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Animal Ultrasound Market 2023: Pet insurance demand rising continuously, triggering the animal ultrasound sales

Animal ultrasound has become a popular tool in veterinary medicine, with many pet owners turning to technology to get a better understanding of their pet's health. Ultrasound devices offer veterinarians an efficient way to assess an animal’s internal organs and diagnose conditions quickly and accurately. This non-invasive imaging technique is widely used for the diagnosis of illnesses such as cancer, heart defects, organ dysfunction, and reproductive issues in animals.

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The global animal ultrasound market is expected to see a steady growth due to increasing demand from veterinary professionals and pet owners alike. The market is driven by factors such as technological advancements in the field and increased awareness among pet owners about animal health care. Technologies such as 3D/4D imaging are allowing veterinarians to get more accurate diagnosis of various ailments in animals which has boosted the demand for ultrasound equipment. Additionally, the introduction of portable equipment has made it easier for veterinarians to provide on-the-spot assessments without having to take their patients back to the clinic.

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The rising consumer spending power on pet care products and services is also facilitating market growth by creating opportunities for vendors offering high quality scans at competitive prices. Animal ultrasounds are now being used not just for diagnostic purposes but also for preventive healthcare purposes such as fetal assessment during pregnancy or monitoring of pre-existing conditions like obesity or diabetes in pets. As animal healthcare continues to evolve towards preventive measures, there will be greater demand for reliable ultrasound systems that can provide quick results with minimum effort from both vet and owner.

With new innovations being introduced into this sector constantly, the animal ultrasound market looks set continue its strong growth trajectory over the coming years. Vendors need to focus on providing efficient products at competitive prices while offering exceptional customer service in order to ensure the success of their business in this highly competitive sector.

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The global automotive brake friction products market size is expected to create lucrative growth opportunities with an opulent CAGR of 4.8% during the forecast period from 2022 to 2032. The market was valued at around US$ 10.4 Bn in 2021 and is likely to reach a valuation of US$ 17.2 Bn by 2032.

Brake friction products are a critical component in any vehicle's braking system. These products, often referred to as brake pads, provide the friction necessary to stop a vehicle by pressing against the brake rotor.

There are two main types of brake friction products: organic and ceramic. Organic brake pads are made of materials such as asbestos, glass, rubber, and resin, and are known for their affordability and relatively low noise levels. Ceramic brake pads, on the other hand, are made of a mixture of ceramic fibers, copper fibers, and other materials, and are known for their durability and ability to provide consistent braking performance in a variety of conditions.

When it comes to maintaining your brake friction products, it's important to inspect them regularly and replace them as needed. Brake pads typically last between 25,000 and 70,000 miles, but this can vary depending on the type of driving you do and the type of brake pads you have.

Key Takeaways

The replacement rate of brake friction products within vehicles is projected to be hampered by increasing the life of automotive brake friction products and sophisticated brake technology. Manufacturers of brake friction products now utilise more durable materials due to government restrictions that are stringent and the requirement to function in all types of environments.
It is projected that rapid advancements in brake friction products will lower the need for brake friction products by lowering the number of replacements in cars. Additionally, OEMs place a high priority on brake friction solutions with regulated friction, low wear, and noise-dampening properties.
The increased demand for automobile parts on a global scale has attracted counterfeiters. Brake pads, brake linings, and other associated vehicle components are now more prevalent counterfeits that can't be distinguished from the real thing. OEM-produced brake friction products are pricey yet of high quality.
In India, counterfeit items are to blame for about 20% of traffic accidents. FICCI reported that fake vehicle components caused the Indian government to lose US$ 282,912 as a result. Several agencies have taken efforts to stop the illegal trade of car parts.
The car industry, the trade platform, and the U.K. government collaborated to establish a consumer education campaign to combat fake brake friction goods. Online retailers like Amazon and eBay have also expressed their opinions on purchasing aftermarket cars. The listing of brake pads and related components on Alibaba's marketplace was prohibited.
During the historic period from 2017 to 2021, the metallic disc material is projected to increase at a pace of about 3.2%, and is expected to see a 4.5% CAGR during the forecast period. Due to its ability to resist heat, metallic materials are used more frequently in brake friction products. They are the perfect material for stopping against large machinery since they do not compress like ceramic material does.
Brake shoes are expected to experience the fastest growth in the aftermarket with regard to product type. From 2017 to 2021, brake shoes accounted for a 3.2% CAGR. Because they are located in the back of the automobile, brake shoes have a longer lifespan than brake pads because they have more room to produce the friction needed to stop the car. They also don't need as much power to stop the car as brake pads do. Brake shoes are expected to expand at a 4.5% annual rate between 2022 and 2032.
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Competitive Landscape

