LONDON--(BUSINESS WIRE)--The global automotive brake hoses and lines market is expected to post a CAGR of nearly 1% during the period 2019-2023, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
A key factor driving the market is the affordability of automotive brake hoses or lines with minimal recurring cost. Automotive brake hoses and lines form an integral part of the conventional automotive braking system. A brake hose is affordable and readily available in the commercial market at minimal replacement cost. This is a major factor working in favor of the automotive brake hose market.
This market research report on the global automotive brake hoses and lines market 2019-2023 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.
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In this report, Technavio highlights remote diagnostics for the automotive braking system as one of the key emerging trends in the global automotive brake hoses and lines market:
Global automotive brake hoses and lines market: Remote diagnostics for the automotive braking system
Developments in remote diagnostics technology have made the diagnostic work easier and simpler for automotive technicians. There are several players who are continuously working on preventive maintenance technology as well, which can detect the issues or problems before they become serious concerns. This technology aids in actively monitoring the health of vehicle components and notifies customers about the needed attention. In the automotive braking systems, remote diagnostics is expected to find higher applications, as it can help prevent vehicle recalls.
“Presently, most of the automakers operating in the global automotive market follow a reactive approach, where manufacturers announce a recall after a vehicle encounters a problem. In such cases, the vehicle must be taken to the service centers wherein the technicians either manually replaces the concerned ECU or reprograms the ECU to resolve the issue. However, in remote diagnostics, a remote diagnostic center would receive this data over a network link to formulate an apt fault detection and isolation response,” says a senior analyst at Technavio for research on automotive components.
Global automotive brake hoses and lines market: Segmentation analysis
This market research report segments the global automotive brake hoses and lines market by application (passenger vehicles and commercial vehicles) and geographical regions (APAC, EMEA, and the Americas).
The passenger vehicles segment held the largest market share in 2018, accounting for nearly 78% 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 nearly 54%. This region is expected to dominate the market through 2023, with an increase in its market share by over 1%.
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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
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