Automotive Brake Components Market – Industry Trends and Forecast to 2028
MarkNtel Advisors, a prominent market research firm, has recently published a report titled Automotive Brake Components Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028. This study offers an in-depth examination of the industry, encompassing Automotive Brake Components market share, size, trends, and growth predictions. Additionally, the report features an analysis of competitors and regions while spotlighting the most recent developments in the market.
Automotive Brake Components Reports Highlights
What is the size of the Automotive Brake Components Market?
The Global Automotive Brake Components Market is expected to grow at a CAGR of around 6% during the forecast period, i.e., 2023-28. Most of the market growth would be propelled by the ever-increased demand for passenger & commercial vehicles worldwide owing to improving disposable incomes of people and rising construction activities, respectively. Besides, stringent vehicle safety standards set by governments, the mounting consumer interest in luxury vehicles, and the growing demand for disc brakes in commercial vehicles are other prominent aspects projected to drive the market in the coming years.
What do the growth prospects and trends look like in the Automotive Brake Components Industry?
Repair & maintenance of an automotive braking system is expensive in general, which involves the replacement of brake fluid, brake shoes, brake pads, and resurfacing rotors, along with cleaning, adjusting, & lubricating other components. In another instance, the replacement of ABS, which involves sensors on each wheel, is highly expensive. Moreover, critical mechanisms, such as rotors, master cylinders, drums, calipers, & pads, among others, also incur high replacement costs. Hence, these aspects are projected to hamper the global automotive brake components market in the coming years, especially in cost-sensitive countries, where the penetration of advanced braking systems is restricted mainly to high-end cars.
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What Components are encompassed within Automotive Brake Components Market segmentation?
The report has divided the market into the following segments:
By Vehicle Type
-Medium and Heavy Commercial Vehicles
-Light Commercial Vehicles
By Sales Channel
By Product Type
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Who are the Primary Companies or Entities active in the Industry?
The report covers the major market players including:
-Hitachi automotive Systems Limited.
-Akebono Brake Industry Co., Ltd.
-Wabco holdings Inc.
-Robert Bosch GmbH
-Aisin Seiko Co. Ltd.
-Delphi Automotive Plc
-Federal Mogul Holdings Corporations
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