Automotive Brake System Market Projected To Value US$ 26 Billion By 2022
A population explosion, higher standards of living in the middle class coupled with a vast array of financial options have made it relatively easy to access personal forms of mobility in emerging economies. A greater demand for passenger cars naturally benefits the automotive brake system market. Furthermore, safety concerns amongst both consumers and the government have forced the latter to implement stringent safety norms and mandates to improve vehicular safety. New technological innovations such as regenerative braking and ABS also benefits the automotive brake system market that is poised to record a robust CAGR of 5.7% from 2017 to 2022.
The automotive brake system market is predicted to record substantial growth over the course of the forecast period because the automotive industry has a bright future ahead of it in both developed and emerging economies. Increasing safety concerns have led to governmental mandates that lay down the guidelines pertaining to vehicular safety norms. The growth in the automotive brake system market is directly linked to that of the demand for passenger cars as well as commercial vehicles. Furthermore, new technological innovations such as ABS and regenerative braking have become prominent in the last decade. The automotive brake system market is anticipated to be worth more than US$ 25 billion by the end of 2022.
Heavy commercial vehicles are a niche segment in the automotive brake system market by vehicle type and are unlikely to grow substantially during the five-year study. The light commercial vehicles automotive brake segment is nearly thrice the size of the heavy commercial vehicle segment and is on track to grow with a robust CAGR of more than 6% from 2017 to 2022. Companies would do well to focus on the Europe and North America light commercial vehicles segment as both regions are substantially larger than all others in the automotive brake system market in terms of market potential
A similar opportunity exists in both the luxury and premium passenger car segments in the automotive brake system market. However, a slightly higher CAGR is projected in the premium passenger car segment as mid-sized customers typically gravitate towards premium cars. The premium passenger car automotive brake system market could easily cross a value of US$ 3 billion at the end of 2022. Europe is home to a number of premium and luxury car manufacturers as several of them have a long-standing heritage and are globally renowned.
The OEM channel holds the lion’s share of the automotive brake system market by sales channel segment in the year 2017 and is estimated to remain dominant for the foreseeable future. The OEM channel may generate an absolute dollar opportunity of over US$ 5 billion from 2017 to 2022.
The companies profiled in the automotive brake system market report are ZF Friedrichshafen AG, Wabco Holdings Inc, Robert Bosch GmbH, Mando Corporation, Knorr-Bremse AG, Continental AG, Brembo SpA, Akebono Brake Industry Co., and Aisin Seiki
Report Overview with TOC @ https://www.persistencemarketresearch.com/market-research/automotive-brake-system-market/toc
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