Through technological intervention, manufacturers of automobile braking systems are enhancing the design and durability of automotive brake components in order to boost the vehicle’s overall performance. While OEMs continue to struggle with high replacement rate of automotive brake components, aftermarket presence of such key automotive hardware continues to surges.
For detailed insights on enhancing your product footprint, request for a sample here – https://www.factmr.com/connectus/sample?flag=S&rep_id=24
The Fact.MR report on global automotive brake components market projects that by the end of 2017, more than US$ 62 Bn worth of automotive brake components will be sold in the world.
However, automobile manufacturers are expected to adopt new-age sensing technologies that might limit the need for instinctive braking from vehicle drivers, which will impact the sales of automotive brake components in a roundabout way. Towards the end of 2024, the global market for automotive brake components is anticipated to witness a moderate growth at 4.6% CAGR, procuring a little less than US$ 78 Bn in revenues.
For critical insights on this market, request for methodology here – https://www.factmr.com/connectus/sample?flag=RM&rep_id=24
Key Insights from the Fact.MR Report:
- 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.
- 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 2024.
- 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.
For in-depth competitive analysis, buy now – https://www.factmr.com/checkout/24/S
- 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.
- Close to three-fourth of revenues procured in the global automotive brake components market through 2024 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.
- 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.
For comprehensive insights on this market adoption, ask an analyst here – https://www.factmr.com/connectus/sample?flag=AE&rep_id=24
The report has profiled leading manufacturers of automotive brake components, which are expected to remain active in the expansion of global market. Companies such as Wabco Holdings Inc., Mando Corporation, Knorr Bremse AG, Aisin Seiki Co. Ltd., Akebono Brake Industry Co., Ltd., Daimler AG, Brembo S.P.A., ZF Friedrichshafen AG, Robert Bosch GmbH, DAKO-CZ, Continental AG, and ASK Automotive Pvt. Ltd. are observed to remain key players in the global automotive brake components market through 2024.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/05/28/1853261/0/en/Electric-Vehicle-Battery-Sales-Upheld-by-Rapid-Adoption-of-EVs-and-Tightened-Fuel-economy-Standards-Fact-MR.html
Explore Fact.MR’s Comprehensive Coverage on Automotive Landscape
Off-Highway Engine Market, Forecast, Trend, Analysis & Competition Tracking – Global Market Insights 2024 to 2031: https://www.factmr.com/report/off-highway-engine-market
Autonomous Farm Equipment Market, Forecast, Trend, Analysis & Competition Tracking – Global Market Insights 2024 to 2031: https://www.factmr.com/report/autonomous-farm-equipment-market
Aircraft Tugs Market, Forecast, Trend, Analysis & Competition Tracking – Global Market Insights 2024 to 2031: https://www.factmr.com/report/2366/aircraft-tugs-market
About Us:
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Corporate Headquarter:
Unit No: AU-01-H Gold Tower (AU),
Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers,
Dubai, United Arab Emirates
Email: [email protected]
Visit Our Website: https://www.factmr.com
