Increasing Demand for Vehicle Safety to Expand Automotive Brake Fluid Market
Market Synopsis
The automotive brake fluid market 2020 is presumed to augment at a rapid pace. These fluids are used in the hydraulic clutch to increase the efficiency of vehicles. As per the report presented by Market Research Future (MRFR), the global automotive brake fluid market is supposed to augment at 5% CAGR across the prognosis period 2018 to 2023.
These fluids are used to ensure smooth functioning of the brake system in automobiles. It has gained high importance as it ensures the safety of the vehicle, driver, passenger and pedestrians. Thus, the automotive brake fluid market is likely to gain traction over the next few years. In fact, research & development activities to increase the efficiency of the fluid is also carried on by automakers. It is also supposed to augment the automotive brake fluid market in the upcoming years.
Governments are implementing laws regarding the safety standards to be met by auto dealers. These regulations are supposed to drive the growth of the automotive brake fluid market in the upcoming years. In addition, rising disposable income is assessed to boost demand for vehicles. This, again, is expected to catapult the automotive brake fluid market on upward trajectory. Customers are investing in the maintenance of vehicles to extend their lifespan. It is poised to favor the expansion of the automotive brake fluid market in the forthcoming years. However, these fluids absorb moisture due to their hydroscopic properties. This might check the growth of the global automotive brake fluid market in the near future.
Market Segmentation
On the basis of fluid type, the automotive brake fluid market has been segmented into petroleum and non-petroleum.
On the basis of product type, the automotive brake fluid market has been segmented into glycol-based, castor oil-based, and silicone-based.
On the basis of vehicle type, automotive brake fluid market has been segmented into commercial vehicle, passenger car, and off-road vehicle.
On the basis of sales channel, automotive brake fluid market has been divided into aftermarket and OEM.
Regional Analysis
The geographical evaluation of the global automotive brake fluid market is covered in this report for presenting a detailed insight. The regional segmentation of the market covers - North America, Asia-Pacific, Europe, and the Rest of the World (RoW). These regional segments are assessed on the basis of countries for a 360-degree view of the automotive brake fluid market. APAC is supposed to observe the highest rate of growth over the evaluation period. Increasing expansion rate of the automotive industry in the region can be accredited the growth of the automotive brake fluid market. Also, production of automobiles is observed to increase along with the development of the aftermarket. These factors can have a major positive impact on the growth of the regional market. Europe is also supposed to augment at a prominent pace due to rapid developments in the automotive industry.
Competitive Dashboard
Robert Bosch GmbH (Germany), Castrol (UK), The China National Petroleum Corporation (China), Exxon Mobil Corporation (U.S.), Royal Dutch Shell plc (the Netherlands), Fuchs Petrolub SE (Germany), China Petroleum & Chemical Corporation (China), Chevron Corporation (U.S.), Total S.A. (France), and Qingdao Copton Technology Company Limited (China) are few important participants of the automotive brake fluid market. Product innovation is the key component driving competition among the players. Some of the growth strategies observed in the market are – collaborations, mergers & acquisitions, agreements, strategic alliances, and partnerships, among others. Increasing influx of players in the market is also supposed to influence market growth positively by intensifying competition. Global footprint expansion is being invested into by these players to sustain the curve, which is expected to catalyze growth rate of the automotive brake fluid market.