Automotive Accelerator Pedal Module Market Estimated to Record Highest CAGR by 2018 to 2028

Posted on 2019-06-18 by Mark Hub in Automotive // 0 Comments

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The increasing use of sensor-based accelerators is expected to be a major driving factor for the growth of the automotive accelerator module market during the forecast period. Moreover, the increasing demand for accelerator pedal modules from passenger and commercial vehicle OEMs is also anticipated to give traction to the growth of Automotive Accelerator Pedal Module Market over the forecast period.

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Over the past few years, the automotive industry across the globe has significantly suffered to meet stringent emission standards. With rising awareness, governments across the world are forcing automakers and component manufacturers to step towards ecofriendly automobiles. This has led to an increase in the adoption of lightweight components, which reduce the overall weight of vehicles and increase efficiency. Thus, manufacturers are focused on developing lightweight components such as accelerator pedal modules. The accelerator pedal module is a component that uses sensors to detect the amount of pedal depression and transfer the signal to engine ECU. The ECU reflects the driver’s intention to accelerate the vehicle. The module accurately controls the engine to reduce exhaust emissions without sacrificing the driving performance.

The growth of the automotive industry will further add to the growth of market in the near future. Increasing focus on emission standards will force automakers to invest more in R&D to develop products that meet stringent emission standards. These factors are expected to drive the growth of the accelerator pedal module market over the forecast period

Complex design and functional issues are expected to hamper the growth of the automotive accelerator pedal module market over the forecast period.

The shift towards lightweight materials is anticipated to be a latest trend gaining momentum in the automotive accelerator pedal module market over the forecast period. Lightweight materials reduce the overall weight of vehicles, thereby increasing efficiency.

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Asia Pacific and North America are expected to witness significant growth in the automotive accelerator pedal module market due to estimated growth in the automotive sector in emerging economics, such as the U.S., China and India over the forecast period. Germany is expected to be the leading automotive and automobile market in Western Europe. Hence, the region is estimated to grow with a substantial CAGR during the forecast period, owing to the high demand for automotive accelerator pedal modules in the growing automotive sector in the region. Latin America, in particular, is projected to upkeep the growth of the accelerator pedal module market due to the growing usage of automotive parking heaters in passenger cars and commercial vehicles in the region. Japan is expected to support the growth of the automotive accelerator pedal module market over the forecast period, owing to the increasing number of automotive manufacturers in this region. The MEA region is expected to witness relatively slow market growth as the region accounts for limited new vehicle production.

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