The scope of study involves understanding the factors contributing to the growth of the automotive disc brake market. It also includes estimating and forecasting the revenues, as well as conducting the market size analysis, along with spotting significant market players and their key developments.
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According to the new research report titled “Automotive Disc Brake Market Forecast to 2028 - COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 20,016.4 billion by 2028, registering a CAGR of 3.7% during 2021-2028.
APAC Automotive Disc Brake Market to Grow at Highest CAGR During Forecast Period
In APAC, India, China, South Korea, and Japan are among the world's leading vehicle manufacturers. The robuts performance of automotive industry and an increasing number of automotive manufacturers are the major factors propelling the growth of the automotive disc brake market in the region. The rapid growth of the automotive sector in APAC is attributed to expanding Indian and Chinese economies, as well as the high disposable incomes among the populace in South Korea, Japan, and other countries. To retain a broad customer base and garner more sales, car manufacturers tend to integrate cutting-edge braking solutions in their cars. As a result, the automotive disc brake market in APAC is growing owing to a strong automotive sector and rising safety concerns.
The countries in APAC region are in the process of accepting electric and environmentally friendly veehicles as a prominent means of transportation in the upcoming years. With the increase in the adoption of electric vehicles, the demand for regenerative brakes is expected to grow exponentially, which would play an influential role in boosting the production cycle of automotive disc brakes.
Impact of COVID-19 Pandemic on Formwork System Market
The COVID-19 pandemic has negatively impacted several industries. The tremendous increase in the spread of the virus has forced governments worldwide to impose strict restrictions on movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has affected economies and countless industries in various countries. The imposition of lockdown has resulted in a drastic decline in production and service activities. Manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities.
The COVID-19 impact on the automotive sector has led to the shutting down of assembly plants, slowdown in manufacturing processes, and disruptions in the supply chain. This has resulted in a significant drop in vehicle sales in early 2020, fueled by oil price fluctuations and economic slowdown in various regions. Despite the significant impact of COVID-19 on the automotive industry, commencement of production and product launch of new cars in several countries is driving the automotive disc brake market growth.
Key Findings of Study:
With the continuity in the market growth, the rise in the sales of passenger cars is accelerating the development phase of the brakes market in Asia. At the same time, the regulatory mandates for making vehicles safer is another factor leading to the requirement of advanced braking systems such as anti-lock braking systems and electronic stability control. Poor braking system, along with factors such as carrying more than the permitted load, overspeeding of vehicle, and slippage, can cause accidents. This factor is creating the need for efficient brakes to ensure the safety of both occupant/s and vehicle. Due to the increase in road accidents in countries such as India and China, the demand for disc brakes is becoming more prevalent. In 2018, nearly 4.61 lakh road accidents and 1.49 lakh road fatalities were recorded in India. Meritor provides air drum brakes and disc brakes to help in reducing road accidents due to brake failure. In addition, China is promoting the adoption of disc brakes for hazardous goods carrying vehicles. This inclination to provide enhanced safety to drivers and passengers, as well as pedestrians, is expected to drive the market growth.