Global Automotive Pedals Market was valued at US$ xx Million and expected to reach US$ XX Million by 2027 at a CAGR of xx% during the forecast period.
Global Automotive Pedals Market Definition:
Automotive pedals are the mechanism of control rods fitted with foot rests in passenger and commercial vehicles that provides the driver's ability to manipulate the acceleration, braking, and gear engagement. Pedals are made from Steel, Aluminum, or Composite material.
The report covers an in-depth analysis of COVID 19 pandemic impact on Global Automotive Pedals Market by region and on the key players’ revenue affected till July 2020 and expected short term and long-term impact on the market.
Global Automotive Pedals Market
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Global Automotive Pedals Market Dynamics
The automotive pedals market is governed by the sales of the vehicles and replacements frequency of the pedals. Growing sales of electric vehicles in the passenger car segment and commercial vehicles is the driving factor for the growth in the global Automotive Pedals Market. According to the International Organization of Motor Vehicle Manufacturers, the year 2019 marked the sales of 27 million commercial vehicles units and 64 million units of passenger cars sales.
Increasing emphasis on the automotive manufacturers on weight reduction for improvement in the fuel economy has led OEMs to develop lightweight composites that have an equivalent tensile strength as that of steel pedal. The use of aluminum as a substitute for steel pedal in the premium automobile segment facilitates weight reduction and is driving the growth of the automotive pedal market. Aesthetic advantages achieved by the deployment of brake and accelerator pedal made from aluminum have revolutionalized customization industry and therefore is contributing to the growth in the global automotive pedal market.
Developments in the field of autonomous vehicles allowing vehicles to move without human intervention will make pedal irrelevant impacting the growth in the market. For instance, Aurora, Waymo, Zoox General Motors' Cruise is developing self-driving cars that are equipped with hardware, software, and sensor suite to control the vehicle eliminating the need for pedals. The increasing utilization of automatic transmission in the passenger vehicle segment eliminates the use of the clutch pedal. This in turn is restricting the growth of the automotive pedal market.
Global Automotive Pedals Market Segment Analysis
Based on the vehicle type, passenger vehicle the segment is expected to be the largest contributing segment to the Global Automotive Pedals Market during the forecast period and is forecasted to grow with a CAGR of xx%. Number of passenger vehicles sold as compared to the commercial vehicles are contributing to the dominance of the segment and are anticipated to hold a significant market share in the forecast period. The affordability facilitated by the financial companies and growing disposable income of the middle class families are expected to be the contributing factors for the segment dominance.
On basis of pedal type, the accelerator pedal the segment is expected to continue dominance in the Global Automotive Pedals Market during the forecast period and is forecasted to grow with CAGR of xx%. Improvements in the technologies are eliminating the need for the clutch and brake pedals. The commercialization of automatic transmission systems is impacting the sales of the clutch pedal segment. The emergence of vehicles that do not require a brake is expected to affect the sales of the brake pedal. For instance, the Nissan Leaf employs intelligent e-pedal technology that accelerates the vehicle based on the position of the accelerator pedal.
Global Automotive Pedals Market Regional Analysis
Global Automotive Pedals Market1
The Asia Pacific is expected to account for the major market share during the forecast period and estimated to grow at a CAGR of xx%. The Asia Pacific held xx% share in Global Automotive Pedals market in 2019. An increase in production and sales of the vehicles on account of growth in the disposable income of the population and a rise in the number of middle-income families is expected to boost the sales of passenger vehicles in the region. The economic growth in countries like China, India, Indonesia, and Vietnam are expected to impact the sale of commercial vehicles. This in turn will bolster the market growth of automotive pedal industry.
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Global Automotive Pedals Market, by Material
Global Automotive Pedals Market, by vehicle type
• Passenger Vehicle
• Light Commercial vehicle
• Heavy Commercial vehicle
Global Automotive Pedals Market, by Pedal type
Global Automotive Pedals Market , by Region
• North America
• South America
• Middle East & Africa
Global Automotive Pedals Market Major Players
• KSR International Co.
• CJ Automotive
• CTS Corporation
• BRANO GROUP a.s.
• F&P Mfg. Inc.
• Motherson Group
• Azusa Engineering Inc.
• Batz Group
• Bellsonica Corporation
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