According to the TechSci Research report titled “Automotive Brake Band Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027,” the global automotive brake band market is expected to witness steady growth in the forecast period of 2023-2027. The market is driven by an increase in the sales of commercial vehicles and passenger cars, along with a high demand for lightweight vehicles.
The global automotive brake band market is segmented based on transmission type, vehicle type, propulsion, demand category, competitive landscape, and regional distribution.
Regarding transmission type, the global automotive brake band market is divided into automatic transmission (AT), automated manual transmission (AMT), dual-clutch transmission (DCT), continuously variable transmission (CVT), and others. The automatic transmission segment is expected to lead the market in the forecast period of 2023-2027. Automatic transmission enhances the convenience and comfort of the vehicle as it is easy to use and allows smooth navigation through dense traffic.
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In terms of vehicle type, the global automotive brake band market is divided into passenger cars, LCV, and M&HCV. The passenger car segment, closely followed by LCV, is expected to hold the largest market share in the forecast period. High sales of passenger cars due to increased purchasing power of consumers drive market players to adopt measures that enhance the comfort and convenience of customers. The introduction of passenger cars with increased fuel mileage, lower fuel consumption, and high seating capacity attracts several customers across the globe. The transmission system is rapidly changing, shifting from simple four automatic transmissions to complex eight to nine automatic transmissions, which is expected to influence market demand.
Regarding propulsion, the global automotive brake band market is divided into petrol/CNG, diesel, electric, and hybrid. The electric and hybrid segment is expected to witness the fastest incremental growth in the forecast period. Growing awareness about the adverse effects of harmful carbon emissions on the environment and supportive government policies with incentives and income tax rebates influence market demand.
Based on the demand category, the global automotive brake band market is bifurcated into OEM and replacement. The replacement segment is expected to witness the highest CAGR growth in the forecast period. Aging vehicles have older transmission systems, and with time, the brake band requires adjustments as they witness wear and tear. Market players diagnose the problem by checking whether the brake band requires adjustment and provide solutions accordingly. Replacing the brake band is preferred, as it plays a crucial role in maintaining its efficiency and performance. The developing automotive industry and the need to achieve optimum vehicle performance are expected to fuel the growth of the replacement brake band segment.
Concerning regional analysis, the Asia-Pacific region dominates the market and is expected to maintain its dominance throughout the forecast period. The high population density in the region and the improved purchasing power of consumers are boosting automobile sales. Availability of cheap labor and government incentives to support the manufacturing industry are expected to fuel market demand in the region. The concentration of major market players in countries like South Korea, China, and Japan, and the intense competition among them are expected to create market growth opportunities in the forecast period.
Major market players operating in global automotive brake band market are:
- Continental AG
- Robert Bosch GmbH
- Knott Brake Co
- Cook Bonding & Manufacturing Co., Inc.
- Phoenix Friction Products
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“Automotive brake band players are using cutting-edge technologies to advance the existing system to smoothen the transmission and increase fuel efficiency. Novel automatic transmission system containing solenoid, computer, sensors, and the surge in the use of technologies like TEHCM which combine the transmission control module, valve solenoid, merge the temperature and pressure unit into one is expected to fuel the market demand for next five years. With the manufacturing of sophisticated components in automobiles and smoothening the gear shifting process to enhance the driving experience, the global automotive brake band market is expected to propel the global automotive brake band market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Automotive Brake Band Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, has evaluated the future growth potential of global automotive brake band and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global automotive brake band market.
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