Two-Wheeler Brake Component Market to Witness Huge Growth by 2024
Added: (Tue Jul 23 2019)
TechSci Research performed both primary as well as exhaustive secondary research for Two-Wheeler Brake Component Market study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analysed the service offerings, distribution channels and presence of all major collaboration solution providers across the globe.
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Global two-wheeler brake component market stood at $ 6 billion in 2018 and is projected to reach $ 10.5 billion by 2024, growing at a CAGR of over 9%. Anticipated growth in the market can be attributed to increasing demand for two wheelers in developing nations. Moreover, stringent government regulations and mandates with reference to two-wheeler safety, in addition to government initiatives in economies such as China and India aimed to promote two-wheeler safety is further driving global two-wheeler brake component market. The main function of a brake component is to reduce the speed and stop the vehicle along with rider control. Two-wheeler braking components, such as brake caliper, brake shoe, and brake pad, are responsible for producing the braking effect in vehicles. Emergence of anti-lock braking systems (ABS), Combined braking system (CBS) and other technological advancements have gained popularity in the last few years, which is further driving demand for brake components.
Global two-wheeler brake component market can be categorized based on vehicle type, product type, sales channel and region. Disc and drum are two major brakes used in two wheelers. In terms of product type, the market for two-wheeler brake component can be segmented into brake caliper, brake shoe, and brake pad. Disc brake pad segment is expected to grow at a significant rate during forecast period owing to their high preference and demand in 125cc and above segment. In terms of vehicle type, Scooter/Moped is the largest segment and is likely to continue its dominance during the forecast period as well, on the back of their high demand in emerging nations such as China, India, Indonesia among others.
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Globally, two-wheeler brake component market is gaining traction and expanding to various regions including Asia-Pacific, South America, Europe, North America and Middle East & Africa. Asia-Pacific dominates global two-wheeler brake component market owing to rising two-wheeler production in economies such as India, China, Indonesia and Philippines.
Major players operating in global two-wheeler brake component market include Brembo S.p.A., Akebono Brake Industry Co., Ltd, Nissin Kogyo Co., Ltd., Bosch Limited, AC Delco, etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
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Submitted by:Mason Cooper