Source: Future Market Insights announcement
LONDON – The automotive vacuum brake-booster market is expected to reach $346.8 million by 2032 according to a recently published report by Future Market Insights (FMI).
This total would be the result of a predicted compound annual growth rate of 7.4 percent in the forecast period which begins in 2022 with a $289.1 million segment.
Countries, such as Mexico, Thailand, Indonesia, and China, having excessive traffic congestion are estimated to contribute the most to the adoption rate of automotive vacuum brake-booster solutions.
Continuous braking actuation is required due to the excessive traffic congestion. Automotive vacuum brake booster solutions decrease the probability of braking system failure and ensure safety in occasional cases of panic braking.
Currently, automotive vacuum brake booster solutions for the light motor vehicle category hold the largest market share of the global automotive vacuum brake-booster market.
The sub-segment is estimated to register the highest growth rate in the global automotive vacuum brake-booster market during the forecast period.
Automotive Vacuum Brake Booster: Regional Market Outlook
Strong funding sanctioned by automotive vacuum brake booster integrators and initiatives undertaken by governments of developing countries to ensure road safety and enhance automotive standards are estimated to enable the automotive vacuum brake booster market in South Asia to record the highest growth rate during the forecast period.
Currently, the automotive vacuum brake-booster market in Western Europe holds the largest market share of the global automotive vacuum brake booster market.
This dominance may be owed to the constant supply and demand for enhanced automotive systems. The growing integration of technologies ensuring road safety is also estimated to propel the automotive vacuum brake booster market in the Western Europe region.
The ever-rising demand for consumer comfort in the automotive industry is projected to boost the growth of the automotive vacuum brake-booster market in the North American region during the forecast period.
However, automotive design-related complexities are expected to restrict the growth of the automotive vacuum brake-booster markets in all regions.