Electric Brake Booster Market Forecast and CAGR
According to the latest study by Fact.MR, the electric brake booster market is expected to show significant growth over the forecast period (2021-2031) and shall surpass net valuation of business to US$ 900 Mn by 2021. Substantial growth in production and sales seems to provide a positive outlook to the overall industry. Moreover, constant demand from the automotive industry is projected to propel the demand over the next decade.
What is Driving Demand for Electric Brake Booster?
Continued innovation and development in the product development of braking system to ensure the passenger and pedestrians safety is driving the demand for the brake booster. Rising automotive industry and increase in demand for more efficient braking system has propelled the growth of electric brake booster.
Moreover, rising need for lightweight and cost-effective components especially for the electric vehicle segment coupled with favourable government policies promoting the sales of the electric and hybrid vehicle will bolster the production and sales of target product in the long run.
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Asia Pacific Electric Brake Booster Market Outlook
Asia Pacific region is expected to dominate the brake booster demand attributed to the presence of a large number of automotive manufacturing companies and OEMs in the region. Additionally, growing EV market in China is fuelling the growth of electric brake booster in the region.
Moreover, the EV market in China is booming with huge investment in charging infrastructure and innovation. For instance, a record 1.3 million EVs were sold in China in 2020. All these factors have led to a significant rise in the demand for brake booster in China.
North America Electric Brake Booster Market Outlook
The North American region is expected to show impressive growth for the brake booster market pertaining to a well-established and mature automotive industry. Moreover, the presence of prominent players in the region coupled with increased R&D investments will bolster the demand in the region.
Moreover, rising awareness regarding various technological developments is compelling manufacturers to deliver an experience that is both safe and cost-effective at the same time.
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Who are the Key Manufacturers and Suppliers of Electric Brake Booster?
Some of the key players in this industry are
- Ford Motor Company
- Crown Automotive
- Single Diaphragm Booster
- Dual Diaphragm Booster
By Electric Vehicle Type
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Hybrid Electric Vehicle
By Sales Channel
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Heavy Commercial Vehicle
- Light Commercial Vehicle
- Buses & Coaches
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