Automotive Pedal Market Projected to Grow at a Steady Pace |...

Automotive Pedal Market Projected to Grow at a Steady Pace

Posted 2023-04-19 04:04:53

Stratview Research publishes a new report titled Automotive Pedal Market which is segmented by Vehicle Type (Passenger Car, LCV, and M&HCV), by Pedal Type (Accelerator Pedal, Brake Pedal, and Clutch Pedal), by Material Type (Steel Pedals, Aluminum Pedals, and Composite Pedals), by Manufacturing Process Type (Stamping, Casting, Injection Molding, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of World).

Market Insights

The automotive industry had already been struggling in the past two years with economic downturns imprinting its mark in new vehicle production. Even emerging economies, such as China and India, which have a long road for market saturation, have recorded a remarkable dip in their vehicle production in the previous year. The year 2020 was likely to heal the wounds faced by automakers in 2019, but the outbreak of COVID-19 shattered the hopes of the industry stakeholders and is creating a distressed environment with its prolonged impact across regions. The automotive pedal market is highly dependent on the organic growth of the automotive industry and usually follows the footsteps of automotive production.

The downturn of COVID-19 pandemic is severer than that caused by The Great Recession (2008-2009) (Automotive production’s plummet during the Great Recession: -12.1% YoY 2008-2009 and The Great Lockdown: -22% YoY 2019-2020). Also, unemployment rates have exponentially increased across the world, due to a shrinking economy, a clear sign of lower demand for new vehicles. Loss of confidence of households and businesses amid the COVD-19 crisis is already evident across regions and is leading to the postponement of high-ticket purchases, depressing the automotive industry to a great extent.

At this moment, assessing the real impact of the pandemic on the automotive pedal market in the short-term as well as long-term is an extremely challenging task. The pandemic is still spreading, taking the major economies in its grip and deteriorating the market conditions being the automotive industry one of the biggest victims of it. It is difficult to state that when the pandemic would start to fade away. However, based on interviews conducted with the leading market stakeholders coupled with the past industry trends (The Great Recession) suggest that the automotive pedal market is likely to witness recovery from 2021 onwards, with automotive pedal sales reaching close to US$ 2-billion-mark in 2025.

Key players active in the market –

The following are some of the key players in the Automotive Pedal Market:

· F.TECH Inc.

· KSR International Inc.

· CTS Corporation

· Toyoda Iron Works

· Shanghai Kaizhong Materials Science and Technology Co., Ltd.

· Yorozu Corporation

· Chiyoda Industries Co. Ltd.

· Enoki Corporation

· ZF Friedrichshafen AG

· Woco Industrietechnik GmbH

· F&P America Mfg., Inc.

· Dura Automotive LLC.

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