Technology

Traction Control System Market size is set to grow by USD 12.3 billion from 2024-2028, Robust demand for autonomous vehicles boost the market, Technavio

Published

4 months ago

July 12, 2024

NEW YORK, July 12, 2024 /PRNewswire/ — The global traction control system market size is estimated to grow by USD 12.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.74% during the forecast period. Robust demand for autonomous vehicles is driving market growth, with a trend towards increasing adoption of advanced driver assistance systems (ADAS). However, technological complexity associated with traction control systems poses a challenge. Key market players include ABB Ltd., AISIN CORP., Autoliv Inc., Continental AG, DENSO Corp., Hitachi Ltd., Hyundai Motor Co., Infineon Technologies AG, Kendrion NV, Knorr Bremse AG, MAHLE GmbH, Mitsubishi Electric Corp., Nidec Corp., Nissan Motor Co. Ltd., RaceTronics, Robert Bosch GmbH, Siemens AG, Voith GmbH and Co. KGaA, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP., and ZF Friedrichshafen AG.

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Traction Control System Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 6.74%

Market growth 2024-2028

USD 12.3 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.27

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 52%

Key countries

China, US, Germany, Japan, and UK

Key companies profiled

ABB Ltd., AISIN CORP., Autoliv Inc., Continental AG, DENSO Corp., Hitachi Ltd., Hyundai Motor Co., Infineon Technologies AG, Kendrion NV, Knorr Bremse AG, MAHLE GmbH, Mitsubishi Electric Corp., Nidec Corp., Nissan Motor Co. Ltd., RaceTronics, Robert Bosch GmbH, Siemens AG, Voith GmbH and Co. KGaA, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP., and ZF Friedrichshafen AG

Market Driver

Traction control systems are essential components of Advanced Driver Assistance Systems (ADAS), which include features like anti-lock braking systems (ABS), lane-keeping assistance, and collision avoidance systems. These systems enhance vehicle stability and control during acceleration and deceleration. With the increasing popularity of ADAS technologies, the demand for traction control systems is rising. Consumers value the safety and convenience benefits offered by these systems, making them an integral part of ADAS. As a result, the expanding market for ADAS will positively impact the growth of the global traction control system market during the forecast period.

The Traction Control System (TCS) market is experiencing significant growth due to increasing demand for safety applications in modern vehicles. Automobiles, both passenger and commercial, are integrating advanced safety features like active braking systems and TCS to enhance vehicle safety. However, the high maintenance cost associated with these electrical and electronic components can be a hindrance for some vehicle manufacturers. Safety standard ratings and emission regulations are driving the market, with TCS being a crucial safety device for preventing wheel spin and maintaining vehicle stability. TCS uses hydraulic modulators and electronic linkage to control engine torque and throttle input based on road conditions. Weight reduction strategies are also a trend in the market, with TCS being an essential component for maintaining vehicle control and improving ride quality in electric vehicles. Anti-lock braking systems and battery management systems are integral to the functioning of TCS in electric vehicles. In the ride-hailing and ridesharing sectors, TCS is becoming a standard safety feature, ensuring passenger safety and comfort. Despite the challenges, the market is expected to continue growing, with vehicle manufacturers focusing on developing cost-effective TCS solutions and integrating them with other safety and comfort systems.

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Market Challenges

Traction control systems are essential vehicle components that ensure optimal power delivery to the wheels while maintaining stability and preventing wheel slippage. These systems interact closely with the engine, braking, and stability control systems, necessitating intricate integration. Developing and fine-tuning the sophisticated algorithms that analyze sensor data to detect wheel slips is a complex process. Factors such as wheel speed differentials, vehicle speed, steering input, and road conditions are considered. Integrating traction control systems with advanced driver-assistance systems (ADAS) and pursuing autonomous driving capabilities adds to their technological complexity. This complexity may pose challenges to the growth of the global traction control systems market.Traction Control Systems (TCS) have become essential vehicle safety features in modern passenger and commercial vehicles. However, implementing TCS in mechanical and electrical systems poses challenges. In mechanical systems, maintaining grip on wheels during extreme weather conditions like snow, rain, and ice can be difficult. In electrical systems, ensuring smooth operation in electric vehicles requires addressing battery level, vehicle speed, stop light, throttle position, and wheel speed sensors. Ride-hailing and ridesharing services, including passenger vehicles and commercial vehicles, benefit significantly from TCS. TCS helps maintain vehicle stability and control, preventing skidding and improving road safety. However, TCS implementation adds complexity and maintenance costs. Mechanical linkages and mechanical linkages in four-wheel drive systems require regular checks. Additionally, electronic coupling and emissions concerns in electric vehicles can impact fuel efficiency and emission norms. Manufacturers face challenges in ensuring TCS compatibility with ABS and other safety features. Mechanical and electrical failures, such as ECU dysfunctioning, can disrupt TCS functionality. Despite these challenges, TCS remains a critical component in ensuring vehicle safety and performance.

