According to a new study done by Future Market Insights (FMI), demand for automotive braking systems and components would be driven by automotive innovation in the coming years. Electronics has become the most important component in automobiles over time. The car safety system now has new growth dimensions because to the integration of electronics. Companies are looking forward to focusing resources on further research and product development now that advanced electronic braking technology has arrived. The automation industry is continuously on the regulatory radar, and it is expected to follow a variety of standards that are constantly enforced in the interests of passenger safety and environmental preservation.
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FMI’s report titled “Automotive Brake System & Components Market: Global Industry Analysis and Opportunity Assessment, 2017-2027” projects that the global sales of automotive brake component will garner US$ 61,744 Mn by 2017-end. This is primarily attributed to the growing safety awareness among customers, which is prompting automotive manufacturers to use advanced braking systems in their vehicles. The global automotive brake system & component market is expected to reach a valuation of US$ 92,500 Mn by 2027 end, reflecting a CAGR of 4.1% during the forecast period (2017–2027). In addition, around 2,122.9 Mn units are expected to be sold towards the end of 2027. Also, the market is anticipated to witness a steady growth over the forecast period due to the rise in vehicle production worldwide. Continental AG, ZF Friedrichshaf en AG, Delphi Automotive PLC, Valeo S.A, Federal Mogul Holdings Corporation, Robert Bosch GmbH, Mando Corporation, and Akebono Brake Industry Co Ltd. are amongst some of prominent manufacturers of automotive brake systems & components with operations in several parts of the globe.
Additional Highlights of the Report Include:
- On the basis of sales channel, aftermarket sales are expected to account for 51.1% value share of the market in 2017, which is expected to increase to around 54.3% by 2027.
- Among vehicle type, demand for brake components in passenger cars is expected to remain robust throughout the forecast period. Passenger cars are expected to account for nearly 73.9% value share of the market over 2027.
- The disc brake is expected to emerge as the most preferred brake type and is expected to witness a considerable rise in its demand during the forecast period.
- The growth of high-performance cars and requirement for better friction materials to meet vehicle braking standards are observed as two of the major factors responsible for the market’s growth.
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Market Segmentation
By Sales Channel
- OEM
- Drum Brake
- Disc Brake
- Aftermarket
- Brake Booster
- Master Cylinder
- Drum Brake
- Drum
- Brake Shoe
- Wheel Cylinder
- Disc Brake
- Rotor
- Caliper
- Brake Pad
By Vehicle Type
- Passenger Car
- LCV
- HCV
By Region
- North America
- Latin America
- Eastern Europe
- Western Europe
- APEJ
- Japan
- MEA
Amongst regions, North America and Western Europe are currently exhibiting significant market potentials owing to the existence of well-established automobile manufacturers in these regions. Meanwhile, the market in Asia Pacific excluding Japan (APEJ) continues to expand at an impressive rate, which is attributed to the emergence of countries such as China and India as major manufacturing hubs.
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About 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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