LONDON--(BUSINESS WIRE)--The global automotive brake wheel cylinder market size is expected to post a CAGR of close to 3% during 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Consumers are increasingly preferring SUVs due to factors such as the comfort and safety level of SUVs, the introduction of low-cost compact and mini SUVs, higher seating capacity, and the off-road capabilities of SUVs. SUVs accounted for about one-third of the global vehicle sales in 2018. Moreover, with the growing demand for SUVs installing drum brakes on rear wheels for reducing the overall cost of vehicles, the need for automotive brake wheel cylinders will also rise in the forthcoming years.
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As per Technavio, the emergence of electric parking brakes (EPBs) will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.
Automotive Brake Wheel Cylinder Market: Emergence of Electric Parking Brakes (EPBs)
Rising concerns about vehicle safety, comfort, and vehicle electrification have been paving way for the adoption of electric parking brakes in vehicles. EPBs enable the reduction of regular wear and tear of braking components. In addition, EPBs provide added freedom and options for the vehicle manufacturers to design vehicle interiors as it eliminates the need for hand brake levers. Furthermore, increasing initiatives for mandating advanced safety technologies such as electronic stability control in vehicles is likely to create numerous opportunities for drum brake components including the automotive brake wheel cylinders market. Thus, the growing adoption of EPBs will further aid in the automotive brake wheel cylinder market growth during the forecast period.
“Apart from the emergence of EPBs, other factors such as the increasing adoption of additive manufacturing in the automotive industry, increase in the global sales of medium and heavy-duty vehicles, and increase in the adoption of SUVs by consumers are expected to boost the automotive brake wheel cylinder market growth during the forecast period,” says a senior analyst at Technavio.
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Automotive Brake Wheel Cylinder Market: Segmentation Analysis
This market research report segments the automotive brake wheel cylinder market by vehicle type (passenger cars and commercial vehicles) and geography (APAC, North America, Europe, South America, and MEA).
APAC led the market in 2018, followed by North America, Europe, South America, and MEA, respectively. The regional automotive industry is witnessing an ongoing expansion in emerging economies of the region including India and China due to the improved and stabilized socioeconomic conditions. In addition, the expansion of construction sector and mining industry is another key factor driving the demand for commercial vehicles in the APAC region, thereby boosting the adoption of automotive components including automotive brake wheel cylinders.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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