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Segment Overview

This traction control system market report extensively covers market segmentation by

Type 1.1 Electric linkage1.2 Mechanical linkageVehicle Type2.1 Passenger cars2.2 Light commercial vehicles2.3 Heavy commercial vehiclesGeography 3.1 APAC3.2 Europe3.3 North America3.4 Middle East and Africa3.5 South America

1.1 Electric linkage- The Traction Control System (TCS) market encompasses various applications in passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles. Malfunctions in the ECU can hinder TCS functionality, affecting four-wheel drive performance, emissions, and fuel consumption. Mechanical linkages and electrical linkages are essential components in TCS, with hydraulic modulators and battery-powered electric coupling playing significant roles. Manufacturers prioritize fuel efficiency and emission norms, integrating TCS with advanced braking systems, comfort systems, and safety applications such as active braking systems and anti-lock braking systems. However, the high maintenance cost associated with mechanical linkages and electronic components can be a hindrance. Weight reduction strategies and the integration of electronic linkages are ongoing efforts to address these challenges. Vehicle safety standards continue to evolve, necessitating the development of more sophisticated TCS systems. Electronic control modules and strategies such as torque vectoring and power distribution are essential to meeting safety standard ratings and enhancing vehicle performance. Despite these advancements, the TCS market faces ongoing challenges, including the integration of TCS with other vehicle systems and the increasing complexity of electronic components.

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Research Analysis

The Traction Control System (TCS) market encompasses both mechanical and electrical systems that ensure vehicle stability and safety, particularly in adverse road conditions. TCS is a crucial safety feature in modern passenger and commercial vehicles, including electric ones, and is increasingly essential for ride-hailing and ridesharing services. TCS functions by monitoring wheels’ rotation speed and adjusting throttle input and engine torque to prevent wheel spin and maintain traction on slippery roads caused by rain, snow, or extreme weather conditions. TCS works in tandem with other safety applications like active braking systems to enhance vehicle safety and comfort. However, high maintenance costs and safety standard ratings are significant challenges for TCS market growth. Global safety protocols continue to prioritize vehicle safety, making TCS an indispensable component of automobiles.

Market Research Overview

Traction Control Systems (TCS) are vital safety features in modern vehicles, enhancing vehicle stability and road grip. TCS can be mechanical or electrical, working in passenger cars, commercial vehicles, and electric vehicles. In extreme weather conditions like snow, rain, or ice, TCS monitors wheels’ rotation speed and adjusts engine torque and throttle input to prevent wheel slippage. TCS interacts with Anti-lock Braking Systems (ABS), wheel speed sensors, and brake systems. Mechanical linkages and electrical linkages or electronic couplings are used. TCS reduces emissions, improves fuel efficiency, and meets emission norms. However, high maintenance costs due to ECU dysfunctioning and replacement of sensors can be hindrances. TCS is also used in ride-hailing and ridesharing services, enhancing safety and comfort systems. Manufacturers continuously innovate, integrating TCS with advanced braking systems and active safety applications.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeElectric LinkageMechanical LinkageVehicle TypePassenger CarsLight Commercial VehiclesHeavy Commercial VehiclesGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

Todd Tucker joins Parking Revenue Recovery Services as Chief Operating Officer to Guide Growth as PRRS expands as a Vehicle Identification and Monitoring Technology Platform

Published

55 minutes ago

November 15, 2024

DENVER, Nov. 15, 2024 /PRNewswire/ — Parking Revenue Recovery Services (PRRS), Inc., a leader in AI-driven compliance and vehicle activity monitoring, is pleased to announce the appointment of Todd Tucker, JD, DBA, CAPP, CPP, as its new Chief Operating Officer, effective November 15, 2024. With over 30 years of experience in the parking industry, Tucker is a recognized leader, having held various senior executive roles. Todd assumes the role of Chris Conley, who has decided to retire and enjoy some well-earned time after 30 years in the parking industry.

