Rise in the youth population and increasing vehicle ownership is expected to drive the demand of the global automotive brake pedal rubber market for the forecast period.
According to TechSci Research report, “Automotive Brake Pedal Rubber Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, OTR), By Demand Category (OEM vs Replacement) and By Region”, the global automotive brake pedal rubber market is expected to witness a growth of steady CAGR for the forecast period, 2022-2026. The automotive brake pedal is located below the automobile dashboard in the driver seat of the automobile. The brake pedal plays a vital role in the functioning of the vehicle actuator system, which is required to control the brake, clutch, and accelerator of the vehicle. The automotive pedals are integrated with the vehicle, and these are controlled by foot. The rubber is used as an outer covering of the automotive brake pedal to protect the brake pedal from wear and tear and ensure the proper functioning of the vehicle. Market players are providing excellent after-sales service to the customer to ensure high sales of the automotive brake pad rubber. The rise in the sales of passenger cars, light, and heavy commercial vehicles is creating the demand for manufacturing the automotive brake pad rubber market. The increase in industrialization rate in the developing economies fuels the need for heavy commercial vehicles to maintain the supply chain, which is expected to foster the demand for the global automotive brake pad rubber market for the next five years. Shift from the traditional metal pedals to lightweight pedals to lower the weight of the pedal assembly, contributing to the reduction in the overall weight and thereby increasing the fuel efficiency of the vehicle. Market players are making technological advancements to increase the efficiency of vehicles. The incorporation of electronic components to provide additional features in the cars is fueling the sales of four-wheeled vehicles, which in turn is expected to boost the global automotive brake pad rubber market.
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Global automotive brake pedal rubber market is segmented into vehicle type, demand category, regional distribution, and company. Based on the vehicle type, the market is divided into passenger car, light commercial vehicles, medium & heavy commercial vehicles, and OTR. The passenger car segment is expected to hold the largest market share for the forecast period, 2022-2026. The shift in the consumer preference for vehicle ownership over availing public transport services is the key driving factor for the passenger car segment. High production of passenger cars than commercial vehicles and the rapid urbanization and rise in the disposable income of the consumers is expected to boost the demand for passenger cars in the next five years.
Based on the demand category, the market is bifurcated into OEM and replacement. The replacement segment is expected to witness the fastest incremental growth for the next five years. The low cost and the easy availability of automotive brake pedal rubber at the nearby servicing centers are driving the market demand. Brake pads are easy to install to directly replace the lost or damaged rubber brake pad without external support. The rider can purchase the brake pad rubber through online or offline channels and can conveniently replace the brake pad rubber.
Hebei Shida Seal Group Co., Ltd., Qingdao Protech Rubber & Plastic Co., Ltd., BOGE Elastmetall GmbH, Dorman Products, Inc., Kelpro, Inc. are the leading players operating in global automotive brake pedal rubber market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market.
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“Market players are making high-end investments for technological advancement of the vehicles by increasing the performance and fuel efficiency of the vehicles, which in increasing the sales of automobiles across the globe. The use of online platforms by the market players to sell automotive brake pad rubber by providing lucrative discounts and offer along with the facility of quick dispatch and exchange to expand the product's consumer base is significantly contributing to the market growth. Rising urbanization and formation of new e-commerce and retail platforms requiring efficient logistics is expected to propel the global automotive brake pad rubber market till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Automotive Brake Pedal Rubber Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, OTR), By Demand Category (OEM vs Replacement) and By Region” has evaluated the future growth potential of global automotive brake pedal rubber market and provided statistics & information on market size, shares, 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 the of global automotive brake pedal rubber market.
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