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adapting to their market trends. <strong>Haldex</strong> balances<br />
out the cyclical impact of the north american and<br />
european markets through an increased focus on<br />
our stable after-market business as well as the fast<br />
growing emerging market. using the same business<br />
model worldwide is not possible, rather we have<br />
to adapt to the varying needs of different market<br />
regions in the world.<br />
Some of the challenges that truck, bus and<br />
trailer manufacturers have to face, and thereby<br />
affect <strong>Haldex</strong>’ business include:<br />
• legislative requirements and implementation<br />
• Continuous market cyclicality<br />
• adjusted business models and brand strategies<br />
• environmental demands<br />
• Focus on total cost of ownership<br />
<strong>Haldex</strong>’ unique market<br />
even though <strong>Haldex</strong>’ sales mostly follow the production<br />
levels of heavy trucks, buses and trailers, several<br />
important factors often give rise to different trends<br />
in our markets compared with the vehicle market in<br />
general.<br />
• <strong>Haldex</strong> has strong global aftermarket sales, approx<br />
50% of our total sales. Since fluctuations in the<br />
aftermarket are normally small, compared to oeM<br />
production of trucks and trailers, the aftermarket<br />
sales have a stabilizing effect during economic<br />
cycles.<br />
• depending on the regional market, brake products<br />
with different technical specifications are<br />
used. For instance, in europe disc brakes are<br />
installed in 80–85% of all new trucks. the corresponding<br />
figure for north america is 5%, since<br />
this market mostly specifies drum brakes.<br />
• the infrastructure development in the emerging<br />
markets is generating new requirements for vehicle<br />
solutions. this follows the implementation of<br />
stricter legal requirements that enhance vehicle<br />
and road safety.<br />
Driving forces<br />
the demand for improved vehicle and road safety is<br />
growing faster than the production levels of commercial<br />
vehicles. this trend is driven by increasingly<br />
stricter legislation as well as the manufacturers’<br />
sales strategy to offer safer and technically more<br />
advanced vehicles.<br />
legal demands for improved braking performance<br />
are seen both in established markets like uSa<br />
and in fast-growing economies like Brazil, China and<br />
India. oeM manufacturers place its suppliers technical<br />
competence in high regard and are expected<br />
to offer increasingly improved and cost optimized<br />
systems and products.<br />
<strong>Haldex</strong> <strong>annual</strong> report <strong>2011</strong> | 11
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