Latin America Brakes Aftermarket Market Forecast 2021-2026: Independent Aftermarket to Lead with Largest Share – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Latin America Brakes Aftermarket Market Research Report: Forecast (2021-2026)” report has been added to ResearchAndMarkets.com’s offering.

The Latin America Brakes Aftermarket Market is likely to grow at a CAGR of around 1.20% during the forecast period 2021-26. The most prominent factor supporting the market growth is the shift toward producing lightweight & composite vehicles and installing advanced brakes to ensure the utmost safety.

Additionally, the rising penetration for the adoption of electric vehicles shall also support the dynamics of the brakes aftermarkets in the forecast period. The constant technological advancements to avoid skidding or slipping at sudden braking are other crucial aspects expected to propel the market growth during 2021-26.

Independent Aftermarket (IAM) to Lead the Latin America Brakes Aftermarket Market with Largest Share

Based on the Sales Channels, the Latin America Brakes Aftermarket Market segments into Original Equipment Services (OES) and Independent Aftermarket (IAM). Between the two, Independent Aftermarket (IAM) shall reign the market with the largest share in the forecast period. It owes primarily to the increasing number of vehicles older than 2-3 years, which can be brought to an IAM for servicing & brake repairs. The massive customer inclination toward IAM is prominently due to the competitive parts & service pricing.

Additionally, the IAM significantly gains substantial investments & shares from their franchised network as the car ages. The instant & hassle-free service without prior appointments is gaining popularity from the working population having busy schedules. Hence, the segment is likely to dominate the Latin America Brakes Aftermarket Market with the largest share in the forecast period.

Brake Pads to Witness the Fastest Growth in the Latin America Brakes Aftermarket Market

Based on the Product Type, Latin America Brakes Aftermarket Market segments into Brake Pads, Brake Shoes, Brake Rotors, Brake Drums, and Brake Calipers. Of them all, the Brake Pads are more likely to display the fastest market growth in the forecast period. The prime factors supporting the rapid growth include the constant use of brakes due to frequent congestion, propelling better quality brakes & installation services at aftermarkets. Since brake pads are highly responsible for vehicle safety, governments are likely to impose strict regulations to maintain & timely replace their brake pads, resulting in their surging demand across Latin America.

Moreover, the surging trend of adventure sports & racing shall also propel the adoption of Brake Pads and lead them to attain the fastest market growth in the coming years.

Market Drivers

The prime factors likely to drive the Latin America Brakes Aftermarket Market in the forecast period include the rapidly increasing demand for improved safety solutions in vehicles and brake replacement through the aftermarkets. Furthermore, the massive investments by market players toward extensive R&D shall further drive the market in the coming years.

Market Restraints

A few factors that might restrain the market from striving in the forecast period include high installation costs of high-tech braking systems & their production and the reliability concerns for aftermarket owing to its massive fragmentation.

Key Questions Answered in the Market Research Report:

• What are the overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Latin America Brakes Aftermarket Market?
• What are the country-wise industry size, growth drivers, and challenges?
• What are the key innovations, opportunities, current & future trends, and regulations in the Latin America Brakes Aftermarket Market?
• Who are the key competitors, their strengths & weaknesses, and how do they perform in the Latin America Brakes Aftermarket Market based on the competitive benchmarking matrix?
• What are the key results derived from the market surveys conducted during the Latin America Brakes Aftermarket Market study?

Companies Mentioned

• Akebono Brake Industry
• Raybestos
• Brembo S.p.A.
• CARDONE Industries
• Continental AG
• ZF Friedrichshafen AG
• Federal-Mogul Motorparts LLC
• MAT Holding Inc.
• Power Stop LLC.

For more information about this report visit https://www.researchandmarkets.com/r/o6d81e

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