Automotive Pedal Market estimated to grow at impressive CAGR in the forecast period (2018-2023)

Summary:
The report on the Automotive Pedal Market has been launched in sep,2018 by Stratview Research is an all-inclusive report that talks about the market structure and growth in the forecast period of 2018-2023. The report also offers insights into different market segments and other factors affecting the market.

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Stratview Research’s report states about the segment-wise current market condition, and also offers an estimation about future growths. The report has been generated after accumulating data from various authenticated sources such as journals, white papers, fact book, etc. As per the estimation, Automotive Pedal Market is expected to inflate at impressive CAGR by the forecast period (2018 – 2023).

As per the report, the market is segmented by:
• By Vehicles: Passenger Car, Light Commercial Vehicle, Medium- & Heavy-Duty Commercial Vehicle
• By Pedal Type: Accelerator Pedal, Brake Pedal, Clutch Pedal
• By Material Type: Steel Pedals, Aluminum Pedals, Composite Pedals
• By Process Type: Stamping, Casting, Injection Molding, Others
• By Region: North America, Europe, Asia-Pacific, Rest of the World

The Table of Contents can be gone through here:
https://www.stratviewresearch.com/toc/383/Automotive-Pedal-Market.html

Highlights of the Report:

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 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.

Key Players of the Market
The market is consolidated in nature with five major players Batz, S. Coop., Bellsonica Corporation, Chiyoda Industries Co., Ltd., CTS Corporation, F-TECH INC. holding together the major share in the market, with Batz, S. Coop. being the key player.
Other important firms are KSR International Co, Shanghai Kaizhong Materials Science and Technology Co., Ltd., Toyoda Iron Works, Yorozu Corporation, ZF Friedrichshafen AG.

Features of the Report
The Report discusses about the working of the pedals, the various types, and the growth of the pedals in the global market. Here are the key features of the report:
• Strategic Segmentation
• Competitive Analysis
• Strategic Growth Opportunities
• Swot Analysis
• Key Players
• Forecast Analysis & Future Growth

For inquiries, Contact:
Ritesh Gandecha
Stratview Research
E-mail: sales@stratviewresearch.com
Direct: +1-313-307-4176

400 Renaissance Center, Suite 2600, Detroit, Michigan, MI 48243 United States of America

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This release was published on openPR.