Press release
Automotive Pedals Industry to See Robust Expansion, Valued at $2.93 Billion by 2029
Automotive Pedals Market
What Is the Projected CAGR for the Automotive Pedals Market from 2024 to 2025?
In the past few years, the size of the automotive pedals market has seen a steady increase. The market, which is expected to rise from $2.41 billion in 2024 to $2.5 billion in 2025, is projecting a compound annual growth rate (CAGR) of 3.9%. The significant growth witnessed during the historic period can be tied to several factors, such as the expansion of the automotive industry, a boost in vehicle production, consumer preference for manual transmissions, replacement, aftermarket sales, and the globalization of automotive supply chains.
What are the Expected Market Size and CAGR for Automotive Pedals by 2029?
The market for automotive pedals is set to experience consistent growth in the coming years, reaching a value of $2.93 billion by 2029, thanks to an annual compound growth rate (CAGR) of 4.0%. The growth during the predicted period is due to a shift to electric and self-driving vehicles, the addition of advanced sensor technologies, the emphasis on using lightweight materials, ergonomic designs for driver comfort, and an increasing focus on customization and aesthetic appeal. Key trends expected during this period are the creation of innovative smart pedals with integrated sensors, the emergence of brake-by-wire systems, a continued emphasis on lightweight and ergonomic pedal designs, the rise of adjustable pedal systems, and the incorporation of biometric sensors in accelerator pedals.
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Which Factors Are Driving the Global Automotive Pedals Market Expansion?
The surge in demand for commercial vehicles is presumed to fuel the expansion of the market for automotive pedals. These vehicles, largely used for commercial activities like transportation of goods or passengers for economic gain, have automotive pedals as a crucial feature. These components allow control over acceleration, braking, and clutch functionalities, making operations more safe and efficient. Taking the figures from July 2023 as an example, the European Automobile Manufacturers Association, a professional organization based in Belgium that advocates for European truck, car, and bus manufacturers, stated that novel commercial vehicle registrations in the European Union (EU) experienced an increase of 11.2% (730,969) for vans, 20% (179,508) for trucks, and 15% (14,781) for buses in the first six months of 2023. In comparison, the figures from the first half of 2022 showed 657,180 vans, 149,595 trucks, and 12,857 buses. As a result, the market for automotive pedals is growing owing to the mounting demand for commercial vehicles.
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Which Segment Currently Holds the Largest Share of the Automotive Pedals Market?
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
Subsegments:
1) By Accelerator: Electronic Accelerator Pedals, Mechanical Accelerator Pedals
2) By Brake: Floor-mounted Brake Pedals, Suspended Brake Pedals
3) By Clutch: Hydraulic Clutch Pedals, Cable-Operated Clutch Pedals
Which Major Trends Are Shaping the Future of the Automotive Pedals Industry?
In the automotive pedals market, leading companies are investing in the development of cutting-edge products such as brake pedal position sensors with an aim to boost vehicle security and upgrade driver management. Brake pedal position sensors serve the crucial function of tracking the position and movement of the brake pedal, relaying real-time information to the vehicle's control systems. For example, in October 2024, Melexis, a Belgium-based firm specialized in microelectronic engineering introduced MLX90424. This is a type of brake pedal position sensor that comes equipped with an inbuilt wake-up feature, contributing positively to automotive safety and efficiency. Its design enables precise linear displacement measurements up to 30mm and it operates directly on a 12V battery, eliminating the requirement for extra regulators and hence making automotive system designs more straightforward and reducing the expense of components. The sensor merges two position-sensing integrated circuits (ICs) and a wake-up switch in one small package, making the assembly process less complicated in contrast to traditional systems that necessitate individual sensors and switches.
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Which Key Players Dominate the Automotive Pedals Industry Globally?
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
What Are the Fastest-Growing Regions in the Automotive Pedals Market?
Asia-Pacific was the largest region in the automotive pedals market in 2024. The regions covered in the automotive pedals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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