Racing Clutches Market to have Negative Impact due to COVID-19 Spread | Technavio
LONDON--(BUSINESS WIRE)--Oct 28, 2020--
Scope of the report
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Technavio has announced its latest market research report titled Global Racing Clutches Market 2020-2024 (Graphic: Business Wire)
This report provides a detailed analysis of the racing clutches market by performance (eco-performance and high-performance) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Advanced Clutch Technology Inc., Australian Clutch Services Pty. Ltd., Brembo Spa, EXEDY Corp., Holley Performance Products Inc., OS Giken Co. Ltd., Quarter Master, Tilton Engineering Inc., Valeo SA, and ZF Friedrichshafen AG. Multiple suppliers developing performance/racing clutches is a key trend in the global racing clutches market which will lead to significant market growth. Vendors in the market are increasing investments in R&D to develop efficient anti-heating and anti-skid designs. This is helping them expand their product portfolios as well as gain new customers. All these factors are leading to a positive outlook for the racing clutches market.
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Racing Clutches Market: Segmentation by Geography
The market is segmented into five regions encompassing APAC, Europe, MEA, North America, and South America. Europe was the largest market for racing clutches in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 47% of the market’s growth will originate from Europe during the forecast period. The region is home to several supercar and hypercar brands like Ferrari, Automobili Lamborghini, Pagani, Zonda, Alfa Romeo, and Koenigsegg. In addition, the high adoption of high-performance vehicles in the region is driving the demand for racing clutches. Germany, Italy, and the UK are the key markets for racing clutches in Europe.
Racing Clutches Market: Segmentation by Performance
The racing clutches market is segmented into two segments based on performance comprising of eco-performance and high-performance. Eco-performance clutches are widely used in vehicles that have engine power output in the range of 300hp to 500hp. Besides, the automotive industry is dominated by standard vehicles that have the highest average commute time and distance. These factors are creating significant growth potential in the segment.
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Racing Clutches Market: Growth Drivers
The rising popularity of motorsports events will drive market growth. The growing popularity of racing events has led many automobile manufacturers to participate in racing events and showcase the prowess of their technologies. For instance, popular automakers such as BMW and Jaguar have recently entered the ABB FIA Formula E Championship to showcase the technical prowess of their high-performance EVs. Besides, car manufacturers are partnering with technology companies to improve driving dynamics and develop advanced diagnostic tools to gauge vehicle component level performance. Such developments among automakers are expected to have a positive influence on the growth of the global racing clutches market during the forecast period.
Racing Clutches Market: Market Overview
The racing clutches market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. Advanced Clutch Technology Inc., Australian Clutch Services Pty. Ltd., and Brembo Spa are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the high price point for mass production applications will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Market Sizing Methodology
Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)
Racing Clutches Market: Parent Market Overview
Technavio categorizes the global racing clutches market as a part of the global automotive components and accessories market within the global auto components market. The global automotive components and accessories market covers companies engaged in the production of parts and accessories for automobiles like passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers.
Growth in the global automotive components and accessories market will be driven by the increase in electronic components in automobiles.
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PUB: 10/28/2020 09:45 AM/DISC: 10/28/2020 09:45 AM