The global automotive brake systems market is suggested to have reached a value of around $20.2 billion at the beginning of 2013, and is forecasts to grow to a total of $28.5 billion by the end of 2018. This would suggest a CAGR growth rate of 7.14% between 2013 and 2018.
AisinSeiki Co. Ltd., TRW Automotive Holdings Corporation, Akebono Industry Co. Ltd., Nissin Kogyo Co. Ltd., and Brembo S.P.A. are the key manufacturers of the automotive brakes & components and together they occupy a huge market share. However, the automotive brakes market is dependent over the demand in automobile industry. The variable demand in the automobile industry directly affects the demand for brakes.
As observed in recent years, the automobile industry is in its recovery stage, and is estimated to grow at a promising rate in next five years; hence, the automotive brakes market is estimated to show a significant market growth by volume as well as by revenue. The factors such as changing regulations, increasing competition between brake manufacturers to provide new technology at affordable cost, and shifting buyers preferences towards safety features would trigger the developments in automotive brakes.
In the past few years, starting with economic downturn in Europe to governmental & environmental issues across the globe, from tsunami and earthquake in Japan, to numerous natural disasters in North America, automobile industry has witnessed numerous natural and economic disputes. Still, the industry was able to withstand and grow at a promising rate in these past few years. The reasons such as improving lifestyle, growing population & urbanization, growing demand for luxury & safety features, governmental regulations and environmental concerns will trigger the future growth in the automobile industry at the same pace.For more information on the Global automotive brake system market, please click here: Global automotive brake system market
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.