Automotive Brake Fluid Market Analysis:
The automotive brake fluid market will develop at a 5.0% CAGR between 2018- 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.
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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.
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 industry 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.
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.
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.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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