Automotive Brake System & Components Market will Record a Sluggish 4.1% through 2017-2027
FMI’s report titled “Automotive Brake System & Components Market: Global Industry Analysis and Opportunity Assessment, 2017-2027” projects that the global sales of automotive brake component will garner US$ 61,744 Mn by 2017-end. This is primarily attributed to the growing safety awareness among customers, which is prompting automotive manufacturers to use advanced braking systems in their vehicles. The global automotive brake system & component market is expected to reach a valuation of US$ 92,500 Mn by 2027 end, reflecting a CAGR of 4.1% during the forecast period (2017–2027).
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In addition, around 2,122.9 Mn units are expected to be sold towards the end of 2027. Also, the market is anticipated to witness a steady growth over the forecast period due to the rise in vehicle production worldwide. Continental AG, ZF Friedrichshaf en AG, Delphi Automotive PLC, Valeo S.A, Federal Mogul Holdings Corporation, Robert Bosch GmbH, Mando Corporation, and Akebono Brake Industry Co Ltd. are amongst some of prominent manufacturers of automotive brake systems & components with operations in several parts of the globe.
Additional Highlights of the Report Include:
On the basis of sales channel, aftermarket sales are expected to account for 51.1% value share of the market in 2017, which is expected to increase to around 54.3% by 2027.
Among vehicle type, demand for brake components in passenger cars is expected to remain robust throughout the forecast period. Passenger cars are expected to account for nearly 73.9% value share of the market over 2027.
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The disc brake is expected to emerge as the most preferred brake type and is expected to witness a considerable rise in its demand during the forecast period.
The growth of high-performance cars and requirement for better friction materials to meet vehicle braking standards are observed as two of the major factors responsible for the market’s growth.
Amongst regions, North America and Western Europe are currently exhibiting significant market potentials owing to the existence of well-established automobile manufacturers in these regions. Meanwhile, the market in Asia Pacific excluding Japan (APEJ) continues to expand at an impressive rate, which is attributed to the emergence of countries such as China and India as major manufacturing hubs.
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