Brakeoil is a type of hydraulic fluid used in hydraulic brake and hydraulic clutch applications in automobiles, motorcycles, light trucks, and off-road vehicles. Brakeoil is renewed or changed every one to two years in off-road vehicles in order to improve the safety and durability of vehicles. Thus, the brakeoil aftermarket has been expanding across the globe. Newly developed state-of-the-art brakeoil offers better performance reliability with efficient results. Glycol fluids are the most commonly used in most motor vehicles in various grades. They are named by the Department of Transport (DOT) coding and are classified into DOT 3, DOT 4, DOT 5, and DOT 5.1.
Rise in mining and construction activities is driving the off-highway brakeoil aftermarket. The frequency of oil change and other maintenance is expected to increase with the growth in age of off-highway vehicles such as heavy trucks and mining vehicles. Vehicles require brakeoil change to ensure safety of the passengers and maintenance of the vehicle for long life and high efficiency.
Volatility in crude oil prices coupled with increase in demand for electric vehicles is likely to hamper the demand for brake oil in the near future
Brake oil level may also be low because of a leak. This could result in a loss of hydraulic pressure. Consequently, this may lead to significant loss of braking ability. Modern vehicles have split hydraulic circuits to ensure against total hydraulic failure. Brakeoil has a limited life, not only because of water absorption but due to the depletion of corrosion inhibitors and stabilizers over time. Wear particles and rubber fragments also build up gradually. Rise in demand for e-vehicles is one of the restraints of the brakeoil aftermarket in Europe. The usage of electric vehicles for mining, agriculture, and construction is increasing at a rapid pace.
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Year-on-year increase in demand for automotive, especially off-highway vehicles, provides lucrative opportunities for the off-highway brakeoil aftermarket
Brake oil plays an important role in the efficient operation of the braking system and in turn the safety of the vehicle. The U.S. continues to be the leading country in terms of consumption of brake oil due to the implementation of stringent government regulations on the servicing of vehicles in order to maintain safety and lower harmful emissions. India follows China in long-term growth of the brakeoil aftermarket due to its rapidly growing economy. Southeast Asia is also a key region of the off-highway brakeoil aftermarket due to the expansion in the automobile industry in the region. Key factors that promote the brake oil aftermarket are increasing due to stringent emission & fuel consumption norms imposed by several governments and more exacting OEM specifications. Opportunities in the development of next generation brakeoil with better efficiency and advanced technology are under process. Companies such as Bosch and Exxon are engaged in developing brake oil with advanced technologies.
The study provides a decisive view of the global off-highway brakeoil aftermarket by segmenting it in terms of type, end-user industry, and region. In terms of type, the off-highway brakeoil aftermarket has been classified into DOT 3, DOT 4, DOT 5, and DOT 5.1. Based on end-user industry, the off-highway brakeoil aftermarket has been divided into mining, construction, agriculture, and others. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for off-highway brakeoil in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides the actual size of the off-highway brakeoil aftermarket for 2016 and estimated size for 2017 with forecast for the next eight years. The global market of off-highway brakeoil aftermarket has been provided in terms volume and revenue. Market volume has been defined in tons and revenue in US$ Mn. Market numbers have been estimated based on type and end-user industry of the off-highway brakeoil aftermarket. Market volume and size have been provided in terms of global, regional, and country level markets.
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The report comprises profiles of major companies operating in the global off-highway brakeoil aftermarket. Key players operating in the off-highway brakeoil aftermarket include Royal Dutch Shell Plc., Exxon Mobil Corporation, Chevron Corporation, BP Plc., Lukoil Lubricants Company, Fuchs Petrolub SE, and Phillips 66 Lubricants. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
