Categories: Market Research

Automotive Pedals Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Automotive Pedals Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Automotive Pedals Global Market Report 2024, The automotive pedals market size has grown strongly in recent years. It will grow from $2.27 billion in 2023 to $2.41 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to automotive industry growth, increasing vehicle production, consumer preferences for manual transmission, replacement and aftermarket sales, globalization of automotive supply chains..

The automotive pedals market size is expected to see steady growth in the next few years. It will grow to $2.89 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to shift towards electric and autonomous vehicles, integration of advanced sensor technologies, focus on lightweight materials, ergonomic design for driver comfort, customization and aesthetic preferences.. Major trends in the forecast period include development of smart pedals with sensor integration, introduction of brake-by-wire systems, focus on lightweight and ergonomic pedal designs, adoption of adjustable pedal systems, integration of biometric sensors in accelerator pedals..

The increasing demand for commercial vehicles is expected to propel the growth of the automotive pedals market going forward. Commercial vehicles are automobiles primarily used for business purposes, such as transporting goods or passengers for profit. Automotive pedals are essential components in commercial vehicles as they facilitate control over acceleration, braking, and clutch functions for safe and efficient operation. For instance, in July 2023, according to the European Automobile Manufacturers Association, a Belgium-based professional body representing the interests of European car, truck, and bus manufacturers, new commercial vehicle registrations in the European Union (EU) were up 11.2% (730,969) for vans, 20% (179,508) for trucks, and 15% (14,781) for buses in the first half of 2023 compared to 657,180 vans, 149,595 trucks, and 12,857 buses in the first half of 2022. Therefore, increasing demand for commercial vehicles is driving the growth of the automotive pedals market.

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The automotive pedals market covered in this report is segmented –

1) By Pedal Type: Accelerator, Brake, Clutch

2) By Material: Steel, Aluminum, Magnesium, Plastic, Other Materials

3) By Application: Passenger Cars, Commercial Vehicles

Major companies operating in the automotive pedals market are focused on developing new automotive pedals for regenerative braking force and to gain a competitive edge in the market. Single-pedal technology streamlines vehicle operation by simplifying acceleration and braking with one pedal. For instance, in July 2021, Toyota Motor Corporation, a Japan-based automotive manufacturer, introduced the Comfort Pedal, a single pedal used for both acceleration and braking, for their newly launched hybrid-only Aqua model. By choosing Power+ Mode, drivers have the ability to produce regenerative braking force by easing off the pressure on the accelerator pedal. This action results in a gradual deceleration of the vehicle. The Comfort Pedal reduces the burden on drivers by decreasing the frequency at which they need to press the accelerator and brake pedals. Comfort Pedal and Power+ Mode are also equipped for all grades, excluding B.

The automotive pedals market report table of contents includes: