(MoneyNewsWire.Net, January 28, 2020 ) According to the latest report by IMARC Group, titled “Automotive Brake Booster Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global automotive brake booster market is witnessing strong growth. An automotive brake booster is an essential component of the braking system and is located between the brake pedal and the master cylinder. It helps in smooth actuation of the brake while minimizing the amount of pedal pressure required to stop an automobile. This creates an effective braking mechanism by diverting the chances of brake failure and allowing access to the driver regardless of their strength or size. Nowadays, manufacturers are designing enhanced and high-end brake boosters that ensure a safe and comfortable deceleration of the vehicle.
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Global Automotive Brake Booster Market Trends:
The replacement of hydraulic and vacuum braking systems with electronic brakes has increased the production of electric brake boosters as they reduce the overall weight of the car and offer additional safety and comfort. Other than this, with the advancement in technology and the emergence of hybrid and electric vehicles, manufacturers have introduced more efficient and intelligent braking systems. They are also installing high-end brake boosters, including traction control system (TCS), and regenerative and anti-lock braking systems (ABS), in the latest automobile models. Additionally, the rising R&D activities, coupled with the high investments being made in the automobile industry, also play a significant role in driving the market growth. Moreover, the rapid globalization, along with the rising disposable incomes across developing countries like China and India, have increased vehicle ownership rate, which in turn is catalyzing the demand for automotive brake boosters. Looking forward, the market value is projected to expand at a CAGR of 8% during 2019-2024.
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Key Market Segmentation:
Market Breakup by Product:
1. Single Diaphragm Booster
2. Dual Diaphragm Booster
Based on the product, the market has been categorized into single, dual and other diaphragm boosters.
Market Breakup by Vehicle Type:
1. Passenger Cars
2. Commercial Vehicles
The market has been bifurcated based on the vehicle type into passenger cars and commercial vehicles.
Market Breakup by End-User:
On the basis of the end user, the market has been classified into OEMs and replacement.
Market Breakup by Region:
1. Asia Pacific
2. North America
4. Middle East and Africa
5. Latin America
Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the market has been analyzed in the report, with some of the Automotive Brake Booster Market manufacturers being Aisin Seiki Co., Ltd., Hyundai Mobis Co., Ltd., Continental AG, TRW Automotive Holdings Corp., Mando Corporation, Robert Bosch GmbH, Nissin Kogyo Co., Ltd., Hitachi, Ltd., Jilin Dongguang Aowei Brake System Co., Ltd., Wanxiang Group Corporation, Zhejiang VIE Science & Technology Co., Ltd., APG-FTE Automotive Co., Ltd., Beijing West Industries (BWI) Group, Wuhu Bethel Automotive Safety Systems Co., Ltd., Cardone Industries, Inc. and Liuzhou Wuling Automobile Industry Co., Ltd.
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