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Global Automotive Brake Wheel Cylinder Market 2019-2023 | Emergence of EPBs to Boost the Market Growth | Technavio

Technavio has announced its latest market research report titled global automotive brake wheel cylinder market 2019-2023. (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--

The global automotive brake wheel cylinder market size is expected to post a CAGR of close to 3% during 2019-2023, according to the latest market research report by Technavio. Request a free sample report

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191101005021/en/

Consumers are increasingly preferring SUVs due to factors such as the comfort and safety level of SUVs, the introduction of low-cost compact and mini SUVs, higher seating capacity, and the off-road capabilities of SUVs. SUVs accounted for about one-third of the global vehicle sales in 2018. Moreover, with the growing demand for SUVs installing drum brakes on rear wheels for reducing the overall cost of vehicles, the need for automotive brake wheel cylinders will also rise in the forthcoming years.

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As per Technavio, the emergence of electric parking brakes (EPBs) will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.

Automotive Brake Wheel Cylinder Market: Emergence of Electric Parking Brakes (EPBs)

Rising concerns about vehicle safety, comfort, and vehicle electrification have been paving way for the adoption of electric parking brakes in vehicles. EPBs enable the reduction of regular wear and tear of braking components. In addition, EPBs provide added freedom and options for the vehicle manufacturers to design vehicle interiors as it eliminates the need for hand brake levers. Furthermore, increasing initiatives for mandating advanced safety technologies such as electronic stability control in vehicles is likely to create numerous opportunities for drum brake components including the automotive brake wheel cylinders market. Thus, the growing adoption of EPBs will further aid in the automotive brake wheel cylinder market growth during the forecast period.

“Apart from the emergence of EPBs, other factors such as the increasing adoption of additive manufacturing in the automotive industry, increase in the global sales of medium and heavy-duty vehicles, and increase in the adoption of SUVs by consumers are expected to boost the automotive brake wheel cylinder market growth during the forecast period,says a senior analyst at Technavio.

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Automotive Brake Wheel Cylinder Market: Segmentation Analysis

This market research report segments the automotive brake wheel cylinder market by vehicle type (passenger cars and commercial vehicles) and geography (APAC, North America, Europe, South America, and MEA).

APAC led the market in 2018, followed by North America, Europe, South America, and MEA, respectively. The regional automotive industry is witnessing an ongoing expansion in emerging economies of the region including India and China due to the improved and stabilized socioeconomic conditions. In addition, the expansion of construction sector and mining industry is another key factor driving the demand for commercial vehicles in the APAC region, thereby boosting the adoption of automotive components including automotive brake wheel cylinders.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20191101005021/en/