As per the latest market intelligence report published by Stratview Research, the Automotive Pedal Market is anticipated to reach at US$ 2,254.2 million by 2023.
The research studies Automotive Pedal Market
The study finds –
- Asia-Pacific is expected to remain the largest automotive pedal market during the forecast period, driven by high production of vehicles to meet the rising indigenous demand and increasing export.
- Stamping process is expected to remain dominant process type in the automotive pedal market.
- Steel is expected to remain the dominant material type in the market during the forecast period, whereas composite is expected to witness the highest growth in the same period.
The Global Automotive Pedal Market: Highlights
The global automotive pedal market is projected to offer an impressive growth opportunity and is likely to reach an estimated value of US$ 2,254.2 million in 2023. Organic growth in automobile production owing to increasing disposable income and growing urbanization, increasing global automotive fleet size, stringent government regulations regarding reducing carbon emission reductions, such as CAFÉ Standards, and increasing demand of lightweight pedals are some of the major growth drivers of the automotive pedal market.
The automotive industry has been experiencing various technological advancements targeting vehicle performance, passenger safety, and enhancement of fuel efficiency. Most of the parts in modern vehicles are equipped with electronic components.
For instance, accelerator pedal no longer operates mechanically or via a cable linkage, rather a sensor is deployed in it to measure the position of the pedal and it transfers the data to ECU to adjust throttle elements.
Another trend that is impacting market is a growing shift from traditional metal pedals to lightweight pedals in order to reduce the weight of the pedal assembly, which contribute towards overall weight reduction and improvement in fuel economy. Glass fiber-reinforced polyamides are gaining traction market.
The market is segmented based on the vehicle type as Passenger Car, LCV, and M&HCV. Passenger car is expected to remain the growth engine of the market during the forecast period.
High production of cars across regions, especially SUVs and hatchbacks, increasing demand for lightweight composite pedals, and continuous advancements in the pedal technology are driving the demand for pedals in the passenger car segment.
Based on the material type, the market is segmented as steel, aluminum, and composites. Steel is expected to remain the dominant material type in the market during the forecast period, whereas composite is expected to witness the highest growth in the same period.
Increasing demand for lightweight materials in the automotive industry that can contribute automakers to achieve a greater fuel efficiency or to reduce carbon emissions is driving the demand for composite pedals.
Based on the manufacturing process type, the market is segmented as stamping, casting, injection molding, and others. Stamping process is expected to remain dominant process type in the automotive pedal market during the forecast period, whereas the injection molding process is expected to witness a higher growth during the same period.
In terms of regions, Asia-Pacific is expected to remain the largest automotive pedal market during the forecast period, driven by high production of vehicles to meet the rising indigenous demand and increasing export. China, Japan, and India would remain the growth engines of the Asia-Pacific’s automotive pedal market in the foreseen future.
The key automotive pedal manufacturers are F-Tech, KSR International, CTS Corporation, Toyoda Iron Works, Shanghai Kaizhong Material Science & Technology, Batz, S. Coop., and Bellsonica Corporation.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum input to the entire value chain of BMI Prepreg.
The key features of the report are -
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors.
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