Rising Sales of Automobiles to Push Automotive Brake Components Demand at 4.2% CAGR by 2032

Implementation of Vehicle Safety Regulations to Catapult Automotive Brake Components Sales to Exceed US$ 75.6 Bn by 2032

An exhaustive study published by Fact.MR provides compelling insights into upcoming opportunities and emerging trend. It also offers an in-depth analysis of the global automotive brake components market to assist readers gain a 360-degree view across prominent regions for the assessment period. The report also reveals key governing factors favoring the market in term of product type, vehicle, and sales channel.

NEW YORK, May 23, 2022 /PRNewswire/ -- Overall sales in the global automotive brake components market are estimated to reach US$ 49.9 Bn by 2022. The demand for automotive brake components is anticipated to surpass US$ 75.6 Bn by the end of 2032, in comparison to the US$ 48.1 Bn registered in 2021.

Over the last few years, there is a significant rise in sales of automotive vehicles across the globe, owing to the increasing disposable income and growing consumer spending on comfort traveling, creating strong demand for associated components.

For instance, according to a study by the India Brand Equity Foundation, nearly 3.08 Mn units of passenger cars were sold across India in 2021, exhibiting 26.6% growth compared to the sales in 2020. This rise in sales of automobiles are expected to augment the demand for automotive components such as tires, transmission components, brake components, and others, thereby driving the growth in the market.

On account of this, the sales of automotive brake components are projected to rise at a CAGR of 4.2% during the forecast period 2022-2032.

For Critical Insights on Automotive Brake Components Market, Request for More Info at:

https://www.factmr.com/connectus/sample?flag=S&rep_id=24

Government in numerous countries are implementing stringent standards and regulations for enhancing passenger and vehicle safety to curb the rising incidence of road accidents.

For instance, the National Highway Traffic Safety Administration (NHTSA) and the U.S. Department of Transportation (DOT) have implemented a set of standards mandating the use of automatic emergency braking for providing dynamic braking. A multiplicity of such regulations are estimated to bolster the sales of automotive brake components by 1.2X between 2022 and 2032.