The automotive industry is expanding at a prosperous rate barring the strict-lockdown period on the grounds of the novel coronavirus outbreak. The expansion of production facilities in the automotive sector eventually increases the demand for brake shims. Thus, based on this factor, the brake shims market is expected to garner considerable growth across the assessment period of 2019-2029.
Brake shims are prominently used in disc brake systems of all vehicles. These brake shims assure safety through smooth braking mechanisms across varied types of vehicles such as passenger vehicles, commercial vehicles, and two-wheelers. Thus, these aspects bring vital growth prospects for the brake shims market.
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Increase in Disc Brake Adoption to Assure Promising Growth
The popularity of vehicles with disc brakes has increased substantially among a large chunk of the populace. For safety purposes, vehicles fitted with disc brakes are garnering immense attention. Therefore, the rising demand for disc brake-fitted vehicles will serve as growth pillars for the brake shims market.
Regulations and Laws Regarding Vehicle Safety to Help in Laying Red Carpet of Growth
The escalating scale of accidents and mishaps across the globe has led many countries to devise special laws and regulations regarding safety. Government authorities are also conducting various initiatives and campaigns to generate awareness about the importance of vehicle safety among citizens. Thus, this factor may accelerate the growth of the brake shims market as many people will prefer vehicles fitted with safety-assuring accessories such as disc brakes.
Pandemic Impact on Brake Shims Market
The novel coronavirus pandemic has led to tremendous losses among diverse sectors. The brake shims market is no stranger to this loss. The strict lockdown restrictions imposed by various countries resulted in the shutting down of manufacturing units and production facilities. Thus, it impacted the brake shims market severely due to a decrease in production and demand. However, the lockdown relaxations provide a golden opportunity for the brake shims market to retain its growth.
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