Future Market Insights’ study on the development of passenger cars market over the forecast period (2017-2027) highlights key factors that are influencing the global automotive brake system and components market along with restraints and provides the revenue value forecast for the 10 years assessment period. In the global automotive brake system & components market, passenger car vehicle segment earned revenue growth above $40 Billion in 2016 and is estimating a value share of US$ 25 Billion in 2016-2027. This segment is focusing on the developing countries to grow the production and sales rate with a predicted 70% value share in 2017 and 74% value share in 2027. Besides, this segment is also predicting to achieve a growth rate from 3.7%-4.7% along with a CAGR of 4.4% during the forecast period.
Analysis of Global Automotive Brake System & Components Market
The high-end and luxury cars of both OEM and aftermarket channels, are expecting a growth in sales through automotive brake system & components market during the years to come. It is observed that a strong and overall safety and security system is mandatory to these cars due to their high performance, which is based on raw power and high speed. Out of the other systems presented in the cars, braking system is the most important safety system component. Keeping safety and security essentials for driving in mind, customers are now looking for cars with new technology and high performance. Henceforth, cars such as sports model, SUVs and luxury cars are on high demand in the global automotive brake system & components market. In this way, the passenger car segment is likely to witness an increasing demand for safety luxury cars in the assessment period. In addition, the published report has also analyzed government’s plan of executing some rules or promotions to drag the customers’ mind towards safety vehicles. This will also drive the global automotive brake system & components market with an increasing demand for passenger cars through 2027.
Regional Stance of Passenger Car Vehicle Segment in Global Automotive Brake System & Components Market
The automotive brake system & components market in North America is predicted to grow rapidly based on passenger car segment. In 2016, this segment was expected to share revenue growth of $5,566 Million and is anticipating $9000 Million in 2027 with an increased CAGR of 5% over the forecast period. Owing to the growth in revenue value, there is a possibility of modification in customer’s choice. The market for automotive brake system & components in Latin America is estimated 60% value share till 2027 through its passenger car segment. Furthermore, this segment is driving the revenue growth of APEJ automotive brake system & components market to 80% in 2017. Owing to turn this segment into a prominent one, the market for automotive brake system & components market in APEJ is estimated to bring in 280 BPS in 2027.
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