The report of global Automotive Brake Components market By Distribution Channel (OEM, Aftermarket), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Product Type (Brake Caliper, Brake Shoe, Brake Line, Acceleration Sensor, Other), and Region (North America, Europe, Middle East & Africa, South America, Asia Pacific) is expected to reach US$ XX Mn. by 2027, at a CAGR of XX % during a forecast period.
The global automotive brake components market is growing with technological advancement and development in the braking system like ABS and regenerative systems are increasing the adoption rate of the reliable braking system. Automotive brakes are an essential part of a vehicle, failure of any part in the braking system may lead to severe accidents sometimes led to a fatality. Thus the growth of automotive brake components highly depends on the growth of the automotive sector and braking system.
The Aftermarket segment holds a major market in terms of volume in 2022.
The aftermarket segment is growing at a CAGR of xx% during the forecast period. The growth of the vehicle braking pad failure and increasing use of disc brake in the vehicle for automotive safety is driving the segment growth. The OEM fitted brake pads are usually replaced by aftermarket brake pads, the growth of aftermarket is highly dependent on the demand for brake pads. Other components like caliper, carrier, and piston did not require to change, the majority of times they list longer up to vehicles life span. Rubber components like seals, bushes, caps, and others are more prone to damage in long-term use, they have also been replaced by aftermarket parts.
Asia-Pacific holds a dominant position over the forecast period and is expected to reach US$ xx Bn. by 2027.
The Asia Pacific has significant market growth potential due to an increase in the number of vehicle production. Low manufacturing cost, a large number of automotive component manufacturers, and Government norms in Asia-Pacific driving the Automotive Brake Components market at a CAGR of XX% over the forecast period. The rise in the per capita spending, growing urban population, and government initiative for business growth are propelling the market growth for Automotive Brake Components. In 2019, the government of India had mandated automakers to install the antilock braking system in every new vehicle sold. China has a major Automotive Brake Components market share in the Asia Pacific region. New product launches and collaboration of automotive component manufacturers driving the growth of the automotive braking component market in the APAC region.
Key players operating in the Global Automotive Brake Components Market are, Robert Bosch GmbH, Continental AG, Akebono Brake Corporation, ZF Friedrichshafen AG, Federal-Mogul Holdings LLC, Hitachi Automotive Systems, Ltd, Aisin Seiki Co. Ltd, Wabco Holdings Inc., ADVICS CO., LTD., and Brembo S.p.A.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Automotive Brake Components Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Global Automotive Brake Components Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explains Global Automotive Brake Components Market positioning of competitors.
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