The Automotive Pedal Market to experience an impressive growth to reach US$ 2,254.2 million during 2018-2023

Addressing the most sought-after questions that occupy the minds of entrepreneurs and decision makers, the new report of "Stratview Research" on the Automotive Pedal Market, answers all the important questions.

Getting to the bare bones of the issues and factors which are sculpturing the market, Stratview Research brings out the best actionable market intelligence for the global Automotive Pedal Market.

The analysts have scrupulously studied the trend and cautiously forecasted the future market developments for 2018-2023.

The important questions the report answers are:
1. What will be the market growth rate in the near future?
2. What are the major developments in the market wrt regulations, acquisitions and innovations?
3. What are the growth drivers as well as the constraints?
4. What are the regional growth hotspots?
5. What are the segmental growth forecasts?

These questions and many more, big and small, are all discussed in the report in great detail.


The strategic Market dissection

The dissection of the market is done to enlighten the aspects which are of interest to firms across the value chain.

Dissection by
1. Vehicle Type (Passenger Car, Light-Duty Commercial Vehicle, Medium- and Heavy-Duty Commercial Vehicle)
2. Pedal Type (Accelerator Pedal, Brake Pedal, Clutch Pedal)
3. Material Type (Steel Pedals, Aluminum Pedals, Composite Pedals)
4. Process Type (Stamping, Casting, Injection Molding, Others)
5. Region (North America, Europe, Asia-Pacific and RoW)

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The Growth Prognosis & its Drivers

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.

The Key players

The top players are F-Tech, KSR International, CTS Corporation, Toyoda Iron Works, Shanghai Kaizhong Material Science & Technology, Batz, S. Coop., and Bellsonica Corporation.

The undisputed Dominance of the Asia-Pacific

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.

Emerging Trends: 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.

Click Here for Other Reports from Stratview Research in the Automotive Industry: https://www.stratviewresearch.com/market-reports/Automotive-Transportation.html

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This release was published on openPR.