San Jose, California (PRWEB) January 30, 2015
Follow us on LinkedIn – The average life of vehicles on the road stands at a record high of 10 to 11 years. Key factors driving vehicle retention include engineering innovation, increase in useful life of vehicles, and changes in consumer wealth structure and financial choices. In the United States, consumer consumption, spending and income continue to remain flat. Greater than expected sluggishness in the labor market and lack of meaningful growth in wages and income are creating changes in consumer wealth and spending patterns. Recovery in asset prices and household wealth to pre-recession levels is seen as hugely unlikely. Another key reason for the relatively anemic recovery of consumer spending in the country is the wealth inequality which has been made even more disproportionate by the 2007-2009 economic recession. The recession punctured the over 8 trillion dollar overvalued housing bubble and crippled households across the country. The cumulative erosion in household wealth averaged to over US$ 15 trillion in the year 2010. In Europe, overindebted households represent a key bottleneck hindering consumer spending. With one in every 9 households in Europe unable to meet financial commitments including recurring expenses, spending on durable goods remains subdued. Against this backdrop, cars are being retained for longer.
The longer replacement cycle and the increase in the number of miles traveled per vehicle are creating opportunities in the aftermarket. Vehicle maintenance and component replacements are therefore receiving a boost. As the most critical safety system, brakes represent the most often replaced auto part. High replacement frequency of worn out brake components including rotors, brake pads, calipers and parts is spurring growth in the market. Stringent safety norms, growing consumer emphasis on personal safety, and focus on preventive maintenance, represent other major factors driving growth in the market. Healthy gains in automotive production in developing countries is also forecast to spur growth in the long-run, since more number of vehicles manufactured creates a parallel secondary market for auto parts including brake friction parts.
As stated by the new market research report on Automotive Aftermarket Brake Friction Parts, Europe represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 6.8% over the analysis period. Growth in the region is led by the surge in car ownership rates, and frequent wear and tear of the braking system due to heavy commuter traffic in crowded cities in densely populated countries such as India and China.
Major players in the market include ABS Friction Inc., Advics Co. Ltd., Akebono Brake Industry Co. Ltd., Continental AG, Delphi Automotive PLC, Dongying Xinyi Automobile Fitting Co., Ltd., Federal-Mogul Corporation, Fras Le, Japan Brake Industrial Co. Ltd., Meritor Inc., Nan Hoang Traffic Instrument Co., Ltd., Nisshinbo Holdings Inc., Nisshinbo Brake Inc., TMD Friction Holding GmbH, Robert Bosch GmbH, and TRW Automotive, among others.
The research report titled “Automotive Aftermarket Brake Friction Parts: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of trends, growth drivers, restraints, market share, size and demand projections and forecasts. Major geographic regions covered include the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea and Rest of Asia-Pacific), Latin America (Brazil, Mexico and Rest of Latin America) and Rest of World. Key segments analyzed in the report include Brake Pads and Brake Shoes. The report also offers coverage on mergers, acquisitions, product launches and other strategic industry activities of major global and regional players.
For more details about this comprehensive market research report, please click here
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world’s largest and reputed market research firms.
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