VALLEY COTTAGE, N.Y. – As per a recent study by Future Market Insights (FMI), the global automotive brake valve market was valued at US$ 5.3 Bn in 2018, and is projected to grow at a CAGR of 5.3% during the forecast period 2019-2027. Significant growth of the automotive brake valve market is attributed to an increase in the number of electric cars in the developed markets.
Governments’ stringent safety rules and mandatory regulations in regards to installation of brake valves in commercial and passenger vehicles are further impacting the market growth. Moreover, rapid consumer inclination towards higher-performing vehicles is expected to influence the demand for anti-lock braking system (ABS) modular valves.
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Key Takeaways – Automotive Brake Valves Market Study
- By 2027, automotive brake valves of around US$ 2.9 Bn are expected to be installed in compact cars. Manufacturers are focusing on capitalizing on rapidly increasing sales of luxury vehicles, followed by sports vehicle utility (SUV) and heavy commercial vehicles (HCV), and mid-size vehicles.
- FMI finds that sales of ABS modulator valves reached US$ 4.2 Bn in 2018, and are expected to account for major share of the total revenue. From safety perspective, manufacturers are paying more attention to ABS brake valves to meet the legal and safety requirements, in addition to attracting large segment of consumers.
Preview Analysis of 2019 Analysis and Review of Automotive Brake Valve Market by Product – Combinational Valves, Quick Release Valves, ABS Modulator Valves, Foot & Hand Brake Valves, Parking Brake Valves, Emergency Valves, Check Valves, Spring Valves, And Proportional Valves for 2019 – 2027:https://www.futuremarketinsights.com/reports/automotive-brake-valves-market
- Tie-ups and supply contracts between key market players and automotive ancillaries have been on the rise, in the view of developing advanced automotive brake valves and building stronger distribution networks.
- Stringent government legislation and mandatory installation of ABS in all on-road and off-road commercial and passenger vehicle fleet will remain major growth driver over the forecast period.
- A rise in the integration of advanced electrical components in ABS such as EBD, ESC, SSR, ESP, and brake assist in high-end vehicles is continuously steering up the production rate of ABS modulator valves.
- East Asia market held the largest share of the global automotive brake valve market. China, Japan, and South Korea are expected to play a major role in market expansion, on the backdrop of increased vehicle production.
- With emergence of China as the world’s largest automotive industry and increasing number of manufacturers establishing their business in East Asian countries, the regional market is expected to experience a notable increase in sales and revenue.
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“Major manufacturers and suppliers are taking initiatives to potentially form alliances and joint ventures with other companies to enhance their market potential. Additionally, development of highly technological automotive valves such as EGR and AT control valves as per the need of the vehicle model will remain key to gaining distinct competitive edge,” says FMI analyst.
Product Innovation to Dictate Stakeholders’ Strategies
Currently, the automotive brake valve market is observing immense product innovations, as the global focus on disruptive technologies and sustainability intensifies. While a number of companies vying for a pie of this lucrative market is increasing, key players continue to focus on R&D activities and market consolidation in developing countries to stay ahead of the curve
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