The automotive brake linings market is expected to grow by USD 167.06 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Automotive Brake Linings Market 2020-2024 (Graphic: Business Wire)
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Automotive brake linings are inexpensive and cost-effective. Besides, the availability of numerous local and global brake lining manufacturers has intensified the competition in the market and resulted in price wars. Moreover, brake lining manufacturers are increasing the availability of their products in both online and offline distribution channels, which has further increased the availability of low-cost automotive brake lining products to end-users. These factors are fueling the growth of the global automotive brake linings market.
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As per Technavio, the increase in the production of passenger and commercial vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Brake Linings Market: Increase in Production of Passenger and Commercial Vehicles
The automotive industry has witnessed a significant increase in the production of vehicles over the years. For instance, in 2018, the market witnessed the production of almost 78 million passenger vehicles, registering a growth of about 4% compared to that of 2017. Similarly, the medium and heavy commercial vehicles segment witnessed the production of about 4.99 million units, registering a growth of about 4.1% compared to 2017. Therefore, the increase in the production of automobiles will have a positive impact on the growth of the global automotive brake linings market during the forecast period.
"Stringent regulations on automotive braking system and the development and penetration of technologically advanced brake linings will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Automotive Brake Linings Market: Segmentation Analysis
This market research report segments the automotive brake linings market by Application (passenger vehicles and commercial vehicles) and Geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive brake linings market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increased demand for heavy-duty trucks in developed automotive markets such as Japan, South Korea, and Australia.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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