Automotive Brake Fluid Market Analysis
The automotive
brake fluid market will develop at a 5.0% CAGR 2023, as per the Market Research
Future (MRFR) analysis. A brake fluid plays a pivotal role in the right
functioning of a car that helps the braking system in generating the hydraulic
force needed for operation. Non-petroleum and petroleum are the different fluid
types and silicone-based, glycol-based, and castor oil-based are the different
product types. Owing to its alluring features and benefits, automotive brake
fluid has wide applications in off-road vehicle, commercial vehicle, and
passenger cars.
Various factors are propelling the
automotive brake fluid market growth. As per the MRFR report, such factors
include growing sales and production of SUVs and crossovers, robust nature,
demand for lightweight cars, and an increase in automotive car service
providers.
On the contrary, lack of awareness
and understanding, lack of vehicle and brake safety, high cost, negligence in
periodic maintenance, and the current COVID-19 impact may deter the automotive
brake fluid market growth over the forecast period.
Automotive
Brake Fluid Market Segmentation
The Market Research Future Report
highlights an inclusive segmental analysis of the global automotive brake fluid
market based on sales channel, vehicle type, product type, and fluid
type.
By fluid type, the global
automotive brake fluid market is segmented into non-petroleum and petroleum. Of
these, the non-petroleum fluid type segment will lead the market over the
forecast period.
By product type, the global
automotive brake fluid market is segmented into silicone-based, glycol-based,
and castor oil-based. Of these, the glycol-based product type segment will
dominate the market over the forecast period.
By vehicle type, the global
automotive brake fluid market is segmented into off-road vehicle, commercial
vehicle, and passenger car. Of these, the passenger car segment will spearhead
the market over the forecast period.
By sales channel, the global
automotive brake fluid market is segmented into aftermarket and OEM. Of these,
the OEM sales channel segment will have the lions share in the market over the
forecast period.
Automotive
Brake Fluid Regional Analysis
By region, the global automotive
brake fluid market covers the market opportunities and recent trends across
Europe, North America, the Asia Pacific (APAC), and the Rest of the World
(RoW). Of these, the APAC region will spearhead the market over the forecast
period. The presence of emerging economies South Korea, Japan, India, and China
which are the largest consumers and manufacturers of cars, improved living
standards, increasing per capita income, presence of key players, and
rising production of vehicles are adding to the automotive brake fluid market
growth in the region.
In North America, the global
automotive brake fluid market is predicted to have healthy growth over the
forecast period. The growing adoption of technologically advanced cars, coupled
with the booming automotive industry is adding to the global automotive brake
fluid market growth in the region.
In Europe, the global automotive
brake fluid market is predicted to have sound growth over the forecast period,
and in the Rest of the World, it is predicted to have steady growth over the
forecast period.
Automotive
Brake Fluid Key Players
Key contenders profiled in the
global automotive
brake fluid market report include Qingdao Copton Technology Company Limited
(China), Chevron Corporation (U.S.), Total S.A. (France), China Petroleum &
Chemical Corporation (China), Royal Dutch Shell plc (the Netherlands), Fuchs
Petrolub SE (Germany), Exxon Mobil Corporation (U.S.), Castrol (UK), The China
National Petroleum Corporation (China), and Robert Bosch GmbH (Germany).
Industry players have incorporated several strategies to stay at the forefront
and also cater to the consumers growing needs, such as partnerships,
agreements, joint ventures, mergers and agreements, and others.
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