Global Automotive Brake Linings Market 2019-2023 | Emergence of Brake-By-Wire (BBW) System to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Apr 11, 2019--The global automotive brake linings market is expected to post a CAGR of more than 8% during the period 2019-2023, according to the latest market research report by Technavio.
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The global automotive brake linings market will post a CAGR of more than 8% during the period 2019-2023 (Graphic: Business Wire)
Brake linings are an integral component of an automotive disc and drum brake systems. These brake linings are easily available and affordable as they are made of asbestos material which is cheaper to manufacture. Being a standard fitment in brake shoes and pads, brake linings are included in the cost of brake shoes and pads, which makes it inexpensive and cost-effective for automakers. Brake products from both domestic and foreign players are readily available through the offline as well as the online distribution channels. Therefore, the easy availability of low-cost brake linings will impact market growth during the forecast period.
As per Technavio, the emergence of brake-by-wire (BBW) system will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive brake linings market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global automotive brake linings market: Emergence of brake-by-wire (BBW) system
Automotive braking industry has been witnessing constant innovations and technological advancements, resulting in the formation of modern braking systems that are more effective in application compared with those in the past. Continuous changes in automotive braking have also led in the development of the brake-by-wire (BBW) system. BBW systems replace the mechanical components that are used in conventional braking systems by electro-hydraulic or electronic components such as actuators and sensors. The system gathers data from different sensors that enable quick reaction time and high braking force, leading to short stopping distances. With vendors focusing on improving the reliability and performance, BBW system will gain traction during the forecast period.
“Governments across the world are launching stringent norms and regulations to improve the performance, reliability, and durability of different automotive systems and components. This is being done by pushing the manufacturers of such systems to adhere to the specified quality standards and specifications. Such laws and regulations are pushing the development of technologically advanced brake linings for automotive applications,” says a senior analyst at Technavio for research on capital goods.
Global automotive brake linings market: Segmentation analysis
This market research report segments the global automotive brake linings market by application (passenger vehicles and commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America).
The passenger vehicles segment held the largest automotive brake linings market share in 2018. With the improvement in economic conditions in developing automotive markets in APAC, the demand for automobiles is increasing at a significant rate. This will drive the growth of the automotive brake linings market.
The APAC region led the market in 2018 with a market share of more than 54%, followed by Europe, North America, South America, and MEA respectively. The dominance of this region can be attributed to the high consumption of commercial vehicles in countries such as South Korea, India, and China.
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SOURCE: Technavio Research
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PUB: 04/11/2019 10:10 AM/DISC: 04/11/2019 10:10 AM