Jan 14, 2021 (AmericaNewsHour) -- Research Nester has recently announced new market demand assessment research titled "Automotive Brake System Market -Demand, Opportunity, Growth, Future Prospects and Competitive Analysis, 2016 - 2024". The global Automotive Brake System Market study provides a granular data and in-depth analysis on the current and future market situations that are crucial for the existing &new players in the market. Automotive Brake System Market industry research is based on key factors like demand & supply analysis, commercial activities, research investments, pricing analysis, government initiatives & guidelines, driving forces in the market, roadblocks and segmentation based on the product viability.
The automotive brake system market has been segmented into low speed, high speed, pedestrians' automatic braking system, dynamic brake support, crash imminent braking, passenger car, light and heavy commercial vehicle among others. Among these segments, the rising demand for passenger automobiles is expected to foster the demand for more accurate and reliable brake system which in turn is expected to boost the automotive brake system market.
The global market for automotive brake system is anticipated to reach USD 37.68 Billion , growing at a CAGR of 7.02% over the forecast period. This can be attributed to continuous growth of automobile industry. Further, advance technology such as electronic stability control is envisioned to bolster the global automotive brake system market over the forecast period. Moreover, amendments in government regulations for better safety are expected to drive the market over the forecast period.
In the regional segment, Asia-Pacific has been the leading market for automotive brake system in terms of market demand and is anticipated to have its dominance over the forecast period due to rising demand and production of automobiles. Further, Asia-Pacific is anticipated to be trailed by Europe and North-America. Europe is expected to maintain second position over the forecast period. Factors like government regulation and initiatives to improve vehicle safety are expected to bolster the growth of automotive brake system market over the forecast period.
Rise in Middle Class Population to Expand the Market
Rising disposable income and burgeoning middle class population combined with technological innovation has increased the demand for vehicles. These are the key factors that are driving the growth of automotive brake system market. Further, rising demand for disc brakes in commercial vehicles and better traction control system is the major driving factor for technological advancement of automotive brake system.
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However, factors such as maintenance cost and high cost of advanced technologies like electric and magnetic braking system are likely to inhibit the growth of the automotive brake system market in the near future.
The Automotive Brake System Market report answers the following questions:
What is the aim of the report?
The market report presents the estimated market size of Automotive Brake System Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
An overview of the Automotive Brake System Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
The report presents current trends in the industry and future scope of the Automotive Brake System Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
The various parameters accelerating the growth of the Automotive Brake System Market are incorporated in the research report.
The report analyzes growth rate, market size and valuation of the Automotive Brake System Market during the forecast period.
The report titled "Automotive Brake System Market: Global Demand Analysis & Opportunity Outlook 2024"delivers detailed overview of the automotive brake system market in terms of market segmentation by product type, application type, by vehicle class and by region.
Further, for the in-depth analysis , the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.