Increasing sales and production of vehicles across the world and safety awareness is driving the demand of vehicle brake fluid furthering the development of global vehicle brake fluid market.
Covid-19 Impact & Market Status
Each and every industry in the world has suffered due to the outburst of COVID-19 pandemic. The pandemic has also had a significant impact on the vehicle brake fluid business, as COVID-19 has caused the worldwide supply chain of industries to malfunction. As a result of the interrupted supply line, raw material acquisition, and distribution was impacted. This has a detrimental influence on the cost, expenditure, and risk incurred by firms, as the majority of players relied on revenue from automotive markets. It has also been observed that the usage of automobiles reduced drastically during the pandemic due to strict lockdown imposed all across the globe. As a result, the demand for the brake fluids has also reduced but as the lockdown has been ended, the vehicle brake fluid market is expected to grow eventually.
The report summaries the financial status of the global vehicle brake fluid market updated until third quarter of 2021 and future growth forecasts until 2028. On the basis of the research study, the report proposes further viable market enhancement suggestions and recommendations to the market players. The report analyses the key companies’ strategies, rivals, and results. The report identifies the players coming up with innovative products and strategies helping for market fortification.
The Surge In The Demand For Commercial Vehicle Will Boost The Market Growth
Brake fluid is a kind of hydraulic fluid that is used in a variety of vehicles, including passenger cars, and commercial vehicles. Electric vehicles use brake fluids. The recent increase in electric vehicle production is primarily due to government initiatives promoting zero-emission and environmentally friendly vehicles, as well as growing awareness for the same. Furthermore, with falling battery costs and massive subsidies, consumers are finding it easier to avail electric vehicles. Many automakers around the world are making investments in electric vehicles. These assets should pay off in the coming years. Because of the automotive industry's slowdown during the forecast period, usage for brake fluids is anticipated to boost moderately.
Asia Pacific Is More Likely To Be At The Top In The Vehicle Brake Fluid Market
During the projected period, the Asia-Pacific region is likely to be responsible for the largest market for vehicle brake fluids. Governments in the Asia-Pacific region have adopted effective policies toward the production of electric vehicles and the expansion of electric vehicle manufacturing infrastructure. This, in turn, is expected to provide a significant boost to the Asia-Pacific electric vehicle market during the forecast period. Despite the fact that the Chinese automotive market contracted in 2019, this segment expanded significantly. Electric autos have seen a boom in popularity in recent years. All electric vehicles have been included, and the rise is primarily due to the government's announcement.
High demographic growth, infrastructure development, improved standard of living, expansion of the industrial sector, and an increase in buying power among people are the significant factors to the rapid sales and production of vehicles, which in turn fuels the growth of the automotive brake fluids industry in the region. Furthermore, the major players are investing heavily in establishing and expanding manufacturing plants in emerging markets such as China and India. North America trails Asia Pacific in terms of revenue share in the global market, driven by the rapid development in the automotive industry and the incorporation of new technologies in vehicles.
The global vehicle brake fluid market is expected to be of worth USD 1.97 billion at a CAGR of 10.1% during 2022-2029.
Over the projected period, the global vehicle brake fluid market is likely to be driven by rising vehicle production and growing demand for lightweight automobiles. Over the projected period, the growth in demand for vehicles with enhanced braking systems is expected to drive the vehicle brake fluid market.
The strict safety regulations enforced on the vehicle sector by global regulatory authorities are projected to drive the automotive brake fluid market. Brake fluid is in charge of a variety of brake actions, including improved braking reaction, long lifespan, endurance, and agility. This will almost certainly present profitable chances for the vehicle brake fluid business. Adjusting braking fluid, high-cost maintenance, and vehicle integration are some of the market's limitations.
