Global Traction Control System Market to Grow at a CAGR of 6.5% During 2024-2032, Aided by Growing Consumer Demand for Enhanced Safety Features in Automobiles

The automotive sector is a significant sector in major economies in the world. Reportedly, in 2022, 85.02 MMT motor vehicles were produced around the world, an increase of 5.7% compared to 2021.

Total Automotive Production (in MMT), 2018-22

Source: OICA

The rising adoption of advanced driver assistance systems (ADAS), which comprise lane-keeping assistance, collision avoidance systems, and anti-lock braking systems (ABS), drives the traction control system market growth. The benefits provided by traction control systems, such as preventing wheel slipping on slippery roads and enhancing car stability, decrease the probability of car accidents. Compared to 2021, there were 11.9% more traffic accidents in 2022. Such growing incidences of road accidents necessitate the employment of traction control systems in vehicles.

Innovations in traction control systems further aid the market expansion. In October 2023, Kawasaki Motors Corp. reintroduced the middleweight retro Z650RS model with a traction control system. The model consists of a 649-cc parallel-twin engine that produces 68 hp and a 64 Nm peak of torque, which makes the model safer and easier to handle on slippery roads.

In true neo-retro style, the Z650RS's design borrows from the larger inline-four Z900RS and features a simpler, cleaner shape than the Z650 model. The Z650RS's quasi-spoke alloy wheels, single-piece seat, digi-analogue instruments, and round headlight, a contemporary LED unit, are all centred around a reasonably sporty engine and chassis combination. Newer and seasoned riders can find it easier to handle the 68 hp and 64 nm output figures with the addition of the 3-level KTRC system. In Europe, the model is available in three colour options, such as candy medium red, metallic silver, and carbon black.

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Market Analysis by Type, Component, Distribution Channel, Vehicle Type, and Region.

• The market, on the basis of type, the market can be divided into electrical linkage and mechanical linkage, among others.

• Based on component, the market can be divided into hydraulic modulators, sensors, and electronic control unit, among others.

• The various distribution channels for traction control system include OEM and aftermarket.

• Based on vehicle type, the market can be divided into passenger car, light commercial vehicle, heavy commercial vehicle, and electric vehicles, among others.

• The major regional markets for traction control system include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Rapid technological innovations, such as the implementation of artificial intelligence (AI) and machine learning and the employment of several sensors, such as radar and LiDAR, in modern vehicles support the traction control system market expansion.

• To avoid road accidents, consumers demand enhanced security systems while purchasing cars. Such requirements foster the implementation of advanced sensors like airbag sensors, collision detection sensors, and hydraulic modulators like the anti-lock brake system (ABS) in vehicles.

• Growing environmental awareness, greater availability of different models, and increased cost parity with traditional vehicles increase the adoption of electric vehicles. Traction control systems are crucial for electric vehicles to improve the safety, stability, and performance of such vehicles.

• Rising disposable income increases the affordability and adaptability of luxury vehicles. Such vehicles predominantly demand advanced traction control systems to offer a smooth driving experience to their buyers.

Key Offerings of the Report:

• The EMR report gives an overview of the global traction control system market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, components, distribution channels, vehicle types, and major regions of traction control system.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global traction control system market are Robert Bosch GmbH, MAHLE GmbH, DENSO Corporation, Continental AG, and Hyundai Motor Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.