Automotive Brake Valve Sales to Soar, Majorly Buoyed by ABS Installations in Passenger and Commercial Vehicles: FMI
Witnessing a prominent boost from the demand for high-speed racing cars, the global automotive brake valve market is set for a promising CAGR during 2019 - 2027. The sales of automotive brake valves will witness an uptick with the growing stringency of regulations to mandate anti-lock braking system (ABS) fitment in passenger cars and commercial vehicles, says a new study. Increasing sales of integrated electronic braking systems and electrohydraulic brake valves in automotive brake systems would elevate market prospects in the following years. Towards the end of forecast period, global sales of automotive brake valves are foreseen to reach in excess of US$ 8 Bn.
Automotive Brake Valve Market - Key Takeaways
- Introduction and adoption of advanced vehicle security systems in passenger cars and commercial vehicles is a key factor identified to drive automotive brake valve market growth. ABS installation is projected to gather significant momentum for on-road as well as off-road vehicle fleet, over the forecast period.
- Increasing installation of ABS in all classes of passenger cars as well as commercial vehicles is augmenting demand for automotive brake valves.
- Moreover, use of advanced braking systems in high-speed racing cars that are subject to wear and tear is also expected to play a vital role in bolstering demand for automotive brake valves.
- In most cases, brake valves are procured by brake system manufacturers or assemblers. These are then fitted in brake systems of passenger cars and commercial vehicles. Efficient and proper value chain will further augment the growth of automotive brake valve market.
- Integration of electronics in brake systems and use of advanced technologies such as EBD, SSR, ESP, traction control and brake assist (BA) in ABS, further enhance the overall efficiency of vehicles, in turn, reducing the fitment of conventional brake valves. However, combinational and proportional brake valves are still used along with ABS to maintain tractive contact with the road.
- In case ABS fails or dysfunctions, vehicle’s regular braking system that comprises of combinational brake valves and proportional brake valves control braking activities of the vehicle. Moreover, in many newer vehicles valve assembly can get replaced separately from the ABS control module, thereby increasing opportunities in the aftermarket segment.
Considerably fair shelf life, and thus, low replacement rate of automotive brake valves will remain among the key factors limiting growth of the global market to a large extent, throughout forecast period.
Automotive Brake Valve Market to Grow in Parallel with ABS Production
The global automotive brake valve market is estimated to witness decent growth over the forecast period. Rapidly growing automotive industry, especially production and sales of sports cars, is substantially boosting demand for automotive brake valves. East Asia will retain its dominance in the global automotive brake valve market owing to comparatively higher vehicle fleet, followed by South Asia and North America.
Who Is Winning?
Automotive brake valve market is identified to be consolidated, comprising of market players such as Wabtec Corporation, Master Power Brakes, and Parker Hannifin Corp. Market players forming supply contracts with local and regional automotive ancillaries are expected to drive market growth. Furthermore, tie-ups between ABS and brake valve manufacturers are fueling automotive brake valve market growth. Moreover, continual dependency of local automotive OEMs on aftermarket sales will surge demand for automotive brake valves during the forecast period.
These insights are based on a report on Automotive Brake Valve Market by Future Market Insights.a