The Global Automotive Brake Fluid Market was valued at USD 2,690.4 Million in 2019 and is projected to reach USD 2,692.9 Million by 2027, expanding at a CAGR of 2.0% during the forecast period. The global automotive brake fluid market is driven by factors such as growing number of automotive original equipment manufacturers (OEMs) and car service providers, product innovations in automotive brake fluids, increasing demand for commercial vehicles, and emerging vehicle financing. Conversely, frequent need to change automotive brake fluid and replacement of traditional hydraulic braking systems by brake-by-wire are likely to restrain the market.
Market Dynamics
In the last decade, the automotive industry has made tremendous progress due to the extreme production of highly automated digital vehicles. Automotive manufacturers and OEMs are deploying new technology to extend its customer base through its products. Manufacturers are offering a wide range of fluid technologies to ensure that the engine braking, air conditioning, and engine systems work safely and efficiently. Most of the automotive brake fluid manufacturers offer a complete line of DOT 3, DOT 4, DOT 5.1, and racing brake fluids. Manufacturers are considering safety, reliability, and comfort factors to innovate the automotive brake fluids. Brake systems are increasingly complex and need greater reliability, as the automotive industry explores revolutionary technology to achieve a fuel efficiency benefit. Properties such as wet and dry boiling point, lower temperature viscosity, corrosion resistance, braking system-compatibility, and long-term stability are considered in brake fluid innovation. This, in turn, increases the demand for automotive brake fluid during the forecast period.
Digitization and increased infrastructure spending are expected to increase the demand for commercial vehicles during the forecast period. The demand for heavy-duty commercial vehicles is anticipated to increase during the forecast period due to rising tourism and growing construction, mining, and logistics activities across several countries worldwide; therefore, automakers have introduced plans to expand its HCV business in potential regions to meet the increasing demand for HCVs at the global level. Rise in commercial vehicle leasing and rentals due to the growing demand for operating efficiencies and achievement of economies of scale by companies in various sectors are increasing the demand for automotive brake fluid during the forecast period.
Regional Outlook
On the basis of regions, the automotive brake fluid market is categorized as North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounts for a significant share of the market and is projected to expand at substantial pace during the forecast period due to the increasing rate of adoption of automotive braking fluid, rising production of automotive brake fluid in China and India, and rapid expansion of the automotive industry in the region. The market in North America and Europe is expected to grow at a significant pace during the forecast period due to the increasing demand for passenger vehicles in these regions. Latin America constitutes as key share of the market due to improving mineral mining practices and high investments in the mining industry. Chile and Peru are home to a large number of copper and gold mines, which is increasing metal exploration activities in the region. Favorable mining regulations are increasing the number of overseas investors, particularly in Peru, Chile, and Colombia. These, in turn, increase the demand for off-road vehicles, which drives the market in the region.
CLick For Free Sample Report – https://growthmarketreports.com/request-sample/117
Competitive Landscape
- The prominent manufacturers operating in the Automotive Brake Fluid market include BASF SE, Exxon Mobil Corporation, Chevron Corporation, China FAW Group Co., Ltd., China National Petroleum Corporation, Robert Bosch GmbH, Lubrication Engineers, COPTON Technology Co.,Ltd, Guangdong Delian Group Co., ltd., China Petrochemical Corporation, Kuwait Petroleum Corporation, Honda Motor Co., Inc, Prestone Products, DuPont, Gulf Oil L.P., Clariant, Motul, Castrol Limited and Knorr-Bremse AG.
- The global automotive brake fluid market is moderately consolidated in nature with the presence of key manufacturers located in North America, Europe and Asia Pacific. The threat of new entrants is expected to remain moderate during the forecast period. Opportunities for new players is moderate, as they need to adhere to a series of regulatory standards and inspections before product establishment.
- In 2020, BASF SE unveiled a one-liter packaging of its premium brake fluid Hydraulan 404 for the aftermarket in China. The packaging is bilingual to directly address local consumer needs and provides comfort for China body shops. The braking system is one of the vehicle's most critical safety features. It needs to meet the high standards needed by automobile manufacturers, the automotive industry and the regulations on safety in the automotive sector.
About Growth Market Reports:
GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys.
Contact:
Growth Market Reports
Phone: +1 909 414 1393
Email: sales@growthmarketreports.com
Web: https://growthmarketreports.com
Follow Us: LinkedIn | Twitter
0
