Automotive Brake Component Market Will Be Valued At Nearly US$ 63 Bn By 2017-End
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The importance of key automotive hardware continues to influence the dynamics of automobile production. Automotive brake components are among such crucial parts that are pivotal in attaining operational efficiency of a vehicle. Non-uniformity in the conditions of roadway infrastructure across developed and developing parts of the world has necessitated the adoption of effective automotive brake components.
With an increasing trend of preventive maintenance among vehicle owners, manufacturers of automotive brake components are shifting their focus towards lowering the replacement rate of such components. While this will lower the growth of brake system aftermarkets, the global market for automotive brake components will continue to expand on the verge of technological intervention that shall instigate innovation in the design & durability of automotive braking components.
Automotive brake components can be defined as independently manufactured vehicle parts that are assembled to form braking systems for automobiles. Brake pads, brake shoes, rotors, drums, calipers, braking fluids, hoses & liners, and other braking hardware are collectively identified as automotive brake components. Rubber and metal are key raw materials used in production of automotive brake components.
Demand for Disc Brake Components to Incur an Upsurge
A comparative study between two key products in the global automotive brake components market reveal a predominant preference to disc brake systems. While components of disc brake systems require lubricants for proper functioning, their operational efficiency remains to be higher compared to drum brake components that tend to have high replacement rate. Vehicles equipped with disc braking systems continue to attract greater consumer base, indicating a declining demand for conventional brake components. According to the report, disc brake components will be observed as top-selling products in the global automotive brake component market, and will procure more than four-fifth share on global revenues through 2022.
Passenger Cars – Attractive Vehicle Segment
Automotive brake components are of paramount importance in boosting the safety of passengers in vehicles. With soaring demand for compact cars and SUVs across automotive markets in the world, the adoption of automotive brake components is expected to remain high in passenger cars. By the end of 2022, over US$ 57 Bn worth of automotive brake components will be sold for their use in passenger cars. On the other hand, global sales of automotive brake components accounted by commercial vehicles will witness sluggish growth over the forecast period.
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Aftermarket Sales of Automotive Brake Components to Gain Traction
The report also projects that towards the latter half of the forecast period, OEMs will lose traction in terms of sales of automotive brake components. Aftermarkets will be observed as largest sales channel for automotive brake components in the global market. Reflecting a 5.7% CAGR, the aftermarket sales of automotive brake components will procure more than half of the global market value throughout the forecast period.
Key players in the global automotive brake components market are also profiled in the report. Companies such as ASK Automotive Pvt. Ltd., Continental AG, Robert Bosch GmbH, DAKO-CZ, ZF Friedrichshafen AG, Daimler AG, Akebono Brake Industry Co., Ltd., Brembo S.P.A., Aisin Seiki Co., Ltd., Knorr Bremse AG, Mando Corporation and Wabco Holdings Inc. are expected to actively partake in the growth of global automotive brake components market through 2022.
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