The global automotive brake booster market to grow at a CAGR of 8.97% during the period 2016-2020.
Global Automotive Brake Booster Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
A trend which is helping boost market growth tremendously is the strides towards developing autonomous vehicles. The automotive industry is replacing more and more mechanical and hydraulic systems with electronic systems, which not only aids in reducing the weight of the vehicle but also offers safety and comfort. One of the most sought-after applications is brake-by-wire technology for the automotive braking system.
According to the report, a key growth driver is the standardization of AEB by 2022. The US Department of Transportation's (DOT) NHTSA and IIHS have made it mandatory to have AEB as a standard feature in all cars by 2022, a commitment made by 20 automakers, i.e., world's leading automakers like AUDI, FCA, Ford, GM, Honda, Hyundai, Jaguar, Land Rover, KIA, Maserati, Mazda, Mercedes-Benz, and Mitsubishi, to name a few.
Further, the report states that one challenge that could restrict market growth is the increased cost pressure based on demand.