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Chinese Brake System Parts Aftermarket
Frost & Sullivan, Feb 2007, Pages: 150
This Frost & Sullivan research service titled Chinese Brake System Parts Aftermarket provides the market trends and future growth prospects of brake system parts in the Chinese aftermarket. This study provides insights on the industry challenges, strategic recommendations, market drivers, and restraints that impact the growth of the brake system parts aftermarket. Frost & Sullivan's expert analysts thoroughly examine the following markets: brake friction parts, brake hydraulic parts, and rotors and drums.
Higher Average Age of Chinese Passenger Vehicles Drives the Demand for Brake System Replacement Parts
An increase in the average age and number of passenger vehicles in China drives the aftermarket demand for replacement of brake system parts. This is due to the fact that older vehicles typically require greater and more frequent maintenance than newer models. The number of passenger car equipped with rear disc brakes instead of drum brakes on the rear wheels is expected to grow, and likely to drive the sales of aftermarket brake parts including brake pads, brake calipers, and brake rotors.
However, the abundance of participants has compelled the passenger car market to compete on price. In order to maintain profit margins, vehicle manufacturers choose to transfer the price pressure to vehicle parts and components. Nevertheless, with many multinational parts and components companies setting up joint ventures, subsidiaries, or distribution offices in China, the local market will get products at competitive rates. 'An increasing number of domestic brake system parts and components companies are also building up their strengths to offer low-priced products to stay competitive,' says the analyst of this research service.
R&D Efforts and Consumer Education Help Overcome the Issue of Counterfeit Parts
A large hike in the prices of raw materials such as steel, iron, fuel, and others for brake system parts production has driven up the prices of other materials such as cast iron. This has consequently increased the material cost as well as production cost of brake system parts. Since most Chinese consumers are unaware of the importance of quality brake system parts, and do not possess the expertise to distinguish between genuine and counterfeit products, they tend to base their purchase decisions on price. Brake system replacement parts are common targets for counterfeiters due to their high demand. Hence, market participants should educate consumers on the importance of product quality and safety, and train them to differentiate between genuine and fake brake parts.
'Brake system products suppliers can also enhance their market prospects by improving their existing products and, most importantly, introducing in-depth product coverage and broader product assortment to meet vehicle manufacturers and end users’ needs,' notes the analyst. 'Continued research and development efforts in upgrading existing products and developing new ones are strongly recommended.'
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