LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global automotive brake fluid market provides an analysis of the most important drivers expected to impact the market outlook from 2018-2022. Technavio defines a prominent driver as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global automotive brake fluid market will grow at a CAGR of over 2% during the forecast period. The use of environment-friendly brake fluid is a major trend that is being witnessed in the market.
Various government agencies across the globe are investing in research to find a solution to lessen the greenhouse gas emissions from the mineral based hydraulic lubricants that are affecting the environment during their production and disposal. DOT 2,4, and 5.1 brake fluids are some of the major brake fluid categories that are used in most vehicles. These consist of polyoxyalkylene glycol ethers and petroleum derivatives as their base substances. Glycerol is a good base substance to produce bio-based hydraulic brake fluid. The introduction of bio-based hydraulic brake fluid with glycerol as its base substance is a good alternative to the petroleum-based hydraulic fluid that has polyoxyalkylene glycol as its base substance.
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In this report, Technavio highlights the growing demand for SUVs and crossovers globally as one of the key factors driving the global automotive brake fluid market:
Growing demand for SUVs and crossovers globally
The increased volume sales of sports-utility vehicles (SUVs) around the world leads to a corresponding increase in demand for automotive brake fluid. Entry and mid-size SUVs accounted for more than 50% of the global SUV market in 2016. Lately, the US market has witnessed a massive increase in the demand for crossovers, pickup trucks, and SUVs. This has led to a corresponding growth of the automotive brake fluid market in the country. In 2016, the sales of SUVs and crossovers accounted for 6.93 million that constituted about 34% of the passenger car sales in the US.
The increased availability of compact SUVs in China has contributed to the increasing demand for SUVs in the Chinese market. Reduced tax schemes and subsidies have resulted in the growth of the SUV segment in China. The growth in the SUV segment in China has led to the increased demand for brake fluids in the country.
“The characteristics associated with SUVs such as high driving position, ground clearance, and off-road capabilities certify the increase in demand for such vehicles among consumers across the globe. As the global automotive brake fluid market is directly correlated to the sales of such vehicles, this will act as a huge driver for the market during the forecast period,” says a senior analyst at Technavio for research on automotive components.
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Global automotive brake fluid market segmentation
This market research report segments the global automotive brake fluid market into the following applications (passenger cars and commercial vehicles) and key regions (the Americas, APAC, and EMEA).
The passenger cars segment held the largest market share in 2017, accounting for more than 56% of the market. The market share of this segment is expected to decrease slightly during the forecast period. However, this segment will dominate the market till 2022.
APAC was the leading region for the global automotive brake fluid market in 2017, accounting for a market share of almost 54%. This region is expected to project tremendous growth during the forecast period.
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