Global Automotive Brake Components Market to Grow at a CAGR of 4% Through 2028 | Wabco Holdings Inc., Knorr Bremse AG, Mando Corporation
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In addition, according to World Health Organization (WHO) around 1.3 million fatalities are recorded every year on account of road accidents caused by vehicles. Increasing demand for passive and active safety of automobiles on the back of growing road accidents have initiated demand for efficient automotive brake components such as brake calipers, brake pads, brake shoes and brake liners. This factor is likely to instrumental in driving the need for efficient automotive brake components, in turn pushing their market’s growth.
Fact.MR envisages that the automotive brake components market is estimated to cross US$ 65 Bn by end of the year of forecast. The automotive brake components demand is projected to grow at a CAGR of around 4% in terms of value during the period of forecast, 2018-2028.
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Mandates by regulatory bodies have influenced adoption of advanced brake systems. For instance, NHTSA (National Highway Traffic Safety Administration) – a U.S DOT (Department of Transportation) agency – has mandated use of AEB (Automatic Emergency Braking) by 2022 that offers dynamic braking. This has fuelled adoption of Antilock Braking System (ABS), in turn pushing the demand for efficient automotive brake components such as brake boosters, cylinders, brake liners and brake shoes.
Demand for automotive brake components for disc brake systems is projected to surge at a significant pace throughout the period of forecast, says the report. While automotive brake components in disc brake systems need lubricants for effective functioning, operational efficiency of these components is higher than their drum brake counterparts that have high replacement rates. This factor continues to push the growth in demand for automotive brake components for disc brake components in the automotive sector worldwide.
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Moreover, automobiles equipped with disc brakes are gaining wide traction in turn impacting adoption of conventional braking systems. This factor is expected to auger well for the growth in sales of automotive brake components for disc brakes in the coming years. Fact.MR reveals that the sales volume of automotive disc brake components are anticipated to cross 1,061,000 units by end of 2018 soaring at a significant pace throughout the period of forecast.
Sales of automotive brake components are likely to remain concentrated in the developed countries of North America, particularly in the United States on the back of rising sales of vehicles. For instance, according to OICA, sales of commercial vehicles in the United States grew by 494,687 units in 2017 over 2016 and are expected to further increase in the coming years. This aspect has presented a potential growth avenue for the automotive brake components, in turn pushing the growth of their market.
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On the other hand, the demand for automotive brake components in projected to witness a substantial rise in the emerging economies of the Asia Pacific excluding Japan (APEJ) region during the assessment period making it a lucrative region for manufacturers of automotive brake components, says the report.
Aftermarket for automotive brake components continues to remain lucrative for manufacturers owing to increasing replacement rates. However, OEMs are focusing on developing efficient automotive brake components with designs that feature high durability. This is expected to impact aftermarket sales of automotive brake components, albeit at a lower base.
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The automotive brake components aftermarket accounts for more than 50 percent share in 2017 in the overall market and is likely to maintain its status quo as an attractive sales channel in the coming years, says the report. Moreover, sales of automotive brake components in passenger cars are expected to be on an upswing on the coattails of growing sales and production of passenger cars, says the report.
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