Increasing demand for automatic cars and fuel-efficient vehicles is expected to drive the demand of global automotive brake band market in the forecast period, 2023-2027.
According to TechSci Research report, “Automotive Brake Band Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global automotive brake band market is anticipated to grow at a steady rate in the forecast period, 2023-2027. Increase in sales of commercial vehicles and passenger cars and the high demand for lightweight vehicles are the driving factors of the global automotive brake band market.
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The global automotive brake band market is segmented by transmission type, vehicle type, propulsion, demand category competitional landscape, and regional distribution.
Based on the 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, 2023-2027. Automatic transmission boosts the convenience and comfort of the vehicle as it is easy to use and can make the vehicle navigate through dense traffic smoothly.
Based on the vehicle type, the global automotive brake bands market is divided into passenger cars, LCV and M&HCV. The passenger car segment followed closely by LCV is expected to hold the largest market share in the forecast period. High sales of passenger cars due to the increasing purchasing power of consumers are making the market players adopt measures amplifying the comfort and convenience of customers. The introduction of passenger cars with increased fuel mileage, lower fuel consumption, high seating capacity is attracting several customers across the globe. The transmission system is changing rapidly and has shifted from simple four automatic transmissions to complex eight to nine automatic transmissions is expected to influence the market demand.
Based on the propulsion, the global automotive brake bands market is divided into petrol/CNG, diesel, and 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 effect of harmful carbon emissions on the environment and supportive government policies in incentives, income tax rebates influence market demand.
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Based on the demand category, the global automotive brake bands market is bifurcated into OEM and replacement. The replacement segment is expected to witness the growth of the highest CAGR in the forecast period. The aging vehicle has an older transmission system, and with time the band requires adjustments as they witness wear and tear. Market players diagnose the problem by checking whether the band requires band adjustment and provide solutions accordingly. Replacing the brake band is preferred as they play a crucial role in maintaining its efficiency and performance. The developing automotive industry and the need to get optimum vehicle performance is expected to fuel the growth of the replacement brake band segment.
Based on the regional analysis, the Asia-pacific region is dominating 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 the sales of automobiles. Availability of cheap labor and government incentives to support the manufacturing industry are expected to fuel the 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
Press Release: https://www.techsciresearch.com/news/6870-automotive-brake-band-market-to-be-dominated-by-automatic-transmission-at-through-2027.html
“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 bands 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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