(PRWEB) July 06, 2014
The global drum brake market is estimated to grow at a CAGR of 6.4% over a period of 2013 to 2018, due to the overall growth in the light commercial vehicles (LCV). The growing small-scale business is increasing the need for LCVs in various regions, which is the primary reason for growth in the market.
The demand for vehicles is increasing globally at a promising rate. Improved standard of living and increased buying power drives the growth of the automobile market. As the drum brake is a key part of any vehicle, the market for them is estimated to grow at a promising rate in the coming years. The vehicle production in Asia-Pacific, Europe and North America is estimated to increase in the next five years. Hence, it is projected that the market for drum brake will also increase in the next five years.
The European market is on the path of recovery since the global slowdown of 2008-2009. The market from then has shown positive signs of growth, with the vehicle production of the region strengthening. The region is home to some of the most profound names in the automotive industry. The continuous innovations and R&D by the prominent players has been adopted by the lower level of manufacturers, who incorporate these developments in their products. The continuously changing technology and new product development provide opportunities for the manufacturers to penetrate into the market. The market for drum brakes in Europe in estimated to grow at a CAGR of 5.3%.
Browse through the market data tables, figures and detailed ToC on the “European Drum Brake Market”.
Asia-Pacific Drum Brake Market
Asia-Pacific has some of the most powerful automotive giants across the globe. The economies like China, India, Japan, and South Korea are growing at a fast pace. China established top position in automotive production a few years back, and is estimated to strengthen its position in the next few years. Automobiles use drum brakes are used on the rear wheel of a car or a truck. Thus, the increase in vehicle production can be directly attributed to the increase in the market for drum brake. The market for Asia-Pacific is estimated to grow at a CAGR of 6.4%, for the period under study.
North American Drum Brake Market
The increasing production of light commercial vehicles and heavy commercial vehicles (HCVs) push the market for drum brakes. The North American market has the highest production of LCVs and HCVs. The increase of small scale business in the region has pushed the production of LCVs of region. Drum brakes being used in LCVs and HCVs are anticipated to grow with the increased production of these vehicles. Moreover, the increase in passenger cars will also help the market for drum brakes in escalating further. The North American drum brake market is estimated to grow at a CAGR of 7.3%.
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