The Brake System Parts (Except Motor Vehicle Linings) market in China has experienced significant fluctuations over the past decade. From a market size of 10.229 billion USD in 2012, it grew consistently, peaking at 18.884 billion USD in 2018. This period witnessed impressive year-on-year growth rates, notably 14.59% in 2013 and 12.8% in 2018. However, a notable downturn occurred in 2019 with a slight decline, followed by a more substantial 8.91% decrease in 2020, largely attributed to global economic disruptions. The market began to stabilize in subsequent years with minor fluctuations, reaching 18.859 billion USD in 2022.
Key Trends (2012-2022):
- Strong growth phase from 2012-2018.
- Decline starting in 2019 into 2020.
- Stabilization and slight recovery post-2020.
Average CAGR over the last five years stood at 2.41%, indicating moderate growth and stabilization.Future trends to watch for include the influence of technological advancements in brake systems, increasing adoption of electric vehicles, and regulatory changes focusing on safety and environmental impact, which are likely to drive further innovation and market adjustments in 2024 and beyond.
How does China rank in Brake System Parts (Except Motor Vehicle Linings) Market Size Value?
| # | 45 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 22,976,000,000 | 2023 | +4.79% | +4% | |
| 2 | 2 Japan | 7,095,400,000 | 2023 | -1.42% | -1.92% | View data |
| 3 | 3 United Kingdom | 5,853,800,000 | 2023 | +0.35% | -1.02% | View data |
| 4 | 4 Italy | 5,843,800,000 | 2023 | +0.34% | -0.96% | View data |
| 5 | 5 France | 5,783,300,000 | 2023 | -1.43% | -3.01% | View data |
