Passenger Car to Lead Global Automotive Brake Components Market till 2024
Aging vehicle fleet,
increasing regulations, and growing production and
sales of automobiles to drive global automotive brake components market through
2024
According
to TechSci Research report, “Global Automotive Brake Components Market
By Product Type, By Vehicle Type, By Sales Channel, By Region, Competition,
Forecast & Opportunities, 2024”, automotive brake components market, globally, is forecast
to reach $ 117 billion by 2024, owing to increasing demand for automobiles.
Moreover, growing demand for high-speed vehicles, backed by surging need for
occupant safety, is propelling growth of global automotive brake components
market during the forecast period. Moreover, latest trends, such as autonomous
driving, electrification, new mobility and light weighting are compelling
component manufacturers to develop braking system compatible products in a bid
to remain in alignment with the current novelties in braking technology.
Browse 140 Figures spread through 110 Pages and an in-depth TOC on "
Global Automotive Brake Components Market"
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Global automotive brake
components market can be segmented based on vehicle type, product type and sales
channel. Passenger car is the dominant segment in the automotive brake
components market, owing to their high production and sales volume. In terms of
product type, the market can be segmented into brake caliper, brake shoe, brake
line and brake pad. Increasing use of disc brakes in front and rear braking
applications of passenger vehicles is driving the brake pad and brake caliper
segment. In terms of Sales Channel, Replacement has acquired the major share in
global automotive brake components market in 2018 and is expected to maintain
its dominating market position in coming years.
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ZF Friedrichshafen AG, Continental
AG, Federal-Mogul Holdings LLC, Hitachi Automotive Systems, Ltd., Nisshinbo
Holdings, Akebono Brake Corporation, Hitachi Automotive
Systems, Ltd., etc. are
the leading players operating in global automotive brake components market. Companies
operating in the market are using organic strategies such as product launches,
mergers and collaborations to boost their market penetration. Surging popularity
of automobiles is pushing the companies to focus on improving the design and
functionality of vehicles. In 2017, Continental AG developed an innovative
brake design, in which brake discs are mounted on component carrier star
instead of rim.
“Growing demand for smoother and quieter brakes can be attributed to
growing share of brake pads. Increasing sales of SUVs in North America and
Europe as well as their use in off-terrains are boosting their demand for
robust braking systems. Moreover, government initiatives for automotive
production in economies such as China
and India are boosting the growth of global automotive brake components market
through 2024.”, said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“Global Automotive
Brake Components Market By Product Type, By Vehicle Type, By Sales Channel,
By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of automotive
brake components market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global automotive
brake components market.
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