Pedal Market in the automotive industry is Likely to Reach US$ 2,254.2 million in 2023

Launching announcement of a new research report on Automotive Composite Liftgate Market which is projected to reach US$ 2,254.2 million by 2023 - forecasted by Stratview Research. The study provides an in-depth analysis by Vehicle Type (Passenger Car, LCV, and M&HCV), by Pedal Type (Accelerator Pedal, Brake Pedal, and Clutch Pedal), by Material Type (Steel Pedals, Aluminum Pedals, and Composite Pedals), by Manufacturing Process Type (Stamping, Casting, Injection Molding, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.

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Automotive Pedal Market: Highlights
The global automotive pedal market is projected to offer an impressive growth opportunity and is likely to reach an estimated value of US$ 2,254.2 million in 2023. Organic growth in automobile production owing to increasing disposable income and growing urbanization, increasing global automotive fleet size, stringent government regulations regarding reducing carbon emission reductions, such as CAFÉ Standards, and increasing demand of lightweight pedals are some of the major growth drivers of the automotive pedal market.

The automotive industry has been experiencing various technological advancements targeting vehicle performance, passenger safety, and enhancement of fuel efficiency. Most of the parts in modern vehicles are equipped with electronic components. For instance, accelerator pedal no longer operates mechanically or via a cable linkage, rather a sensor is deployed in it to measure the position of the pedal and it transfers the data to ECU to adjust throttle elements.

Another trend that is impacting market is a growing shift from traditional metal pedals to lightweight pedals in order to reduce the weight of the pedal assembly, which contribute towards overall weight reduction and improvement in fuel economy. Glass fiber-reinforced polyamides are gaining traction market.

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The market is segmented based on the vehicle type as Passenger Car, LCV, and M&HCV. Passenger car is expected to remain the growth engine of the market during the forecast period. High production of cars across regions, especially SUVs and hatchbacks, increasing demand for lightweight composite pedals, and continuous advancements in the pedal technology are driving the demand for pedals in the passenger car segment.

Based on the material type, the market is segmented as steel, aluminum, and composites. Steel is expected to remain the dominant material type in the market during the forecast period, whereas composite is expected to witness the highest growth in the same period. Increasing demand for lightweight materials in the automotive industry that can contribute automakers to achieve a greater fuel efficiency or to reduce carbon emissions is driving the demand for composite pedals.

Based on the manufacturing process type, the market is segmented as stamping, casting, injection molding, and others. Stamping process is expected to remain dominant process type in the automotive pedal market during the forecast period, whereas the injection molding process is expected to witness a higher growth during the same period.

In terms of regions, Asia-Pacific is expected to remain the largest automotive pedal market during the forecast period, driven by high production of vehicles to meet the rising indigenous demand and increasing export. China, Japan, and India would remain the growth engines of the Asia-Pacific’s automotive pedal market in the foreseen future.

The supply chain of this market comprises raw material suppliers, pedal manufacturers, automotive OEMs, and dealers. The key automotive pedal manufacturers are F-Tech, KSR International, CTS Corporation, Toyoda Iron Works, Shanghai Kaizhong Material Science & Technology, Batz, S. Coop., and Bellsonica Corporation. Development of lightweight and more-efficient pedals and formation of strategic alliances with OEMs and material suppliers are the key strategies adopted by the major players to gain a competitive edge in the market.

Report Features
The report provides diverse market intelligence with maximum business value. It gives a condemnatory understanding of the market dynamics and enables strategic decision making for the existing market players as well as those willing to enter the market. The key features include the
->industry life cycle and the supply chain analysis of the market structure.
->SWOT analysis, Porter's five forces analysis and Growth Drivers and constraints.
->Market trend and the forecast analysis.
->Forecast of the market segment trend.
->Competitive landscape and dynamics of Market share, product portfolio, product launches, etc.
->Emerging trends of attractive market segments and associated growth opportunities
->Strategic growth opportunities for the existing and new players.

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This release was published on openPR.