Global Automotive Brake Fluid Market 2018-2022
About Automotive Brake Fluid
Brake fluid is basically on oily liquid that helps in transmitting pressure to actuate various components in a hydraulic braking system.
Technavio’s analysts forecast the global automotive brake fluid market to grow at a CAGR of 2.14% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive brake fluid market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Brake Fluid Market 2018-2022
Technavio recognizes the following companies as the key players in the global automotive brake fluid market: BP, Chevron, Exxon Mobil, Shell, and Valvoline.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is environment-friendly brake fluid. Various governments across the world are heavily investing in research to find a feasible solution to reduce greenhouse gas emissions from the mineral based hydraulic lubricants. The emissions are causing an adverse effect on the environment.”
According to the report, one driver in the market is growing demand for SUVs and crossovers globally. The increasing demand for automotive brake fluid is due to the increased sales volume of sports-utility vehicles (SUVs) across the world. In the recent times, the demand for crossovers, pickup trucks, and SUVs are growing in the US market and this, in turn, is driving the growth of the automotive brake fluid market.
Further, the report states that one challenge in the market is increasing demand for electric vehicles. The automotive industry is slowly shifting toward electric vehicles (EVs), especially in Europe and the Americas, due to reasons like rising environmental concerns, increasing fuel prices, and maintenance and purchasing costs of internal combustion engine (ICE) vehicles.
BP, Chevron, Exxon Mobil, Shell, and Valvoline.