The global automatic slack adjusters market is estimated to surpass a valuation of US$ 3,500 Mn by the end of 2032. The sales of automatic slack adjusters in the global market are estimated to total US$ 850 Mn by 2022, exhibiting growth at a CAGR of around 4% to 5% during the forecast period 2022-2032.
Automatic slack adjusters, also known as automotive slack adjusters are integral components of foundation brake systems such as drum braking systems, placed between the braking drum and brake lining. They act as a lever, forming a connection between the camshaft and the actuator.
The function of automatic slack adjusters is to compensate for wear in both brake drum and brake lining while providing a constant stroke of the actuator. These slack adjusters prevent linings of the breaks from rubbing by maintaining a distance through a cable and spring mechanism. They also assist in reducing the clearance between the brake drum and brake shoes. When the brake pedal is pressed, the air goes into the brake chamber, forcing the pushrod out and moving the automatic slack adjusters, resulting in the stoppage of the vehicle.
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Automatic slack adjusters are gaining huge popularity across the automotive industry, on account of their ability to enhance the braking experience, reduce tire wear and tear of the vehicle, increase the overall life of a vehicle braking system, and provide consistent operations.
Which are Some Prominent Drivers Spearheading Automatic Slack Adjusters Market Growth?
Over the last couple of years, immense transformation is being witnessed across the automotive industry, favored by globalization and consistent technological advancement worldwide. Besides this, rising disposable income across the population and growing customer spending on comfort traveling, especially across developed economies have resulted in a significant rise in the production and sales of automotive vehicles.
For instance, according to a report published by the Bureau of Transportation Statistics, approximately 2.51 Mn passenger cars were manufactured and around 3.54 Mn passenger cars were sold across the U.S. in the year 2019. In automobiles such as passenger cars and commercial vehicles, automatic slack adjusters play a vital role, as they assist in braking and are an integral part of the braking system providing high reliability.
Thus, increasing sales and production of automotive vehicles are estimated to facilitate the demand for automotive components such as automotive braking systems including automatic slack adjusters, creating lucrative opportunities for growth in the global market.
As the demand for advanced braking systems continues to surge, prominent companies in the market are extensively focusing on research and development of novel automatic slack adjusters with high-performance attributes. This is anticipated to accelerate the sales in the global market over the forthcoming years.
What are the Challenges Faced by the Automatic Slack Adjusters Market?
Customers are increasingly inclination towards adopting electric vehicles, due to rising concerns regarding environmental sustainability, growing fuel prices, and favorable government policies. For instance, according to the International Energy Agency (IEA), around 2.1 million electric cars were sold worldwide in 2019, exhibiting exponential year-over-year growth of 40%. This is projected to hinder the sales of automatic slack adjusters.
Also, increasing launch of novel automotive vehicles with alternative breaking systems such as disk brakes is estimated to further hamper the growth in the global automatic slack adjuster market.
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Why is Asia Pacific Excluding Japan Emerging as an Opportunistic Automatic Slack Adjusters Market?
As per FMI, Asia Pacific excluding Japan is forecast to exhibit robust growth in the global automatic slack adjuster market between 2022 and 2032.
With rapid industrialization and growing urbanization, governments in several countries are emphasizing on undertaking numerous initiatives to strengthen transportation infrastructure and urbanize rural areas. For instance, the Government of India has announced launching rural area urbanizing missions such as Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and ‘Housing for All’ under Pradhan Mantri Awas Yojana.
Launch of such initiatives have substantially increased the infrastructure development and construction activities in the countries such as China, South Korea, Australia, and others, creating strong demand for lightweight commercial vehicles and heavy-weight commercial vehicles. As automatic slack adjusters are extensively used in air braking systems deployed in these automobiles, such developments will bolster the sales in the Asia Pacific excluding Japan market.
How is North America Contributing to the Growth of the Automatic Slack Adjusters Market?
Future Market Insights reveals that North America is anticipated to account for a significant share in the global automatic slack adjuster market during the forecast period 2022-2032.
Leading players in the market are aiming at manufacturing efficient and result-oriented automatic slack adjusters for advanced lightweight braking systems to provide heat dissipation properties and high structural strength.
For instance, in 2019, Bendix Corporation, an American manufacturer of braking systems and components, announced introducing a novel grounded automatic slack adjuster, Bendix® Versajust® for vehicles in specialty applications for providing improved brake lining life, drum life, and fuel efficiency. A slew of such new product launches is projected to favor the growth in the North America market.
Market Competition
Some of the leading players in the automatic slack adjusters market are Haldex Brake Products Corp., WABCO INDIA LIMITED, Bendix Spicer Foundation Brake LLC., Accuride Wheel End Solutions, BPW Limited, Ferdinand Bilstein GmbH, Superior Industrial Frictions Ltd., STEMCO Products Inc., TSE Brakes Inc., Meritor, Inc., and others.
Attributed to the presence of such high number of participants and growing research and developments (R&D) activities for innovation in automatic slack adjusters, the market is highly competitive.
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Key Segments Profiled in the Automatic Slack Adjusters Market Survey
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Technology:
- Manual
- Automatic
By Material:
- Forged Steel
- Ductile Iron
- Others
By Install Position:
- Front Axle
- Rear Axle
- Front & Rear Axle
By Sales Channel:
- Original Equipment Manufacturers (OEMs)
- Aftermarket
By Distribution Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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