LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive launch control system market to grow to 193.2 thousand units by 2021, at a CAGR of close to 5%, according to their latest report.
The research study covers the present scenario and growth prospects of the global automotive launch control system market for 2017-2021. The key stakeholders of the market are the original equipment manufacturers and aftermarket.
The automotive launch control system is an electronic system that helps the driver to accelerate rapidly from the start, thereby giving the car an advantage, especially in drag car racing. Currently, the automotive manufacturers are focusing on developing aerodynamic wings that deploy in sync with the launch control system, which is bringing in significant investments to the market.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global automotive launch control system market:
- Growing competition among sports car manufacturers
- Superior performance through launch control systems
- Global expansion of drag race events
Growing competition among sports car manufacturers
“The automotive industry worldwide is evolving with the improving economic conditions and developing infrastructure. Currently, automobiles are considered status symbols, which is leading to increased demand for fancy sports cars,” says Siddharth Jaiswal, a lead analyst at Technavio for automotive electronics research.
The improving socio-economic conditions of consumers have shifted consumer focus towards the technology, comfort, and safety of the vehicle. This has led to the exponentially increasing adoption of sports and super sports cars, encouraging leading automakers to increase their product offerings and their global reach. These cars are integrated with launch control systems, thereby leading the growth of the global market.
Superior performance through launch control systems
Launch control systems boost the engine performance, leading to its increased adoption in motorsports. Automotive launch control systems are crucial in racing and motorsport events where every millisecond is important. An impressive lead from the very beginning enables the driver to hold the vehicle at full throttle or permissible torque to launch the vehicle.
There are numerous launch control systems available in the global market that individuals select based on their requirements. The wide array of options and the advantaged provided by them is driving the increased adoption of these systems by consumers looking to enhance the performance of their vehicles.
Global expansion of drag race events
Drag racing has been gaining global attention, with increasing participation from thrill seekers looking for an adrenaline rush. Even though the sports originated in the US, it has spread to many European countries. To capitalize on the large consumer base for the sport, many organizations are introducing events and tournaments.
“The racing events are diversifying in terms of geographic presence, leading to increasing volume of sales of performance-enhancing systems such as launch control systems. This trend is projected to rise through the forecast period, leading to the growth of the market,” says Siddharth.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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