Key players in the global automotive brake friction products market are massively aiming at expanding their manufacturing facilities, investing in research and development along with innovating new products.

The key companies operating in the automotive brake friction products market include:

ABS Friction, Bendix Spicer, Robert Bosch, Nisshinbho Holdings Inc., Brembo S.p.A, Tenneco Inc., Federal-Mogul, Delhphi, Akebono Brake Industries, Miba AG, Aisin Seiki Co., Ltd., Macas Automotive, Masu brakes Pvt Ltd, Sundaram Brake Linings Ltd, Standard Friction Components Ltd, Japan Brake Industrial Co., Ltd, and Toughla Brake Linings.

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During the forecast period, it is anticipated that the automotive steering system market size will grow at a CAGR of 4.6%. The market is predicted to reach a value of US$ 38.0 billion by 2033, up from its current share of US$ 24.1 billion in 2023.

Key Takeaways of Automotive Steering Systems Study:

Active safety technologies such as antilock breaking systems (ABS) and electronic stability control (ESC) are becoming commonplace in the automotive sector for improved safety; thus, fueling the demand for automotive steering systems.
Increasing adoption of advanced technologies and power steering systems in mid-size, compact, and light commercial vehicles (LCVs) is expected to positively influence the automotive steering system market.
Electric power steering is expected to be highly preferred over other technologies, as it offers simplified tuning, packaging flexibility, and engine-off steering assist.
Key manufacturers in automotive steering system market are innovating automotive steering systems to increase control and stability by using sensors and traction control systems for the detection of vehicle skidding movements as well as to counteract them, which complements the safety features of automotive steering systems.
“Autonomous vehicles and connected cars are rapidly becoming mainstays, and are expected to pave the way for future-proof systems where computers would replace human drivers, thus creating positive growth prospects for players in the automotive steering system market. In addition, the ongoing COVID-19 pandemic is likely to alter how key players establish their supply chains in the coming years, where, putting more focus on decentralization is likely to happen.”

Increasing use of advanced technology, such as sensors and traction control systems is boding well for the growth of the global automotive steering system market. However, according to an FMI study, the COVID-19 pandemic continues to obstruct automotive production activities, worldwide, as some of the most affected countries house major automotive production hubs, such as Germany, the UK, India, and the U.S.

The pandemic is likely to have a measurable impact on consumer demand in the short term, with automotive sales in Germany registering a 40% drop in Q1 of 2020. Tier-2, and especially tier 3 suppliers of automotive steering systems are poised to get adversely affected by pandemic-related disruptions.

The global automotive steering system market is likely to experience a V-shape recovery growth curve, owing to an increase in automotive production in emerging countries such as China, Mexico, and India. As such, the market will witness rapid resurgence post containment of the COVID-19 pandemic.

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Automotive Steering System Market Participant Insights

The global automotive steering system market is highly consolidated, with the top ten players in the market holding nearly 70% value share. Leading players are looking to expand their business operations in emerging markets and increase value-addition in their product offerings through portfolio rationalization.

Launching advanced products that offer umpteen operational benefits in tandem with fulfilling existing safety regulations will help key players achieve product differentiation as well as scale-up their presence in the global automotive steering system market.

Some of the key players mentioned in the automotive steering system market study are:

JTEKT Corporation, Nexteer Automotive Group Ltd, Showa Corporation, ThyssenKrupp AG, Hitachi Automotive System Ltd, Robert Bosch GmbH, and NSK Steering System Co. ltd.

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