Vehicle brake fluids are an important component of the hydraulic braking system, which includes hydraulic brakes and clutches and ensures the proper operation of automobiles. Brake liners are mechanical components of a vehicle's braking system that transport brake fluid from the master cylinder to the brake calliper. When the brakes are engaged, the fluid in the brake liners forces the brake pads to exert pressure on the rotor, guaranteeing a stable and safe deceleration. The brake fluids allow the hydraulic brake system to operate smoothly and to withstand the high temperatures produced by the braking system. They are made in such a way that they do not harm the rubber components of the complete braking system.
The vehicle braking system is made up of various elements that help in bringing the vehicle to a complete stop. The brake pads, which are constructed of friction materials such as friction steel or high friction compounds, are the fundamental component of the vehicle's braking system. When the driver presses the brake, the friction between the brake pads and the surface transmits a signal to the ABS system, which engages the hydraulics within the module to disperse or "dampen" the pressure on the braking rotors. If the front brakes are pressed strongly enough, this mechanism also engages the rear brakes.
In the drum brakes and disc brakes, brake fluid is heated to elevated temperatures. As a result, in order for the braking system to work properly, brake fluids must have specific properties and meet certain quality standards. To avoid vaporisation inside the lines, it should have a high melting and boiling points. Vaporization is a concern since vapour is very compact relative to liquid and hence denies hydraulic braking force transmission, resulting in the brakes failure to stop the car.
As a result, this fluid is critical for the smooth operation of breaks in vehicles that operate at high temperatures and pressures. It is made up of different types of glycols that have a low freezing point and are not intended to affect the rubber components in the braking system. When the pedal is pressed, the braking liquid in the brake lines allows the brake pad to push on the rotors, ensuring that the vehicle is safely and comfortably retarded.
To meet diverse climatic circumstances, brake fluids must retain a low level of mechanical properties even at fluctuating temperatures. This is required to keep the brake pedal feeling consistent. If you've been driving and then using the brakes all day or you've just begun your vehicle and used the brakes for perhaps the first time, the grip should feel the same. As compressibility rises, more brake pedal travel is necessary for almost the same quantity of brake calliper; hence, the brake pedal works differently.
Lesser integration of the vehicles, and high-cost maintenance are the primary factors expected to limit the market during the forecast period. End-users' lack of awareness and knowledge is also expected to limit global vehicle brake fluid market growth over the forecast period.
The global market is anticipated to increase as vehicle production increases and demand for lightweight vehicles rises. During the forecast period, growth of the market for vehicles equipped with dynamic braking systems is estimated to hold the largest market growth. Strict safety standards imposed on the automotive market by global regulatory bodies are anticipated to widen the global market scope.
The key market players in the global vehicle brake fluid market are Robert Bosch GmbH, Royal Dutch Shell plc, Chevron Corporation, Castrol Limited, Delian Group, Irico Group, Shenzhen Pingchi Industry Co, and First Automobile Works corporation among others.
Major Developments in The Global Vehicle Brake Fluid Market: A Snapshot
- A vast range of brake fluids have emerged throughout the years. The most modern braking fluids are incredibly efficient and can operate at extremely low freezing and boiling temperatures.
- The introduction of all-weather braking fluid has benefited the market. These fluid types are created with consideration for the influence on other car parts components.
Vehicle Brake Fluid Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 1.97 billion|
|Growth Rate||CAGR of 10.1 %|
|Segment Covered||Type, End- Users, Distribution Channel, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Robert Bosch GmbH, Royal Dutch Shell plc, Chevron Corporation, Castrol Limited, Delian Group, Irico Group, Shenzhen Pingchi Industry Co, and First Automobile Works corporation among others.|
Key Segments of the Global Vehicle Brake Fluid Market
Type Overview, 2019-2029 (USD Billion)
- Glycol Based fluid
- Silicone Based Fluid
- Castor Oil Based Fluid
End- Users Overview, 2019-2029 (USD Billion)
- Commercial Vehicles
- Passenger Vehicles
Distribution Channel Overview, 2019-2029 (USD Billion)
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa