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(Transportation-News.com, February 01, 2019 )
Stratview Research announces the launch of a new research report on Automotive Pedal Market 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), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.
The Global Automotive Pedal Market: Highlights
The automotive industry has been experiencing various technological advancements targeting vehicle performance, passenger safety, and enhancement of fuel efficiency. Most of the parts in modern vehicles are equipped with electronic components. For instance, accelerator pedal no longer operates mechanically or via a cable linkage, rather a sensor is deployed in it to measure the position of the pedal and it transfers the data to ECU to adjust throttle elements. Another trend that is impacting the market is a growing shift from traditional metal pedals to lightweight pedals to reduce the weight of the pedal assembly, which contribute towards overall weight reduction and improvement in fuel economy. Glass fiber-reinforced polyamides are gaining traction in this segment.
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As per Stratview Research, the global automotive pedal market is projected to offer an impressive growth opportunity and is likely to reach an estimated value of US$ 2,254.2 million in 2023. Organic growth in automobile production owing to increasing disposable income and growing urbanization, increasing global automotive fleet size, stringent government regulations regarding reducing carbon emission reductions, such as CAFÉ Standards, and increasing demand of lightweight pedals are some of the major growth drivers of the market.
The author of the report cited that passenger car is expected to remain the growth engine of the market during the forecast period. High production of cars across regions, especially SUVs and hatchbacks, increasing demand for lightweight composite pedals, and continuous advancements in the pedal technology are driving the demand for pedals in the passenger car segment.
Stamping is expected to remain the dominant process type in the market during the forecast period, whereas injection molding is expected to witness higher growth in the same period.
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Source: EmailWire.Com 
Source: EmailWire.com
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