LONDON--(BUSINESS WIRE)--The heavy-duty vehicle braking system market size is poised to grow by 300.75 thousand units during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Over the years, China, Japan, North American countries, and Western European countries have emerged as the major markets for heavy-duty vehicles. However, the heavy-duty vehicles market is expected to witness huge demand from Eastern European countries during the forecast period. Factors such as the increase in manufacturing activities and improvement in road infrastructure are expected to drive the demand for heavy-duty vehicles in India and Eastern Europe countries. In addition, India is witnessing a faster economic growth, which positively correlates with the growth in demand for transportation and logistics, thereby driving the demand for heavy-duty vehicles. Thus, the increasing demand for heavy-duty vehicles in India and Eastern Europe is expected to drive the growth of the market during the forecast period.
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As per Technavio, the growing popularity of lightweight braking systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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 resulting in the development of lighter and high-performance braking system. Moreover, the increasing awareness on safety technologies and improving braking technologies like the brake-by-wire technology will reduce the requirement for metal components, thereby reducing the weight of vehicle. Thus, the growing popularity of lightweight braking systems is expected to be a positive trend in the global heavy-duty vehicle braking system market.
“Factors such as the technological advances in braking systems, and the introduction of brake dust filters will have a positive impact on the growth of the heavy-duty vehicle braking system market value during the forecast period,” says a senior analyst at Technavio.
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Heavy-Duty Vehicle Braking System Market: Segmentation Analysis
This market research report segments the heavy-duty vehicle braking system market by application (trucks and buses) and geographical regions (APAC, EMEA, and Americas).
The APAC region led the heavy-duty vehicle braking system market in 2018, followed by the Americas and EMEA respectively. The growth of the heavy-duty vehicle braking system market share in APAC can be attributed to factors such as the strong economic growth, and the rising scale of manufacturing activities in India.
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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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