NEW YORK, The “Heavy-duty Vehicle Braking System Market by Application (Trucks and Buses) and Geography (APAC, North America, Europe, South America, and the Middle East and Africa) – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the heavy-duty vehicle braking system market from 2021 to 2026 is USD 99.87 million. To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.
Key Market Dynamics:
Key Market Driver
Increased demand for heavy-duty vehicles in countries such as China, Japan, and India is one of the primary reasons driving the worldwide heavy-duty vehicle braking system market growth. The exponential development in demand for heavy-duty vehicles in India and Eastern European countries is predicted to propel the heavy-duty truck industry, as well as the worldwide heavy-duty vehicle braking system market, throughout the forecast period. Furthermore, India is seeing quicker economic growth, which is favorably correlated with an increase in transportation and logistics demand. As a result of all of these factors, demand for heavy-duty vehicle braking systems is likely to increase in the future years.
Key Market Challenges
The fall in profit margins due to high manufacturing costs is one of the major barriers to the global heavy-duty vehicle braking system market’s growth. The cost of manufacturing automobiles has increased significantly as the cost of raw materials such as hardened steel, cast iron, stainless steel, and other metal alloys has risen. The rising competition in the heavy-duty vehicle braking system market prevents braking system manufacturers from passing on higher raw material and manufacturing costs to OEMs in order to obtain a competitive advantage and maintain their market position. Such factors would make it harder for leading suppliers to achieve optimal market penetration, which will have a negative influence on market growth over the projection period.
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The heavy-duty vehicle braking system market report is segmented by Application (Trucks and Buses) and Geography (APAC, North America, Europe, South America, and the Middle East and Africa). APAC will be the leading region with 37% of the market’s growth during the forecast period. The US, China, India, Germany, and the UK are the key market for heavy-duty vehicle braking systems in APAC.
During the projected period, the trucks category will have a considerable increase in market share for heavy-duty vehicle braking systems. Heavy-duty truck demand is expected to rise as a result of investments in the building, infrastructure, and industrial sectors, particularly in growing economies like India, Brazil, China, and other Eastern European countries.
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