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The Global Automotive Brake Fluid Market Size is valued at USD 1.3 billion in 2023 and is predicted to reach USD 1.87 billion by the year 2031 at a 4.88% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- More sophisticated braking systems, necessitating larger amounts of brake fluid, are becoming standard in modern automobiles as customer concern for safety grows.
- Technical advancements, an increase in investment budgets of important market businesses, and rising automobile sales and production are driving the industry.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- The classic hydraulic braking method may be supplanted by more advanced technologies, such as brake-by-wire, which could slow down the market's expansion.
Automotive brake fluid is a specialized fluid that is used in hydraulic braking systems to transmit force from the brake pedal to the brake pads or shoes, hence providing the friction required to slow or stop a vehicle. It is an essential component of a vehicle's braking system, which is important in providing safe and dependable braking performance. Vehicle production and sales directly impact the demand for automotive brake fluid.
The need for brake fluid rises as the global automotive industry expands and more vehicles are created and sold. Economic factors, consumer preferences, and government rules governing vehicle production and sales can all have an impact on the overall demand for automotive braking fluid.However, the pandemic had an impact on the aftermarket, which includes brake fluid maintenance and replacement. People drove less because of lockdowns and restrictions, which reduced vehicle utilization and, as a result, demand for brake fluid replacement. Furthermore, financial restrictions faced by individuals during the epidemic may have resulted in maintenance chores being postponed or delayed.
Recent Developments:
- In June 2021, Castrol introduces Castrol ON TM, its new line of e-Fluids for electric mobility. Together, the sophisticated e-Fluids from Castrol usher in a new era for electric vehicles on land and sea. Castrol's e-Fluids were created in direct collaboration with industry partners, such as the Jaguar Racing Formula E Team. Due to Castrol ON TM,'s motorsport collaborations, our e-Fluid technologies were rigorously tested on the racetrack before being introduced to the road.
Competitive Landscape:
Some of the Automotive Brake Fluid Market players are:
- Robert Bosch GmbH
- The China National Petroleum Corporation
- Castrol
- Exxon Mobil Corporation
- Fuchs Petrolub SE
- Royal Dutch Shell plc
- China Petroleum & Chemical Corporation
- Total S.A.
- Chevron Corporation
- Qingdao Copton Technology Company Limited
Market Segmentation:
The Automotive Brake Fluid Market is segmented on the basis of fluid type, product type, vehicle type, and sales channel. Based on fluid type, the market is segmented as Petroleum and Non-Petroleum. The product type segments include Castor Oil Based, Glycol Based, and Silicone Based. Vehicle type segment includes Passenger Cars, Commercial Vehicles, and Off-Road vehicles. The sales channel segment includes OEM and Aftermarket.
Based On Sales Channel, The OEM Segment Is Accounted As A Major Contributor In The Automotive Brake Fluid Market
The OEM category is expected to hold a major share of the global Automotive Brake Fluid Market in 2022. Original Equipment Manufacturers (OEMs) play an important role in the automotive brake fluid business. OEMs are companies that produce and distribute brake fluid to vehicle manufacturers for use in their new automobiles. OEMs in the brake fluid industry create and distribute brake fluid to vehicle manufacturers as an essential component of the braking system. They collaborate closely with OEMs to meet their specific requirements and assure compatibility with the braking systems of the vehicles.
The Passenger Car Segment Witnessed Growth At A Rapid Rate
The passenger car segment is projected to expand at a rapid rate in the global Automotive Brake Fluid Market. Passenger automobiles account for a significant amount of the automotive brake fluid market. Passenger automobiles account for a sizable share of the overall automotive market. The increasing global population, urbanization, and increased disposable incomes have resulted in an increase in passenger car ownership. As a result, there is a high need for automotive brake fluid in the passenger car category.
In The Region, Asia Pacific Automotive Brake Fluid Market Holds A Significant Revenue Share
Asia Pacific Automotive Brake Fluid Market is expected to report the highest market share in terms of revenue in the near future. High demographic growth, infrastructure development, improved living standards, expansion of the industrial sector, and an increase in purchasing power among consumers are the major contributors to the rapid sales and production of vehicles, which fuels the growth of the automotive brake fluids market in this region.
Furthermore, the major firms are investing heavily to create and expand manufacturing units in rising markets like China and India. North America trails the Asia Pacific in terms of revenue share in the worldwide market, owing to rapid growth in the automotive industry and the adoption of technological advancements in automobiles.
Automotive Brake Fluid Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 1.3 Bn |
|
Revenue Forecast In 2031 |
USD 1.87 Bn |
|
Growth Rate CAGR |
CAGR of 4.88% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Fluid Type, Vehicle Type, Product Type, Sales Channel |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Robert Bosch GmbH, The China National Petroleum Corporation, Castrol, Exxon Mobil Corporation, Fuchs Petrolub SE, Royal Dutch Shell plc, China Petroleum & Chemical Corporation, Total S.A., Chevron Corporation, Qingdao Copton Technology Company Limited. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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