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Automotive Pedals Market Report 2024 - Automotive Pedals Market Demand And Size By 2033
Automotive Pedals Market
According to The Business Research Company's, 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 growth in the historic period can be attributed to automotive industry growth, increasing vehicle production, consumer preferences for manual transmission, replacement and aftermarket sales, globalization of automotive supply chains..
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%. The growth in the forecast period can be attributed to shift towards electric and autonomous vehicles, integration of advanced sensor technologies, focus on lightweight materials, ergonomic design for driver comfort, customization and aesthetic preferences.. Major trends in the forecast period include development of smart pedals with sensor integration, introduction of brake-by-wire systems, focus on lightweight and ergonomic pedal designs, adoption of adjustable pedal systems, integration of biometric sensors in accelerator pedals.
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Market Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
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
Automotive Pedals Market 2024 Key Insights:
• The Automotive Pedals Market is expected to grow to $2.89 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Growing Demand for Commercial Vehicles Fuels Expansion in the Automotive Pedals Market
• Introducing New Pedals To Transform Vehicle Operation With Regenerative Braking Force
• Asia-Pacific was the largest region in the automotive pedals market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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