The automotive brake components aftermarket is expected to grow by USD 6.27 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Automotive Brake Components Aftermarket 2020-2024 (Graphic: Business Wire)
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The global automotive industry has witnessed significant growth over the years. Developed economies in North America and Europe are witnessing high volume sales of luxury sedans and performance vehicles. For instance, in the US, the number of new vehicle registrations increased from 248.9 million units in 2013 to 284.5 million units in 2019. In emerging economies, the ongoing industrialization and rising trade activities, especially in BRIC countries have contributed to the increasing number of parc vehicles. With the increasing number of vehicles on the road, the demand for various aftermarket vehicle components such as aftermarket automotive brake components will increase during the forecast period.
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As per Technavio, government measures to enhance the safety features in a vehicle will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Brake Components Aftermarket: Government Measures to Enhance the Safety Features in a Vehicle
Reduction in stopping distance improves the vehicle’s response to sudden brakes, thereby minimizing the risk of road accidents. Hence, governments across the world are introducing several regulations regarding the stopping distance in vehicles to ensure better vehicle and road safety. For instance, the National Highway Traffic Safety Administration (NHTSA) in the US has proposed a mandate to reduce the stopping distance requirements by 20%-30%. According to the mandate, even the existing vehicles which are following old mandates, are required to upgrade their brake components to comply with the new norms. Such regulatory mandates are increasing the use of onboard safety components, such as airbags, ABS, EPB, and other advanced brake components. These factors are expected to boost the growth of the global automotive brake components aftermarket during the forecast period.
"Advantages and benefits associated with the use of original, OE replacement parts and significant safety improvements in new car designs will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Automotive Brake Components Aftermarket: Segmentation Analysis
This market research report segments the automotive brake components aftermarket by Product (Brake pads, Brake shoes, Brake calipers, Brake rotors, Brake drums, and Brake hoses), Geography (APAC, Europe, North America, MEA, and South America), and Vehicle Type (Passenger cars and Commercial vehicles).
The APAC region led the automotive brake components aftermarket in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the high sales of passenger cars in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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