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The Global Automotive Slack Adjuster Market size is forecast to increase by USD 639.33 million, at a CAGR of 6.37% between 2023 and 2027. The market is propelled by an increasing focus on road safety and the imperative to minimize accidents, as underscored in market analysis. Commercial vehicles incorporate automotive slack adjusters to prevent collisions, highlighting the significance of truck safety devices. With a surge in road fatalities paralleling vehicle growth, particularly in developing nations like India and China, the market trends correspondingly. Integration of advanced safety technologies like anti-lock braking systems (ABS) and failure analysis enhances safety ratings, aligning with market research findings. Such systems, including disc systems and drum assembly, are increasingly prevalent, emphasizing hardware and actuation in commercial vehicles, reflecting the growth trajectory in the automotive aftermarket segment.
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Market Type Analysis
The automatic slack adjuster segment is estimated to witness significant growth during the forecast period. The automatic slack adjuster automatically adjusts brake shoes with worn brake linings to maintain proper clearance between the brake shoes and the brake drum surface. Due to the benefits of automatic slack adjusters, many countries have imposed regulations promoting their use in vehicles.
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The automatic slack adjuster segment was the largest segment and was valued at USD 980.41 million in 2017. The function of the automatic slack adjuster is to compensate for wear on both the brake drum and brake pads while maintaining a constant actuator stroke. It also helps to reduce the clearance between the brake drum and brake shoes. When the brake pedal is pressed, air enters the brake chamber, pushing the pushrod outward, moving the automatic slack adjuster, and resulting in the stoppage of the vehicle. These factors are expected to boost the growth of the automatic slack adjusters segment of the global automotive slack adjuster during the forecast period.
Based on vehicle type, the heavy commercial vehicle segment holds the largest market share. The HCV segment of the global automotive slack adjuster market is expected to witness an increasing growth rate during the forecast period. The key reason for this is governmental regulations in European countries. The growth in the automotive slack adjuster for HCVs can be attributed to the steps adopted by the OEMs to reduce collisions caused due to the drowsiness of vehicle drivers. Automotive-collision instances that occurred in South Korea majorly account for the drowsiness of vehicle drivers. The aforementioned factors are expected to drive the global automotive slack adjuster market for HCVs during the forecast period.
APAC is estimated to contribute 44% to the growth of the global market trends during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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APAC is estimated to contribute 44% to the growth of the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is expected to grow due to large numbers of rear-end collisions that occur in the developing economies of China and India. Growing safety awareness among customers of the region contributes to the growth. When it comes to cars, safety equipment is more important than comfort functions. APAC automakers' access to advanced braking systems is primarily limited to the heavy-duty truck segment. Developed countries such as Japan, Australia, and China are increasingly adopting automatic emergency braking systems. Japan has the highest adoption rate of automatic emergency braking (AEB) systems, with many brands incorporating such systems in most of their vehicles. This is expected to be a driver for the market trends and analysis in APAC during the forecast period.
The Automotive Slack Adjuster Market is driven by various factors, including the increasing demand for vehicle safety systems and the need for enhanced brake system efficiency in commercial vehicle components. With advancements in the automotive manufacturing sector, new technologies such as anti-lock braking systems (ABS) and control modules are being integrated, revolutionizing vehicle brake systems. However, challenges persist, including ensuring proper adjustment mechanisms and addressing failures in hydraulic systems. Additionally, the repair market faces complexities in conducting inspections and failure analyses. Nonetheless, ongoing technology innovations offer opportunities for improvement, with a focus on optimizing mechanical linkages, wheel cylinders, and air systems to meet evolving industry standards and customer demands.
Rising emphasis on road safety and the need to reduce accidents is the key factor driving the market, as highlighted in market analysis and report. In commercial vehicles to avoid collisions, an automotive slack adjuster is installed. Road fatalities are rising with a corresponding growth in the number of vehicles, aligning with market growth and trends. The number of road accidents is rising in developing countries like India and China, where the growth rate of the automotive sector is higher than in other countries, reflecting market forecasting.
Moreover, accidents can be caused by crossing lanes, losing vehicle control due to speeding, and rear-end collisions with other vehicles in the same lane, as observed in the market forecast. Driver errors, vehicle failures, and environmental conditions are the main causes of rear-end collisions. Furthermore, the need to reduce accidents caused by commercial vehicles would increase the demand for commercial vehicle automotive slack adjusters, showcasing market analysis and report. The need is expected to boost the growth of the market during the forecast period, aligning with Market forecasting.
