Press release
Automotive Pedals Market Recent Developments, Trends, And Analysis Forecast To 2033
Automotive Pedals Market Trends
As per the report, the automotive pedals market size has grown strongly in recent years. It will grow from $2.27 billion in 2023 to $2.41 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The automotive pedals market size is expected to see steady growth in the next few years. It will grow to $2.89 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
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Growing Demand for Commercial Vehicles Fuels Expansion in the Automotive Pedals Market
The increasing demand for commercial vehicles is expected to propel the growth of the automotive pedals market going forward. Commercial vehicles are automobiles primarily used for business purposes, such as transporting goods or passengers for profit. Automotive pedals are essential components in commercial vehicles as they facilitate control over acceleration, braking, and clutch functions for safe and efficient operation. For instance, in July 2023, according to the European Automobile Manufacturers Association, a Belgium-based professional body representing the interests of European car, truck, and bus manufacturers, new commercial vehicle registrations in the European Union (EU) were up 11.2% (730,969) for vans, 20% (179,508) for trucks, and 15% (14,781) for buses in the first half of 2023 compared to 657,180 vans, 149,595 trucks, and 12,857 buses in the first half of 2022. Therefore, increasing demand for commercial vehicles is driving the growth of the automotive pedals market.
Introducing New Pedals To Transform Vehicle Operation With Regenerative Braking Force
Major companies operating in the automotive pedals market are focused on developing new automotive pedals for regenerative braking force and to gain a competitive edge in the market. Single-pedal technology streamlines vehicle operation by simplifying acceleration and braking with one pedal. For instance, in July 2021, Toyota Motor Corporation, a Japan-based automotive manufacturer, introduced the Comfort Pedal, a single pedal used for both acceleration and braking, for their newly launched hybrid-only Aqua model. By choosing Power+ Mode, drivers have the ability to produce regenerative braking force by easing off the pressure on the accelerator pedal. This action results in a gradual deceleration of the vehicle. The Comfort Pedal reduces the burden on drivers by decreasing the frequency at which they need to press the accelerator and brake pedals. Comfort Pedal and Power+ Mode are also equipped for all grades, excluding B.
The automotive pedals market covered in this report is segmented -
1) By Pedal Type: Accelerator, Brake, Clutch
2) By Material: Steel, Aluminum, Magnesium, Plastic, Other Materials
3) By Application: Passenger Cars, Commercial Vehicles
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Major companies operating in the automotive pedals market report are Mercedes-Benz Group AG, Honda Motor Co. Ltd., Robert Bosch GmbH, DENSO Corporation, ZF Friedrichshafen AG, Continental AG, Faurecia SE, Lear Corporation, Samvardhana Motherson International Ltd., Knorr-Bremse AG, HL Mando Corporation, Toyoda Iron Works Co. Ltd., Pacific Industrial Co. Ltd., F.TECH Inc., Yorozu Corporation, Dura Automotive LLC, Mikuni Corporation, CTS Corporation, Shanghai Kaizhong Materials Science and Technology Co. Ltd., Kyung Chang Industrial Co. Ltd., Brano Group A.S., KSR International Inc., BATZ S. COOP. LTDA, F&P America Mfg. Inc., CJ Automotive AB, Bellsonica Corporation
Contents of the report:
1. Executive Summary
2. Automotive Pedals Market Report Structure
3. Automotive Pedals Market Trends And Strategies
4. Automotive Pedals Market - Macro Economic Scenario
5. Automotive Pedals Market Size And Growth
…..
27. Automotive Pedals Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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