Before joining PRRS, Tucker served as President at Parking Logix and has been a leader in multiple tech companies focused on mobility solutions, with two leading to strategic and/or investment transaction outcomes Todd’s experience as a parking operations leader/expert and his roles spearheading the development and growth of innovative technology offerings focused on parking provide him with a unique ability to build solutions that meet the needs of today’s parking operations.

PRRS is uniquely positioned in gateless parking technology solutions through its machine vision-based technology, which identifies all vehicle activity, enhances compliance, and enables clients to expand their service capabilities. Our technology allows clients to gather valuable insights into operation and consumer activity while helping our clients improve their customer experience. With Tucker’s extensive expertise in parking technology and leadership, PRRS aims to broaden its services across North America, solidifying its status as the premier provider of gateless technology solutions to operators and facilities.

“Todd’s proven track record of driving innovation and his dedication to enhancing technology-based services make him the ideal candidate to lead PRRS into its next growth phase,” said Gabor Burchner, Managing Director, GB & Partners IM. “As the demand for adaptable technology solutions providers continues to rise, Todd’s leadership and collaborative approach will be invaluable.”

PRRS, in partnership with Asura, has successfully implemented the ARC solution and its compliance services at over 400 parking sites across 29 states. With ongoing investment from GB & Partners IM, PRRS is set to expand beyond its current identity as a “parking notice firm” to become the leading gateless technology solution for the future.

“I am thrilled to join PRRS and enhance the value we provide to our parking operating partners,” said Todd Tucker. “Throughout my career, I’ve consistently sought to challenge the status quo by delivering innovative solutions in an ever-evolving industry. PRRS is at the forefront of leveraging technology to enhance its services, and with GB & Partners IM participation, we will continue to deliver exceptional value to the parking sector and beyond. I look forward to joining the PRRS team and collaborating with our clients to push boundaries and innovate in compliance and facility monitoring services.”

About Parking Revenue Recovery Services

Parking Revenue Recovery Services, Inc. (PRRS) is North America’s leading Parking Compliance and Facility Monitoring technology provider. PRRS is on track to provide over 1,000 parking locations and proudly supports national, regional, and local parking operators throughout the United States. Our client owners and parking operators use our monitoring and compliance services in all properties, including commercial lots and garages, municipal facilities, college and university facilities, airports, hospitals, commercial properties, and residential buildings. PRRS creates exceptional value for its parking operator clients through increased overall customer compliance and enhanced visibility into operating activity and usage while delivering excellent customer service. We maximize the value provided to our clients through excellence, innovation, and efficiency in its compliance and monitoring services, delivered by an outstanding team of parking professionals dedicated to the highest levels of customers.

About Asura Technologies

Asura Technologies specializes in next-generation video analytics and license plate recognition software, utilizing AI to create smart parking, traffic management, frictionless tolling, and safety security applications. Active globally since 2018, Asura Technologies USA collaborates with PRRS to provide highly effective, automated parking enforcement solutions through innovative technology.

About GB & Partners IM

GB & Partners IM is an independent private equity and venture capital firm focused on innovative city technologies, fashion, fintech, medical technologies, and mechanical engineering. As the largest Hungarian-based firm in its sector, GB & Partners IM offers extensive leadership experience in private equity and venture capital investments, M&A transactions, and IPOs, providing operational support to investment entities by international standards. In 2019, GB & Partners IM became the first Hungarian venture capital firm to gain membership in Invest Europe.

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SOURCE Parking Revenue Recovery Services, Inc.

Technology

Connect and Converse Across Borders with Moii: Now Available Worldwide

Published

55 minutes ago

November 15, 2024

SEOUL, South Korea, Nov. 15, 2024 /PRNewswire/ — Moii, an innovative avatar-based interest-matching conversation service developed by tech startup illuni, has officially launched globally. Available on the Google Play Store and Apple App Store, Moii offers users a unique way to meet new friends, share stories and enjoy engaging conversations. The service allows people around the globe to experience safe, interest-based connections with like-minded people, fostering a sense of community across borders. Moii exemplifies illuni’s commitment to creating immersive digital experiences through advanced artificial intelligence (AI) technology.

