The Definitive Study of Automotive Braking System Market
It is expected that in 2024, the automotive braking system market size is going to grow at a CAGR of 1.62% with a market size of US$38.738 billion from US$35.180 billion in 2018. Swift growing demand for automobiles owing to an increase in disposable income in the major developing economies around the globe is expected to drive the demand for braking systems. Furthermore, an increasing number of road accidents has led the manufacturers to spend heavily in R&D to bring out the state-of-art technology for advanced and safe braking systems which is also expected to augment the demand and thus drive the automotive braking system market growth during the forecast period.
Automotive braking system Market by Vehicle Type
By vehicle type, the automotive braking system market is segmented as passenger vehicles and commercial vehicles. The passenger vehicles segment is anticipated to hold a significant market share during the forecast period on account of more demand and rising disposable income in developing economies like India, Brazil, and Indonesia.
In addition, the increase in taxi business all around the world is another prime factor for the growth of this market over the next five years. The segment of commercial vehicles is expected to show a robust growth over the next five years owing to growing tourism and transportation business worldwide, which is going to increase the automotive braking system market share.
The passenger vehicles segment is expected to have a significant share on account of increasing production and demand for cars in the developing countries like India, Brazil, and Indonesia, which is further expected to propel the demand for braking systems thus anticipating the automotive braking system market growth. For instance, the number of passenger cars in India increased from 3,040,144 units in 2011 to 5,174,645 in 2017 (Source: International Organization of Motor Vehicle Manufacturers).In addition, the significant increase in the disposable income worldwide is also expected to propel the demand for vehicles, thus augmenting the growth for the automobile industry, which will further increase the demand for braking systems over the next five years. In addition, growing penetration and demand for Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) is also expected to anticipate the demand of the braking systems, according to the Korea Automobile Manufacturers Association, the sales of electric vehicle in South Korea increased from 281 in 2012 to 5,177 in 2016 while the sales of hybrid electric vehicles increased from 19,371 to 62,210 during the same period (source: Korea Automobile Manufacturers Association).
Automotive braking system Market by Geography – Asia Pacific
Asia Pacific (APAC) automotive braking system market is projected to grow at a CAGR of XX% during the forecast period, reaching a total market size of US$XX billion in 2024 from US$XX billion in 2018. The APAC market is further segmented into China, Japan, South Korea, India, and Others. Others have been categorized into Malaysia, Thailand, and Indonesia. The growth here is mainly attributed to the growing automotive industry in this region which is further leading to the growth in car sales, especially in the emerging economies of China, India, Malaysia, and other developing economies of Southeast Asia. Furthermore, in order to reduce deadly road accidents, government mandates for road safety are propelling the automotive braking system market growth during the forecast period.
China automotive braking system market is projected to grow at a CAGR of 1.96% to reach a market size of US$XX billion in 2024 from US$XX billion in 2018. Chinese automotive industry is burgeoning one including the auto parts sector and is recognized as one of the nation’s pillar industries by the Chinese government, thus, contributing to the growth of the global automotive braking system market as well. The growth is attributed to the growing middle-class people in the country which is contributing to providing a steady growth of the Chinese automotive industry. This rise in middle-class population is attributed to the growing disposable income of its consumers which has led to creating of the market demand leading to the buying of new cars or the replacement of old vehicles.
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