Automotive Brake Component Market Value Projected to Expand by 2022
The Fact.MR report on global automotive brake components market projects that by the end of 2017, more than US$ 62 Bn worth of automotive brake components will be sold in the world. However, automobile manufacturers are expected to adopt new-age sensing technologies that might limit the need for instinctive braking from vehicle drivers, which will impact the sales of automotive brake components in a roundabout way. Towards the end of 2022, the global market for automotive brake components is anticipated to witness a moderate growth at 4.6% CAGR, procuring a little less than US$ 78 Bn in revenues.
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Key Insights from the Fact.MR Report:
In 2017, more than US$ 51 Bn worth of automotive brake components sold in the world will be disc brake products. The demand for disc brake components over drum brake components is slated to gain traction, owing to low replacement rate and cost-effective maintenance.
Rapid urbanization and soaring production of automobiles in the Asia-Pacific excluding Japan (APEJ) region are likely to factor the growth in production of automobile brake components. Procurement of raw materials such as rubber is relatively more feasible in the APEJ region, against other parts of the world. Considering the cost of other automobile parts, automotive brake components are expected to remain low-priced, which is why manufacturers are focusing towards setting up their production units in low-wage countries such as China, South Korea and India. The report anticipates that automotive brake component market in the APEJ region will expand at 6% CAGR through 2022.
In North America, the demand for automotive brake components is connected with the choices of vehicle owners. Performance cars are expected to witness higher demand for hydraulic braking systems, and with it, OEMs in the US and Canada are expected to focus on offering advanced automotive brake components. According to the report, the automotive brake component market in North America will reflect a steady growth throughout the forecast period.
The automotive brake components market in Europe is also expected to remain at the forefront of global expansion. In 2017 and beyond, Europe is expected to remain the dominant region in global automotive brake component market, procuring more than one-fourth share on global revenues.
Close to three-fourth of revenues procured in the global automotive brake components market through 2022 will be accounted by passenger cars. On the other hand, the demand for automotive brake components is expected to be the lowest among heavy commercial vehicles.
The report also projects that over half of the value of global automotive brake component market will be procured from aftermarket sales. OEMs are expected to lose their traction as largest sales channels for automotive brake components as vehicle customization trends are expected to instrument the boost the aftermarket sales.
Report Analysis @ https://www.factmr.com/report/24/automotive-brake-component-market
The report has profiled leading manufacturers of automotive brake components, which are expected to remain active in the expansion of global market. Companies such as Wabco Holdings Inc., Mando Corporation, Knorr Bremse AG, Aisin Seiki Co. Ltd., Akebono Brake Industry Co., Ltd., Daimler AG, Brembo S.P.A., ZF Friedrichshafen AG, Robert Bosch GmbH, DAKO-CZ, Continental AG, and ASK Automotive Pvt. Ltd. are observed to remain key players in the global automotive brake components market through 2022.
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