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Automotive Pedal Market Report
Automotive Pedal Market Size, Share, Trend, Forecast, & Competitive Analysis: 2020-2025
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.
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Stratview Research has firstly segmented the automotive pedal market based on the vehicle type as passenger car, LCV, and M&HCV. Passenger car is expected to remain the largest segment of the market over the next five years. Change in consumer behavior with the preference of personal vehicles over public transport, increasing motorization rate, and reasonably higher production of passenger cars than commercial vehicles are the key factors behind its dominance. SUV is the most attractive body type in the passenger car category.
Based on the pedal type, the automotive pedal market is segmented as accelerator pedal, brake pedal, and clutch pedal. Accelerator pedal is estimated to maintain its dominance in the market in the years to come. The casting and stamping processes are used for the manufacturing of metal accelerator pedals, whereas the injection molding process is used for the fabrication of composite accelerator pedal.
Based on the material type, the market is segmented as steel pedal, aluminum pedal, and composite pedal. Steel is likely to maintain its dominance during the forecast period, whereas composite is expected to grow at the highest rate during the same period. Steel is the predominantly used material type in all three pedal types (accelerator, brake, and clutch pedal), driven by its several advantages such as high yield strength, high ductility, easily manufactured, easy availability, and low cost.
In terms of regions, Asia-Pacific is expected to remain the largest market over the next five years. China, Japan, and India are the leading markets in the region. China to maintain its unassailable lead in the region in the coming five years. The Chinese automotive industry reflected a speedy recovery after the control of the COVID-19 outbreak. Japan and South Korea have also been recovering after resuming the production of OEMs and tier players. Asia-Pacific is the largest market for passenger car and M&HCV, whereas North America is the workhorse for LCVs.
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Research Scope |
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|---|---|
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Trend & Forecast Period |
2014-2025 |
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Size in 2025 |
US$ 1,993.5 billion |
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Regions Covered |
North America, Europe, Asia-Pacific, Rest of the World |
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Countries/Subregions Covered |
The USA, Canada, Mexico, Germany, France, The UK, Italy, Russia, Japan, China, South Korea, India, Brazil, Argentina and Others |
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Figures & Tables |
>150 |
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Customization |
Up to 10% customization available free of cost |
The automotive pedal market is segmented into the following categories.
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The supply chain of this market comprises raw material suppliers, automotive pedal manufacturers, tier players, distributors, and automotive OEMs.
The key automotive pedal manufacturers are-
For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s automotive pedal market realities and future market possibilities for the forecast period of 2020 to 2025. After a continuous interest in our automotive suspension systems market, automotive leaf spring market, and automotive shift-by-wire systems market reports, we have come up with another comprehensive study on the automotive industry on the pedal market. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for automotive pedals at the global, regional, as well as country-level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenario. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.
The following are the key features of the report:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segment
Competitive Benchmarking
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.
Driven by a number of factors like organic growth in automobile production owing to increasing disposable income and growing urbanization, the automotive pedal market size is projected to reach an estimated value of US$ 1,993.5 billion in 2025.
Asia-Pacific is expected to remain the largest automotive pedal market during the forecast period, driven by high production of vehicles to meet the rising indigenous demand and increasing export.
Steel is expected to remain the dominant material type in the market during the forecast period.
F-Tech, KSR International, CTS Corporation, Toyoda Iron Works, Shanghai Kaizhong Material Science & Technology, Batz, S. Coop., and Bellsonica Corporation. are among the key players in the Automotive Pedal Market.
Passenger car is expected to remain the largest segment in the automotive pedal market in the coming years.
Accelerator pedal is expected to remain dominant in the automotive pedal market during the next five years.
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