Press release
Global Automotive Brake Component Market will Touch a Value US$ 78 Bn by 2022
Fact.MR
The scope of the report is to analyze the global automotive brake components market for the period 2017-2022 and give readers an accurate, unbiased analysis. Automotive brake component manufacturers, suppliers, and stakeholders in the overall automotive market can benefit from the insights offered in this report. The comprehensive analysis offered in the report can also be of interest to leading automotive journals and trade magazines.
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Key Insights from the Fact.MR Report:
1. In 2017, more than US$ 51 Bn worth of automotive brake components sold in the world will be disc brake products. The demand for disc brake components over drum brake components is slated to gain traction, owing to low replacement rate and cost-effective maintenance.
2. Rapid urbanization and soaring production of automobiles in the Asia-Pacific excluding Japan (APEJ) region are likely to factor the growth in production of automobile brake components. Procurement of raw materials such as rubber is relatively more feasible in the APEJ region, against other parts of the world. Considering the cost of other automobile parts, automotive brake components are expected to remain low-priced, which is why manufacturers are focusing towards setting up their production units in low-wage countries such as China, South Korea and India. The report anticipates that automotive brake component market in the APEJ region will expand at 6% CAGR through 2022.
3. In North America, the demand for automotive brake components is connected with the choices of vehicle owners. Performance cars are expected to witness higher demand for hydraulic braking systems, and with it, OEMs in the US and Canada are expected to focus on offering advanced automotive brake components. According to the report, the automotive brake component market in North America will reflect a steady growth throughout the forecast period.
4. The automotive brake components market in Europe is also expected to remain at the forefront of global expansion. In 2017 and beyond, Europe is expected to remain the dominant region in global automotive brake component market, procuring more than one-fourth share on global revenues.
5. Close to three-fourth of revenues procured in the global automotive brake components market through 2022 will be accounted by passenger cars. On the other hand, the demand for automotive brake components is expected to be the lowest among heavy commercial vehicles.
6. The report also projects that over half of the value of global automotive brake component market will be procured from aftermarket sales. OEMs are expected to lose their traction as largest sales channels for automotive brake components as vehicle customization trends are expected to instrument the boost the aftermarket sales.
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Passenger Cars – Attractive Vehicle Segment
Automotive brake components are of paramount importance in boosting the safety of passengers in vehicles. With soaring demand for compact cars and SUVs across automotive markets in the world, the adoption of automotive brake components is expected to remain high in passenger cars. By the end of 2022, over US$ 57 Bn worth of automotive brake components will be sold for their use in passenger cars. On the other hand, global sales of automotive brake components accounted by commercial vehicles will witness sluggish growth over the forecast period.
Aftermarket Sales of Automotive Brake Components to Gain Traction
The report also projects that towards the latter half of the forecast period, OEMs will lose traction in terms of sales of automotive brake components. Aftermarkets will be observed as largest sales channel for automotive brake components in the global market. Reflecting a 5.7% CAGR, the aftermarket sales of automotive brake components will procure more than half of the global market value throughout the forecast period.
Competition Tracking
Key players in the global automotive brake components market are also profiled in the report. Companies such as ASK Automotive Pvt. Ltd., Continental AG, Robert Bosch GmbH, DAKO-CZ, ZF Friedrichshafen AG, Daimler AG, Akebono Brake Industry Co., Ltd., Brembo S.P.A., Aisin Seiki Co., Ltd., Knorr Bremse AG, Mando Corporation and Wabco Holdings Inc. are expected to actively partake in the growth of global automotive brake components market through 2022.
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized automotive market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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