Integration of advanced safety technologies in passenger vehicles to gain higher safety ratings is the key trend driving the growth, as observed in market research and growth. High fatality rates and a rising number of accidents are prompting original equipment manufacturers to introduce new safety features to make commercial vehicles safer to drive, aligning with market research report. Advanced safety systems such as advanced emergency brake assist, lane departure warning, collision warning, blind spot detection, and automatic emergency braking are more prevalent in luxury trucks than in entry-level trucks, reflecting market growth and forecasting. Hence, such safety technologies are being introduced in commercial vehicles on a larger scale, showcasing Transportation Industry Parts.
Moreover, to increase the demand for their vehicles, original equipment manufacturers have been working on different vehicle attributes as perceived by consumers. The growing safety awareness and safety ratings by the automotive bodies have made consumers focus more on safety systems, as observed in Automotive Component Suppliers. Such introduction of new safety technologies by manufacturers of commercial vehicles, such as Volkswagen AG, is expected to drive the demand among consumers during the forecast period, aligning with Brake System Technology.
Increasing cost pressures on OEMs is a significant challenge that impedes growth. In the automotive value chain, OEMs bear most of the warranty costs and price pressure from the demand side. As more and more new advanced technologies are being introduced into vehicles, original equipment manufacturers' bargaining power in certain devices and technologies is declining.
Moreover, with the rising number of manufacturers and market players in the commercial vehicle segment, competition between companies such as Cummins and others can intensify. In the long term, over-capacity and intense competition are expected to continue to put downward pressure. These pressures are expected to affect the inflation-adjusted prices of high-satisfaction vehicles and, thus, likely to contribute to the challenging pricing environment for the automotive industry which will impede the growth of the market during the forecast period.
The Automotive Slack Adjuster Market plays a pivotal role in ensuring the efficiency and safety of commercial vehicles, encompassing a spectrum of vital components. From brake system components to heavy-duty vehicle parts, each element contributes to the seamless operation of brake adjustment devices and brake control systems. These mechanisms not only enhance brake system maintenance but also adhere to stringent vehicle safety standards.
In the automotive aftermarket realm, manufacturers provide a range of products, including truck and trailer parts, to meet the demands of vehicle maintenance equipment. The market thrives on innovation, with advancements in automotive engineering components and technology driving performance and pedal response.
Furthermore, the trucking industry relies on reliable brake adjusting mechanisms and tension control devices to mitigate brake fade and ensure force distribution. With a focus on system diagnostics and testing standards, repair shops are equipped to address wear and tear efficiently. As technology continues to evolve, automatic adjusters and anti-lock braking systems (ABS) are becoming integral to vehicle stability control, bolstering emergency systems and enhancing overall safety on the road.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.
Safholland- The company offers automotive slack adjusters such as drive axle applications, steer axle applications and tractor applications.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 key companies, including:
Accuride Corp., Alon Automotive SL, Aydinsan, Cummins Inc., EnPro Industries Inc., Ferdinand Bilstein GmbH + Co. KG, Knorr-Bremse AG, Longzhong Holding Group Co. Ltd., MarkLines Co Ltd., MEI Brakes Ltd., Ningbo Heli Brake Systems Co Ltd., SAF HOLLAND SE, TSE Brakes Inc., Wabtec Corp., ZF Friedrichshafen AG, Zhejiang Aodi Machinery Manufacturing Co., Ltd., Zhejiang Lujie Machinery Co Ltd., ZHEJIANG ROADAGE MACHINERY CO. LTD., Zhejiang VIE Science and Technology, and Zhejiang VOB Technology Co Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Automotive Slack Adjuster Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.37% |
Market growth 2023-2027 |
USD 639.33 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.29 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 44% |
Key countries |
US, Canada, China, Japan, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accuride Corp., Alon Automotive SL, Aydinsan, Cummins Inc., EnPro Industries Inc., Ferdinand Bilstein GmbH + Co. KG, Knorr-Bremse AG, Longzhong Holding Group Co. Ltd., MarkLines Co Ltd., MEI Brakes Ltd., Ningbo Heli Brake Systems Co Ltd., SAF HOLLAND SE, TSE Brakes Inc., Wabtec Corp., ZF Friedrichshafen AG, Zhejiang Aodi Machinery Manufacturing Co., Ltd., Zhejiang Lujie Machinery Co Ltd., ZHEJIANG ROADAGE MACHINERY CO. LTD., Zhejiang VIE Science and Technology, and Zhejiang VOB Technology Co Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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