion by 2025, growing at a CAGR of 6.7% from 2018 to 2025.
Factors such as growing demand for safety features and technological advancement in automobiles drive the market growth. However, high maintenance cost of traction control systems restrains the growth of the market. Conversely, development of advanced braking systems creates new opportunities for growth of the market.
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Electrical linkage segment to be dominant through 2025
Among types, the mechanical linkage segment accounted for the largest market share of more than two-thirds of the total share in 2017. However, the electrical linkage would grab the largest share through 2025 and grow at the fastest CAGR of 17.4% during the forecast period. To meet the upcoming emission regulations/norms, the automobile manufacturers are reducing the overall weight of the vehicles by replacing the mechanical linkages of systems by electrical components. Therefore, the electronic linkage accounts to have the major share during the forecast period.
ICE vehicles segment to be through 2025
Based on vehicle type, the ICE (passenger cars & commercial vehicles) vehicles segment was the largest in 2017, capturing around 97% of the market share and would maintain its dominance through 2025. With increase in purchasing power of consumers, infrastructure development, and ease of finance, there has been a higher demand for passengers and LCV in developed and developing countries. However, the electric vehicles [battery electric vehicles (BEV) and plug-in hybrid electric vehicle (PHEV)] segment would grow at the fastest CAGR of 20.1% from 2018 to 2025. This is due to the high-end functions and extended range offered by the vehicles.
Asia-Pacific to be dominant through 2025
Asia-Pacific was the largest market in 2017, grabbing nearly two-fifths of the market share and is likely to dominate the market through 2025. The government support for automotive industry, upcoming emission regulations, rapid industrialization, increase in demand for electric vehicles, and focus on developing newer products in the region. However, the market in LAMEA would achieve the fastest growth of 13.1% during the forecast period.
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Key players of the industry
Leading market players analyzed in the research include Robert Bosch GmbH (Germany), Continental AG (Germany), Autoliv, Inc. (Sweden), Nissin Kogyo Co. Ltd. (Japan), WABCO (Belgium), ZF TRW (U.S.), Hyundai Mobis (South Korea), Denso Corporation (Japan), Hitachi Automotive Systems, Ltd. (U.S.), and ADVICS Co., Ltd (Japan). These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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ABS holds significant potential as it plays a vital role in the safety of vehicles thus, making it more safe and comfortable. Anti-lock braking system has witnessed a steep growth in passenger cars and commercial vehicles segment due to stringent vehicle safety standards followed by various transport authorities globally. The U.S. and the European Union have made it mandatory for all passenger cars, light commercial vehicles and certain types of two wheelers to come equipped with ABS as standard safety feature. The two wheelers market of ABS is expected to increase rapidly in the coming years. Developing countries such as India and China holds a tremendous potential in two wheelers market as the governments have made it mandatory to equip two wheelers with ABS from 2018 onwards.
Europe is expected to lead the global autonomous emergency braking system market throughout the forecast period, followed by North America. LAMEA is expected to grow at a highest rate during the forecast period. Furthermore, Germany dominates the AEBS market in Europe, similarly, the U.S. dominates autonomous emergency braking system market in North America, and Japan leads the AEBS market in Asia-Pacific
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