Market Research Report
India Class 1-3 Brake Friction Components Aftermarket, Forecast to 2024
|Published by||Frost & Sullivan||Product code||652575|
|Published||Content info||58 Pages
Delivery time: 1-2 business days
|India Class 1-3 Brake Friction Components Aftermarket, Forecast to 2024|
|Published: May 31, 2018||Content info: 58 Pages||
The Aftermarket will be Driven Towards Consolidation, As Suppliers Aim to Garner Maximum Returns Through Economies of Scale
This report covers Class 1-3 vehicles brake friction components aftermarket in terms of volume (in million units) and value ($ billion) across India. It discusses unit shipments, revenue, average price, distribution channel share, and market share. The base year for the analysis is 2017 and the forecast period is from 2018 to 2024.
The Indian brake friction component aftermarket is expected to witness an increase in unit shipments in the coming years. Increase in Vehicles in Operation (VIO) coupled with the higher-than-average vehicle maintenance needs in India due to poor road infrastructure and consumption of low-quality fuel will help in improving unit shipments during the forecast period.
Overall unit shipments will experience an increase considering the fact that the market is expanding and is dominated by few major suppliers. Strong economic forecasts combined with an increase in disposable income will drive consumer spending habits on regular vehicle maintenance. Further, the increase in average price per unit will make a positive contribution to revenues growth. Thus, the overall revenue for brake friction components is expected to grow during the forecast period.
OEMs have a major presence in the aftermarket due to their well-established dealership network and service chains. They can further improve their market share by providing comprehensive service packages and extended warranties to customers. Introduction of private label brands by distributors or multi-brand service chains will have a positive impact on market shares owing to the price advantage of these brands. Due to the unregulated nature of the aftermarket, there is an increasing threat from the unorganized sector. Introduction of appropriate manufacturing and testing standards can check the domestic production as well as import of such counterfeit products. Disk pads are expected to be a major contributor to the overall brake friction component aftermarket as more vehicles are expected to be fitted with rear brake discs which are also increasingly favored for adoption in SCVs. The overall average unit price is expected to increase marginally during the forecast period across all segments. Major players in the market are Brakes India, Rane, Bosch and Mando, among others.