This growth in urban population along with rising number of demand for better transportation networks. In the last two decades, both developed and developing countries faced increasing traffic congestions.
The market for passenger cars is expected to show good growth during the forecast period. The passenger car vehicle type segment in the global brake components market is estimated to account for more than 70% value share in 2017 and is expected to gain more than 200 basis points to reach approximately 74% value share by 2027.
This gain can be attributed to an increase in the production and sales of passenger vehicles in developing countries and increasing vehicle parc across the world. The passenger car segment is projected to increase at Y-o-Y growth rates ranging from 3.7% to 4.7% during the forecast period.
This segment is slated to be valued at around US$ 68 Bn by 2027.
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Growing demand for luxury and high performance cars expected to boost revenue growth of the passenger car segment
The automotive brake system & components market is contributing to the growth in sales of luxury and high-end cars, both in the OEM & aftermarket channels. High speed and raw power define high performance of these cars, which is why these cars require a robust safety system.
The most crucial element of their safety system is the braking system. With growing sales of SUVs, luxury and sports models, customers not only look for performance but want their vehicles to be equipped with advanced technologies so as to ensure the safety of occupants while driving.
This increasing demand for safety systems in luxury cars is driving the growth of the passenger car segment in the global automotive brake system & components market.
Governments across geographies have made numerous efforts to divert the attention of vehicle owners towards vehicle safety, either through imposing regulations or through publicity and promotion. Such activities across the globe are expected to turn customer focus towards equipping vehicles with robust safety systems and updating them during the operational life of the vehicle.
This in turn will not only boost the sales of brake systems and related components but also drive the passenger car segment growth.
The significant use of passenger cars is also boosting the global automotive brake system & components market. With consumers’ interest in passenger cars equipped with novel safety technologies, government schemes and regulations boosting deployment of advanced technologies in commercial vehicles and the integration of electronics is expected to significantly drive market growth over the forecast period.
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Market value share of the passenger car segment is expected to grow further during the forecast period in North America
The passenger car segment in the North America automotive brake system & components market was valued at US$ 5,566 Mn in 2016 and is anticipated to increase at a CAGR of 5% during the forecast period to be valued in excess of US$ 9000 Mn by 2027. This gain can be attributed to changing preferences of customers in this region.
The passenger car segment in the Latin America automotive brake system & components market is expected to hold close to 60% value share by 2027. In the APEJ automotive brake system & components market, the passenger car segment is estimated to account for a market value share of more than 80% in 2017.
The passenger car segment is expected to gain 280 BPS by 2027 as compared to 2017, making it a highly attractive segment by vehicle type in the APEJ automotive brake system & components market.
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