(MENAFN- GlobeNewsWire - Nasdaq) Dublin, March 04, 2024 (GLOBE NEWSWIRE) -- The "Traction Control System Market by Type (Mechanical Linkage, Electrical Linkage), Component (Hydraulic Modulators, ECU, Sensors, and Others), Vehicle Type (ICE Vehicles, Electric Vehicles), Distribution Channel (OEM, Aftermarket), and Region 2024-2032" report has been added to ResearchAndMarkets's offering. The latest market research report on the global traction control system market has been announced, highlighting a projected growth to US$ 62.9 billion by the year 2032. With an impressive compound annual growth rate (CAGR) of 5.43% forecasted during the 2023-2032 period, the report underscores the increasing emphasis consumers and the automotive industry place on vehicle safety features, technological advancements, and the rising demand for electric vehicles (EVs).
Drivers of Traction Control System Market Growth
The surge in the market is attributed to the elevated consumer expenditure capacities and a heightened awareness regarding road safety. A significant expansion in the EV sector, coupled with extensive R&D activities, is fueling the adoption of traction control systems, which ensure the stability and maneuverability of vehicles under challenging road conditions. The market benefits from the convergence of these technologies, particularly in regions with adverse weather, by ensuring adequate tire grip on ice, snow, and wet surfaces, thus preventing vehicular accidents and skids.
Regional Market Insights and Segmental Analysis
In terms of geography, the Asia-Pacific region dominated the market share, spurred by an increment in vehicle safety requirements and the proliferation of passenger and commercial vehicles. Distinct segmentation of the market based on type, component, vehicle type, and distribution channel allows for a granular level of analysis-a crucial factor for stakeholders to understand the nuances driving market dynamics.
Market Segmentation Highlights
Mechanical and electrical linkage systems Essential components such as hydraulic modulators, ECUs, and sensors Vehicle types, including ICE vehicles and the burgeoning EV category Distribution channels categorized into OEM and aftermarket sectors
An in-depth look at these segments reflects how various traction control components and types are faring across different automotive categories and distribution models. It reveals that electrical linkage systems and ECUs hold substantial shares in their respective segments. Similarly, ICE vehicles currently have a significant hold on the market, though electric vehicles are rapidly gaining traction.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 142 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $39.1 Billion |
| Forecasted Market Value (USD) by 2032 | $62.9 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
Companies Mentioned
Advics Co. Ltd. (AISIN CORPORATION) Continental AG Denso Corporation Hyundai Motor Group Mahle Gmbh Robert Bosch GmbH ZF Friedrichshafen AG
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