PORTLAND, ORAGON, USA, August 30, 2022 /EINPresswire.com/ — The Global traction control systems market is expected to reach USD 44.14 billion by 2025 from USD 27.59 billion in 2017 with a CAGR of 6.7% from 2018 to 2025. The growth of the market can be observed with the increase in demand for security apps.
Rising demand for safety devices, rapid advancements in technology, and increase in global security protocols for vehicle safety are major drivers of the global traction control systems market. However, expensive technology integration and high maintenance costs along with high security standards are hampering the growth of the market. On the contrary, the expansion of the untapped market in developing countries is expected to create lucrative opportunities in the near future.
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The global traction control systems 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 electrical 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 expected to register the fastest CAGR of 17.4% during the forecast period.
Based on installation, the market is divided into residential 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 approximately 97% of the total market and is expected to maintain its dominance throughout the study period. However, the EV segment is expected to show the fastest CAGR of 20.1% during the forecast period, owing to the high-end features 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 Asia-Pacific region market held the lion’s share in 2017, accounting for nearly two-fifths of the total market and is expected to continue this trend through 2025. This is attributed to government support for the automotive industry, rapid industrialization, and increasing demand for electric vehicles. However, the LAMEA market is expected to show the fastest CAGR of 13.1% during the study period.
The report includes an in-depth analysis of major market players such as Continental AG (Germany), Robert Bosch GmbH (Germany), Nissin Kogyo Co. Ltd. (Japan), Autoliv, Inc. (Sweden), ZF TRW (USA), WABCO (Belgium), Denso Corporation (Japan), Hyundai Mobis (South Korea), ADVICS Co., Ltd (Japan) and Hitachi Automotive Systems, Ltd. (United States).
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