To create heartfelt connections, download Moii from the Google Play Store (https://play.google.com/store/apps/details?id=com.illuni.moii&hl=en-US) and Apple App Store (https://apps.apple.com/us/app/moii-heartfelt-connections/id6456406927).

Create Moiiments, Connect Globally

In a world where genuine interaction can feel rare, Moii provides a space for simple, meaningful conversations without the pressure of video or photo sharing. By connecting users based on shared interests, Moii creates a relaxed environment for spontaneous chats, whether someone is looking for a listening ear, a language exchange, or a fresh global perspective. With engaging features such as avatar costumes and singing content in virtual karaoke – introduced in a recent November update – the app continues to attract a growing user base of young adults seeking meaningful connections beyond small talk.

“Since our global launch on the 1st of November, users from over 30 countries have come together on Moii to share interests, create unique content and enjoy friendly conversations,” said Byung-Hwa Park, CEO of Illuni. “We are thrilled by the enthusiasm for Moii as people around the world find it to be a fun and welcoming platform.”

Aimed at users in their 20s and 30s, Moii allows users to interact in a fully customizable 3D environment. Instead of revealing their actual appearance, users create avatars that reflect their personalities and interests, providing a sense of anonymity, security, and comfort. Once matched, users can personalize their avatars, use conversation cards, and enjoy mini games, making every interaction fun and engaging.

With a mission to create comfortable spaces for conversation, Moii promotes cross-cultural and language exchange on a global scale. Whether users want to make foreign friends, practice a new language, or simply chat with a friendly listener, Moii offers a low-pressure, refreshing way to connect.

Looking ahead, Illuni plans to expand Moii’s language support, making it accessible to even more users across the globe.

For more information about Moii, visit https://www.moii.net/en

About illuni

Illuni is a forward-thinking startup focused on developing immersive digital experiences through advanced AI technology. The company is committed to building innovative mixed-reality services that redefine user engagement in digital spaces. Alongside Moii, illuni’s portfolio includes Storyself (https://storyself.com), an interactive storybook app that transforms users’ pictures into story characters, allowing them to become the protagonists of various tales—making it both engaging and educational for children.

To learn more about illuni and its suite of mixed-reality projects, visit: https://www.illuni.com/en

For media inquiry, please contact: illuni Communications, e-mail: contact@illuni.com

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SOURCE illuni

Technology

LONGi’s Solar Panels Enhance Sustainability in Bengaluru’s Residential Complex

Published

55 minutes ago

November 15, 2024

BANGALORE, India, Nov. 15, 2024 /PRNewswire/ — LONGi, in partnership with SolarSquare, has completed a 342 kW solar project using advanced Hi-MO 5 solar panels for a residential apartment complex in Bengaluru.

Launched seven months ago, this solar project is set to save the residential complex up to $47,736 annually and has already generated an impressive 340,000 units of electricity. Thanks to the high efficiency of the solar modules, significant economies of scale, and the inherent advantages of rooftop solar, the project is projected to reach its break-even point within just 4.75 years.

Before the installation of the rooftop solar panels, residents faced annual electricity costs of approximately $143,305. The switch to solar energy is expected to result in annual savings between $47,768–$53,768, effectively reducing their electricity expenses by around 33%.

Nikhil Nahar, Co-founder and Director of SolarSquare, stated, “Through our strategic partnership with LONGi over the years, our customers have gained access to state-of-the-art technology for their projects. LONGi’s solar panels consistently deliver performance and help our customers save on electricity bills. With a shared vision to accelerate the mass adoption of renewable energy and enhance sustainability, our partnership has continually provided innovative solutions, earning the trust of our customers.”

LONGi remains committed to delivering advanced solar technology and helping more residential complexes achieve energy independence through its highly efficient and reliable products.

About LONGi

Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation.

Under its mission of ‘making the best of solar energy to build a green world’, LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modules, commercial & industrial distributed solar solutions, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com

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