Latin America Brakes Aftermarket Market is likely to grow at a CAGR of 1.20% in the forecast period of 2021-26, says MarkNtel Advisors in their research report, "Latin America Brakes Aftermarket Market Analysis, 2021." It owes primarily to the rapid increase of vehicles in operation and the increasing road fatalities, raising safety concerns among people & prompting the manufacturers to bring advanced braking systems with modern facilities & assistance for the vehicles. The principal reasons include driving fault, unorganized infrastructure, and failure of vehicle systems, thereby leading people toward replacement & repairs at aftermarkets and benefiting the overall market growth.
Commercial Vehicles to Display the Fastest Market Growth During 2021-26
Based on the Type of Vehicle, the Latin America Brakes Aftermarket Market bifurcates into Commercial Vehicles & Passenger Vehicles. Of both, Commercial Vehicles are more likely to witness the fastest market growth in the forecast period. It owes to the higher brake replacement rate of commercial vehicles than passenger vehicles. The demand for brakes is rising significantly in the aftermarkets, owing to the growing number of these utility vehicles, especially around industries & commercial areas.
The transportation & logistics sector sees signs of substantial expansion across Latin America in the coming years, which, in turn, would propel the demand for commercial vehicles and influence the market. Furthermore, the increasing sales & production of commercial vehicles & off-highway trucks, the rising stringency of automotive safety regulations, and the impact of the Latin New Car Assessment Program (Latin NCAP) shall drive the segment to attain the fastest market growth.
"Latin America Brakes Aftermarket Market Analysis, 2021" provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Brakes Aftermarket providers across the region. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Argentina to Project the Fastest Growth in Latin America Brakes Aftermarket Market
Based on the geography, the Latin America Brakes Aftermarket Market expands across countries like Mexico, Brazil, Argentina, Colombia, and Others. Of them all, Argentina is more likely to witness the fastest market growth in the forecast period. It owes primarily to the rapidly advancing technology to fabricate various vehicle components, coupled with increasing disposable income of consumers and growing production & sales of vehicles across the country.
Besides, massive investments by leading players in R&D activities to provide the best quality of products to their customers, reduce the rising costs of brakes, bring operational efficiency of critical brake systems, and present easy availability of products shall also fuel the overall market growth in Argentina during the forecast period, reveals MarkNtel Advisors in their research report, "Latin America Brakes Aftermarket Market Analysis, 2021."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Latin America Brakes Aftermarket Market are 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., Others.
Key Questions Answered in the Study