Absolute Markets Insights detailed analysis of its prolific knowledge storehouse titled; Automotive Pedal Market has been published. Designed using singular techniques, with detailed employment of primary and secondary research methodologies, the data presented is particular and robust. The information, thus presented factors in the different dynamics of business that have been elaborated to get a comprehensive description of changing variables. Automotive Pedal Market was Estimated to be US$ 1,545.0 Mn In 2018 and is Anticipated to Reach US$ 2,712.9 Mn By 2030 Growing at a CAGR Of 6.4% Over the Forecast Period Owing to Incorporation of Electronic Pedal Repositioning in Automobiles, Says Absolute Markets Insights.=
Global automotive pedal market is anticipated to gain a significant lift with increasing demand from automobiles owing to incorporation of electronic pedal repositioning. Electronic pedal relocation involves provision of an additional accelerator pedal on the left-hand side of footwell of a driver cabin. The accelerator pedal on the right remains fully functional. There is a switch in the centre which allows the activation of the right hand or the left-hand accelerator pedal. It also includes safety electronics which prevents the accidental switch during the driving. For example, Mercedes Benz has added electronic pedal repositioning which allows relocation of the automotive pedal according to the individual requirement. Also, the company added pedal extensions to automotive pedals for easier driver access of automotive pedals. Pedal extension is basically extending the height of the pedal up to 10 centimetres. Mercedes Benz has also introduced an additional accelerator pedal for added safety in case of failure of the existing accelerator pedal. An electronic sensor is present that allows to activate the other accelerator pedal. Rise in adoption of electronic pedal repositioning in passenger vehicles is driving the global automotive pedal market.
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Globally, rise in sale of new automobiles and aftermarket demand of automotive pedals are increasing the market size of the global automotive pedal market. Conventional automotive pedals continue to gain momentum in the market, owing to various changes in the pedal padding, pedal flexibility, improved pedal positioning among others. Global rise in adoption of regenerative braking system in automobiles is increasing the demand for automotive pedals. For example, U.S. based electric vehicle manufacturer Tesla Inc. deploys regenerative braking system in their automotive pedals. In Tesla Model 3, regenerative braking system helps in charging the vehicle’s batteries by converting the kinetic energy generated by the automotive pedal into electric energy. This process helps a vehicle to save energy and store it for future requirements, increasing the overall efficiency of the vehicle. Regenerative braking employ specific automotive pedal for energy saving process. Rise in adoption of regenerative braking increasing the demand for automotive pedals. Asia Pacific is the largest automotive market in the world. Among Asia Pacific countries, China is not only the largest automotive market in Asia Pacific but globally largest market. Rise in sale and production automobiles in China is increasing the demand for automotive pedals.
The detailed research study provides a qualitative and quantitative analysis of the global automotive pedal market. The market has been analysed from demand as well as the supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply-side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Key Findings of the Report
- In terms of revenue, the automotive pedal market is anticipated to reach US $ 2,712.9 Mn by 2027 owing to rise in demand for automotive pedals.
- On the basis of pedal type, brake pedal is estimated to have a substantial growth over the forecast period with the highest revenue of US$ 1024.69 Million owing to the rise in demand for automotive pedals because of increase in production of automobiles.
- Rise in millennial population, increase in disposable income among others are increasing the demand for automobiles which subsequently is driving the demand for automotive pedal, over the forecast years.
- On the basis of vehicle type, Cars are expected to gain a higher market share of 60.34% by 2027.
- Asia Pacific accounted for the highest market share of the global business of 51.29% in 2018. While Europe accounted for a market share of 25.47% of the global business.
Global Automotive Pedal Market
- By Pedal Type
- By Vehicle Type
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
- By Material
- By Region
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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