Global Automotive Braking Component Market
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Global Automotive Braking Component Market was valued US$ 46.42 Bn in 2018 and is expected to reach US$ XX Bn by 2026 at a CAGR of about XX % during a forecast.
Global Automotive Braking Component Market,By Sales Channel
Driving factors for automotive braking component market are rise in vehicle production across the globe, rapid increase in the production and sales of vehicles, over road traffic crashes and increasing number of deaths, extensive usage of drum brakes in rear braking applications of passenger vehicles and control of vehicle’s stopping distance are creating more demand in automotive braking component market.
Global Automotive Braking Component Market is segmented into by vehicle type, by sales channel, by product type and by region. Based on vehicle type, Automotive Braking Component Market is classified into Passenger Cars, Light commercial vehicles & Heavy Commercial vehicles. In sales channel are parted into OEM & Aftermarket. In product type are divided into Electronic Stability Control, Adaptive Cruise Control, Anti-lock Braking System, differential Slip Control & Traction Control System. Geographically into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Component failure and emerging competitors can hamper the growth of Automotive Braking Component Market. In terms of product type, Anti-lock braking segment is expected to grow at the highest XX% CAGR during the forecast period. Anti-lock Braking System in trends to Improve the vehicle control, decreases stopping distances on dry and slippery surfaces and prevent the vehicles from accident in emergency condition. Most of the 2-wheelers in the developed markets are high-end vehicles that have similar safety features as standard and increased adoption of such safety systems in passenger vehicles are also expected to boost the market.
In terms of Sales Channel, Aftermarket segment is projected to grow at fastest during the forecast period. Aftermarket trends in automotive manufacturing, leading to OEM installation of thinner, lighter brake parts that need to be replaced more frequently. Ready availability of less expensive imports that makes it more affordable to replace rather than resurface rotors and drums and increases in raw materials will have more demand in market for automotive braking component market.
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Last Update : 29 July 2020
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