New York City, NY: Sept 06, 2019 – Published via (Wired Release) – Automotive brakes system is group of mechanical, hydraulic, and electrical components that are used to stop moving vehicle, using friction.
The first five-year cumulative revenue (2018–2022) is projected to be around US$ 120 Bn, which is expected to increase considerably over the latter part of the five-year forecast period. The global automotive brake systems market estimated to value at around US$ 22 Bn in 2018, and is expected to register a CAGR of 5.9%.
Global Automotive Brake Systems Market: Market Dynamics
Growing demand for automotive brake systems, owing to government safety regulations in order to improves safety in cars and commercial vehicles is a major factor driving growth of the global automotive brake systems market. Various countries are focusing on improving safety and related features in vehicles and other commercial cars through mandatory regulations and norms for braking systems in developed as well as developing countries.
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Use of automotive brake systems enhances vehicle performance properties and also enables drivers to have better control by avoiding lock-ups and skidding. These factors are expected to result in increasing preference of passenger and commercial vehicles with automotive breaks systems.
Growing production of vehicle, owing to growing more technologically advanced vehicles with safety features among individuals is another factor fueling growth of the global market. Additionally, rising number of government initiatives along with various players in the market to encourage use of electrical vehicles is anticipated to fuel growth of the target market in the near future. In addition, governments of various countries offer subsidies to support production and adoption of electric and hybrid vehicles is also a factor expected to boost growth of the global automotive brake systems market.
Global Automotive Brake Systems Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global automotive brake systems market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global automotive brake systems market is expected to expand at a moderate CAGR of 5.9% during the forecast period.
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Global Automotive Brake Systems Market: Segmental Snapshot
The market report has been segmented on the basis of technology, vehicle type, and region. The technology segment includes anti-lock braking system, traction control system, electronic stability control, and electronic brake distribution. By vehicle type segment includes passenger cars, light & medium commercial vehicles, and heavy commercial vehicles. The region covered in the analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By Technology: The anti-lock braking system segment accounted for highest revenue share contribution and expected to account for over CAGR of 7% is expected over the forecast period.
By Vehicle Type: The passenger cars segment accounts for major share in terms of revenue in the global market and is expected to account for over CAGR of 6% over the forecast period.
By Region: The market in Asia Pacific accounted for a CAGR of over 6.5% in the global automotive brake systems market
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Global Automotive Brake Systems Market: Competitive Analysis
The research report on the global Automotive brake systems market includes profiles of some of major companies such as Robert Bosch GmbH, ZF Friedrichshafen AG, AISIN SEIKI Co., Ltd., Continental Aktiengesellschaft, Hitachi Ltd., Nissin Kogyo Co., Ltd., Autoliv Inc., Akebono Brake Industry Co., Ltd., Federal-Mogul LLC, and Brembo S.p.A.
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