Global Heavy-duty Vehicle Braking System Market 2019-2023 | Growing Popularity of Lightweight Braking Systems to Promote Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 19, 2018--The global heavy-duty vehicle braking system market is expected to post a CAGR of nearly 3% during the period 2019-2023, according to the latest market research report by .
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181119005241/en/
Technavio has released a new market research report on the global heavy-duty vehicle braking system market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing demand for heavy-duty vehicles in India and Eastern Europe. The braking system is a basic component in every vehicle; the designs and types of braking systems vary based on vehicle type. The increase in demand for heavy-duty vehicles is expected to have a positive impact on the growth of the market during the forecast period. Over the years, countries such as China, Japan, North American countries, and Western European countries have emerged as the major markets for heavy-duty vehicles.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the growing popularity of lightweight braking systems as one of the key emerging trends in the global heavy-duty vehicle braking system market:
Global heavy-duty vehicle braking system market: Growing popularity of lightweight braking systems
The manufacturers of heavy-duty vehicles are aggressively working toward reducing the weight of the braking systems in their vehicles, which is encouraging them to work on the development of lighter and high-performance braking system. The requirement of lighter and durable brakes is pushing the adoption of high-performance brakes for heavy-duty vehicles across the globe. Therefore, the OEMs and tier-1 players working towards reduced weight of brakes could positively impact the market for heavy-duty vehicle braking system in the near future. The negative impact of vehicular weight on drive dynamics, fuel consumption, and emissions are the major reasons for the increasing trend of light-weighting in the braking system.
“The increasing awareness on safety technologies and improving braking technologies such as the brake-by-wire technology will reduce the requirement for metal components. Incorporation of these technologies by heavy-duty vehicle manufacturers will positively impact the heavy-duty vehicle braking system market in the future. In addition to the factors mentioned above, the use of lightweight materials is expected to have a positive impact on the growth of the global heavy-duty vehicle braking system market,” says a senior analyst at Technavio for research on automotive components.
Global heavy-duty vehicle braking system market: Segmentation analysis
This market research report segments the global heavy-duty vehicle braking system market by application (trucks and buses) and geographical regions (APAC, EMEA, and the Americas).
The trucks segment held the largest market share in 2018, accounting for nearly 79% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of over 51%. This region is expected to dominate the market through 2023, with an increase in its market share by over 2%.
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.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses 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.
If you are interested in more information, please contact our media team at .
View source version on businesswire.com:https://www.businesswire.com/news/home/20181119005241/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
INDUSTRY KEYWORD: MANUFACTURING AUTOMOTIVE MANUFACTURING AUTOMOTIVE AFTERMARKET OTHER AUTOMOTIVE
SOURCE: Technavio Research
Copyright Business Wire 2018.
PUB: 11/19/2018 08:23 AM/DISC: 11/19/2018 08:23 AM