An Incisive, In-depth Analysis on the Automotive Brake System And Components Market
This study offers a comprehensive, 360 degree analysis on the Automotive Brake System And Components market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Automotive Brake System And Components market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Passenger Car segment is expected to witness steady growth during the forecast period
The market for passenger cars is expected to show good growth during the forecast period. The passenger car vehicle type segment in the global brake components market is estimated to account for more than 70% value share in 2017 and is expected to gain more than 200 basis points to reach approximately 74% value share by 2027. This gain can be attributed to an increase in the production and sales of passenger vehicles in developing countries and increasing vehicle parc across the world. The passenger car segment is projected to increase at Y-o-Y growth rates ranging from 3.7% to 4.7% during the forecast period. This segment is expected to exhibit a CAGR of 4.4% over the forecast period. The passenger car segment was valued at more than US$ 40 Bn in 2016 and is expected to represent incremental $ opportunity of more than US$ 25 Bn between 2016 and 2027. This segment is slated to be valued at around US$ 68 Bn by 2027.
Growing demand for luxury and high performance cars expected to boost revenue growth of the passenger car segment
The automotive brake system & components market is contributing to the growth in sales of luxury and high-end cars, both in the OEM & aftermarket channels. High speed and raw power define high performance of these cars, which is why these cars require a robust safety system. The most crucial element of their safety system is the braking system. With growing sales of SUVs, luxury and sports models, customers not only look for performance but want their vehicles to be equipped with advanced technologies so as to ensure the safety of occupants while driving. This increasing demand for safety systems in luxury cars is driving the growth of the passenger car segment in the global automotive brake system & components market.
Governments across geographies have made numerous efforts to divert the attention of vehicle owners towards vehicle safety, either through imposing regulations or through publicity and promotion. Such activities across the globe are expected to turn customer focus towards equipping vehicles with robust safety systems and updating them during the operational life of the vehicle. This in turn will not only boost the sales of brake systems and related components but also drive the passenger car segment growth.
The significant use of passenger cars is also boosting the global automotive brake system & components market. With consumers’ interest in passenger cars equipped with novel safety technologies, government schemes and regulations boosting deployment of advanced technologies in commercial vehicles and the integration of electronics is expected to significantly drive market growth over the forecast period.
Market value share of the passenger car segment is expected to grow further during the forecast period in North America
The passenger car segment in the North America automotive brake system & components market was valued at US$ 5,566 Mn in 2016 and is anticipated to increase at a CAGR of 5% during the forecast period to be valued in excess of US$ 9000 Mn by 2027. This gain can be attributed to changing preferences of customers in this region. The passenger car segment in the Latin America automotive brake system & components market is expected to hold close to 60% value share by 2027. In the APEJ automotive brake system & components market, the passenger car segment is estimated to account for a market value share of more than 80% in 2017. The passenger car segment is expected to gain 280 BPS by 2027 as compared to 2017, making it a highly attractive segment by vehicle type in the APEJ automotive brake system & components market.
North America and Western Europe hold the highest market potential in the global automotive brake system & components market due to the well-established automobile manufacturers in these regions. China is struggling with sluggish growth in the manufacturing industry, hence growth prospects for the brake components market in the country are limited. A medium market growth is expected in Eastern Europe and Latin America, while India holds promising growth in the global automotive brake system and components market. Growth potential in Japan is expected to remain steady over the coming decade. These are just some of the interesting findings presented a new Future Market Insights report on the global automotive brake system & components market titled “Automotive Brake System & Components Market: Global Industry Analysis and Opportunity Assessment 2017-2027.” In the course of this market study, we have observed that continuous product innovation is the key strategy of major players to enhance their customer base and market share. We have further observed that a well-structured and efficient supply chain network is key to augment customer outreach.
Global Automotive Brake System & Components Market: Forecast Factors
Upsurge in vehicle parc will increase demand in the automotive brake system & components market
Increase in automobile production and sales across the globe will boost the market for automotive brake components
Transportation growth from a worldwide perspective is on a steady growth rate promising better prospects for the sale of automotive brake components
Growth in trade between countries has boosted the automotive brake system & components market
Rise in global GDP is likely to have an effect on the automotive brake system & components market with a low to medium impact
The report covers the important factors driving the growth of the global automotive brake system & components market, untapped opportunities for manufacturers, trends and developments shaping the dynamics of the global automotive brake system & components market and other insights across various key segments. The report identifies the drivers and restraints impacting the evolution of the global automotive brake system & components market. Changing trends are also analysed and incorporated in the report to equip readers with exhaustive information about the market resulting in better decision making. Macroeconomic factors that directly and indirectly affect the progress of the global automotive brake system & components market are also incorporated in the report.
By Sales Channel
By Vehicle Type
Market volume is inferred through in-depth secondary research and validated from industry experts through primary interviews. Each interview is thoroughly analysed and average market volume is deduced and reconfirmed prior to incorporating in the report. The average price of brake components is inferred across all the seven assessed regions. The market value of the global automotive brake system & components market is thus calculated from the data deduced from the average selling price and market volume. For the 10-year forecast of the global automotive brake system & components market, various macroeconomic factors and changing trends have been observed, giving an idea about the future of the market. Other important factors considered to arrive at market forecast are the size of the current market, inputs from the supply side and the demand side and other dynamics shaping the scenario of the market.
In the compilation of the report, the forecasts are conducted in terms of CAGR, while other important criteria such as year-on-year growth and absolute dollar opportunity have also been considered presenting readers with crystal clear insights and future opportunities in the global automotive brake system & components market. Macroeconomic indicators such as GDP, automobile production, automobile sales, vehicle parc, and urbanisation have been considered while forecasting this market. Component wise weighted Average Selling Price (ASP) has been considered to deduce market values. Yearly change in inflation rate has not been considered while forecasting market numbers.