Portland, May 15, 2019 (GLOBE NEWSWIRE) -- According to the report, the global traction control system market accounted for $27.59 billion in 2017 and is projected to garner $44.14 billion by 2025, registering a CAGR of 6.7% from 2018 to 2025.
The rise in demand for safety features, rapid technological advancements, and increasing global safety protocols for vehicle safety are the major drivers of the global traction control system market. However, expensive integration of technology and high maintenance cost along with high safety standard ratings hamper the market growth. On the contrary, expansion in the untapped market of developing countries is expected to create lucrative opportunities in the near future.
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The global traction control system market is segmented on the basis of type, installation, component, vehicle type, and region. Based on type, the market is divided into mechanical linkage and electric linkage. The mechanical linkage segment held the largest share, contributing about two-thirds of the total market share in 2017. However, the electrical linkage segment is projected to register the fastest CAGR of 17.4% during the forecast period.
On the basis of installation, the market is divided into home and commercial. Based on vehicle type, the market is segmented into ICE and electric vehicles. The ICE vehicle segment dominated the market in 2017, contributing around 97% of the total market and is expected to maintain its dominance throughout the study period. However, the electric vehicles segment is projected to manifest the fastest CAGR of 20.1% during the forecast period, owing to high-end functions and extended range offered by the vehicles.
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The report includes in-depth analysis across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region held the lion’s share in 2017, accounting for nearly two-fifths of the total market and is estimated to continue this trend through 2025. This is attributed to the government support for the automotive industry, rapid industrialization, and rise in demand for electric vehicles. However, the market across LAMEA is projected to portray the fastest CAGR of 13.1% during the study period.
The report includes an in-depth analysis of the major market players such as Continental AG (Germany), Robert Bosch GmbH (Germany), Nissin Kogyo Co. Ltd. (Japan), Autoliv, Inc. (Sweden), ZF TRW (U.S.), WABCO (Belgium), Denso Corporation (Japan), Hyundai Mobis (South Korea), ADVICS Co., Ltd (Japan), and Hitachi Automotive Systems, Ltd. (U.S.).
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