Middle East and Africa Automotive Disc Brake Market
The automotive disc brake market in the MEA is further segmented into South Africa, Saudi Arabia, and the UAE. The region is expected to witness a rapid increase in commercialization and industrialization, which would further boost the growth of various sectors. The Gulf countries are economically developed, while the African countries are yet to match up to the economic conditions of these countries. In the era of continuous technological developments, integration of advanced technologies is increasing in a range of industries, including automotive in the Middle East. In the Middle East & Africa, South Africa is one of the major shareholders in the automotive disc brake industry. In recent years, the nation has seen an increase in demand for vehicles. According to the Bureau of Transportation Statistics, South Africa produced 631,983 passenger and commercial vehicles in 2019. In many Middle Eastern countries, a shared mobility model based on electric vehicles is being introduced in public transportation. For instance, the government of the UAE is planning to have 42,000 hybrid cars on the road by 2025, including passenger cars and commercial vehicles. Since automotive disc brakes are used in vehicles to have greater stopping power and precise braking, the market for automotive disc brakes will rise as the number of automobiles produced increases.
In case of COVID-19, MEA is highly affected especially South Africa, which has recorded the highest number of COVID-19 cases in the Middle East & Africa region and is followed by Saudi Arabia and the UAE. The Middle East & Africa region has a smaller number of companies operating or offering market-specific solutions. According to the Institute of Chartered Accountants in England and Wales (ICAEW), the Middle East economy is anticipated to witness a sharp slowdown in the first half of 2020, regardless of impetus packages as well as monetary rate cuts to relax the economic setback of the coronavirus outbreak. In April 2020, the number of used online car listings in the UAE dropped by nearly half. The automotive industry waits for the situation to return to normalcy and other industries to restart their work processes, with factories unable to resume operations and low requirements. Due to the lockdowns in many countries in MEA, the supply chain disruptions where been observed. Thus, the above-mentioned factors are expected to negatively impact the growth of the automotive disc brake market in the region in 2020. However, in 2021, with the uplifting of lockdown restrictions, the vehicle manufacturing has started again and the raw materials are available in the market with improving supply chain facilities now, helps in creating a positive scenario for the automotive disc brake market growth in region.
Strategic insights for the Middle East and Africa Automotive Disc Brake provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 455.52 Million |
| Market Size by 2028 | US$ 554.45 Million |
| Global CAGR (2021 - 2028) | 2.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East and Africa Automotive Disc Brake refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The MEA automotive disc brake market is expected to grow from US$ 455.52 million in 2021 to US$ 554.45 million by 2028; it is estimated to grow at a CAGR of 2.8% from 2021 to 2028. The rising sales of both passenger cars and commercial vehicles is fostering the brakes market growth across the region. The increasing demand for vehicles is positively impacting the production cycle of the same across the region. As the demand for vehicles is increasing, the formation of regulatory mandates for making the vehicles safer is rising. This is leading to a surge in demand for brakes. The penetration of anti-lock braking system and electronic stability control is expanding. Therefore, government bodies of countries across the region have taken a step in regulating safety critical components within commercial vehicles and passenger vehicles, which has resulted into a rise in demand for anti-lock braking systems. Moreover, fatalities caused due to vehicle accidents is one of the factors encouraging the government bodies to introduce new norms for both vehicle & road safety, which would help in reducing fatalities. As poor braking system is one of the causes that leads to road accidents, establishment of proper norms for using friction materials and braking system is a must. Several aforesaid laws with respect to the use of friction materials and disc brakes are supporting the MEA market growth.
In terms of type, the floating caliper type disc brake segment accounted for the largest share of the MEA automotive disc brake market in 2020. In terms of material type, the stainless steel segment held a larger market share of the MEA automotive disc brake market in 2020. Further, the passenger vehicles segment held a larger share of the MEA automotive disc brake market based on vehicle type in 2020.
A few major primary and secondary sources referred to for preparing this report on the MEA automotive disc brake market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Brembo S.p.A., EBC Brakes, Haldex Group, Knorr-Bremse AG, and Mando Corporation.
The Middle East and Africa Automotive Disc Brake Market is valued at US$ 455.52 Million in 2021, it is projected to reach US$ 554.45 Million by 2028.
As per our report Middle East and Africa Automotive Disc Brake Market, the market size is valued at US$ 455.52 Million in 2021, projecting it to reach US$ 554.45 Million by 2028. This translates to a CAGR of approximately 2.8% during the forecast period.
The Middle East and Africa Automotive Disc Brake Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East and Africa Automotive Disc Brake Market report:
The Middle East and Africa Automotive Disc Brake Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East and Africa Automotive Disc Brake Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East and Africa Automotive Disc Brake Market value chain can benefit from the information contained in a comprehensive market report.
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