Global Automotive Brake Hoses and Lines Market 2019-2023 | Developments in the Field of Automotive Brake Hoses and Lines to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Dec 19, 2019--
The automotive brake hoses and lines market size is poised to grow by USD 0.81 billion during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive brake hoses and lines market 2019-2023. (Graphic: Business Wire)
Automotive brake hoses or lines form an integral part of the conventional automotive braking system. They are affordable and readily available in the commercial market at minimal replacement cost. Moreover, taking factors such as economies of scale into account, the purchase cost of brake hoses and lines for an automotive OEM would turn out to be significantly less than the cost available in the aftermarket. Also, the focus on improving the braking effectiveness is leading to more applications of brake lines in vehicles. This factor coupled with low cost of purchase of brake hoses and lines acts as a market enabler for the market in focus.
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As per Technavio, developments in the field of automotive brake hoses and lines will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Automotive Brake Hoses and Lines Market: Developments in the Field of Automotive Brake Hoses and Lines
The global automotive brake hoses and lines market is witnessing improvements in design and structure. Such developments in the R&D of brake hoses and lines is helping market players to improve the performance, reliability, and durability of brake hoses and their assemblies. Stakeholders are focusing more on the use of efficient, rigid, and lightweight materials in automotive components. These developments are enabling further weight reduction along with enhanced performance of the overall braking system. Some prominent vendors are also making use of braided stainless steel as a material for the manufacture of brake hoses and lines. Such developments are expected to drive the growth of the automotive brake hoses and lines market during the forecast period.
“Other factors such as advancements in remote diagnostics technology, and improvements in the reliability of automotive braking system will have a significant impact on the growth of the automotive brake hoses and lines market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Brake Hoses and Lines Market: Segmentation Analysis
This market research report segments the automotive brake hoses and lines market by application (passenger vehicles and commercial vehicles) and geography (Americas, APAC, and EMEA).
The APAC region will account for the highest incremental growth of this market throughout the forecast period. The region is expected to contribute the highest market share owing to the growing adoption of automotive brake hoses and lines.
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PUB: 12/19/2019 09:30 AM/DISC: 12/19/2019 09:30 AM