CITY, Country, 2018-Jan-22 — /EPR Network/ — A latest research report titled as “Automotive Brake Component Market Forecast, Trend Analysis & Competition Tracking: Global Review 2017 to 2022” has been recently added to the vast portfolio of Fact.MR online research offerings. This report is a professional and in-depth analysis on the present state and future prospect for the global market. It provides valuable information to the industry insiders, potential entrants or investors. It includes an exhaustive enquiry with the reliability of logic and the comprehensiveness of contents.
The importance of key automotive hardware continues to influence the dynamics of automobile production. Automotive brake components are among such crucial parts that are pivotal in attaining operational efficiency of a vehicle. Non-uniformity in the conditions of roadway infrastructure across developed and developing parts of the world has necessitated the adoption of effective automotive brake components.
With an increasing trend of preventive maintenance among vehicle owners, manufacturers of automotive brake components are shifting their focus towards lowering the replacement rate of such components. While this will lower the growth of brake system aftermarkets, the global market for automotive brake components will continue to expand on the verge of technological intervention that shall instigate innovation in the design & durability of automotive braking components.
Automotive brake components can be defined as independently manufactured vehicle parts that are assembled to form braking systems for automobiles. Brake pads, brake shoes, rotors, drums, calipers, braking fluids, hoses & liners, and other braking hardware are collectively identified as automotive brake components. Rubber and metal are key raw materials used in production of automotive brake components.
The Fact.MR report on global automotive brake components market predicts that the market will be valued at nearly US$ 63 Bn by 2017-end, albeit, it is expected to soar at a moderate CAGR towards the end of 2022. High replacement rate and increasing use of sensor technologies in lowering the need for instinctive braking of vehicle drivers is expected to impede the adoption of automotive brake components in the future. By 2022-end, the global market for automotive brake components is anticipated to procure a value a little less than US$ 78 Bn.
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Demand for Disc Brake Components to Incur an Upsurge
A comparative study between two key products in the global automotive brake components market reveal a predominant preference to disc brake systems. While components of disc brake systems require lubricants for proper functioning, their operational efficiency remains to be higher compared to drum brake components that tend to have high replacement rate. Vehicles equipped with disc braking systems continue to attract greater consumer base, indicating a declining demand for conventional brake components. According to the report, disc brake components will be observed as top-selling products in the global automotive brake component market, and will procure more than four-fifth share on global revenues through 2022.
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.
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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.
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.
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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