The automotive brake system & components market size is projected to be valued at US$ 69,403.5 million in 2023 and is expected to rise to US$ 109,862.1 million by 2033. The automotive brake system & components market sales are expected to capture a significant CAGR of 4.7% during the forecast period.
The automotive brake system & components market plays a crucial role in ensuring the safety and performance of vehicles. As vehicles become more advanced and sophisticated, the demand for efficient and reliable braking systems continues to grow.
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The primary purpose of automotive brake systems is to enable controlled vehicle deceleration and stopping. These systems convert kinetic energy into heat energy through friction, effectively bringing the vehicle to a halt. The components involved in the brake system include brake pads, rotors, calipers, drums, shoes, and hydraulic systems.
The acceptance and demand for luxury vehicles are on the rise. Luxury vehicles often require advanced braking systems to provide enhanced safety and performance features. As consumers increasingly prioritize comfort and safety, the demand for high-quality brake systems in luxury vehicles is growing.
Stringent safety regulations imposed by governing bodies across the globe are driving the adoption of advanced braking technologies. These regulations aim to improve vehicle safety standards and reduce accidents on the roads.
Moreover, the increasing use of disc brakes in commercial vehicles contributes significantly to the market's expansion. Disc brakes offer improved braking performance, durability, and heat dissipation compared to traditional drum brakes. As commercial vehicles carry heavy loads and operate in demanding conditions, the adoption of disc brakes is gaining momentum, driving the market's growth.
The OEM (Original Equipment Manufacturer) segment dominates the automotive brake system & components market with a market share of over 35.2%. This is driven by increasing consumer demand for improved vehicle control and safety and the growing adoption of passenger cars. The OEM segment is expected to surpass revenues of US$ 31,679.8 million by the end of 2022.
The passenger car segment is the market's most preferred type of vehicle, with a value share of 43.5%. The rising adoption of braking systems and components in passenger cars, coupled with factors such as high disposable income and a growing focus on safety, fuels the demand for passenger cars.
The preference for advanced automotive systems, including safety features like ABS, is driving market growth. The United States market is estimated to surpass revenues of US$ 12,751.6 million by the end of 2022.
Japanese automakers are focusing on research and development to introduce cutting-edge innovations in the automobile industry. Brake component manufacturers in Japan emphasize product innovation to meet the high consumer demand and advance production techniques. The market is anticipated to be valued at around US$ 8,633.9 million in 2022.
Key Companies Profiled
Continental AG, ZF Friedrichshafen AG, Delphi Automotive PLC, Valeo S.A, Federal-Mogul Holdings Corporation, Nissin Kogyo Co. Ltd, Hitachi Astemo, Ltd., Akebono Brake Industry Co Ltd., Magneti Marelli S.p.A, Mando Corporation, Brembo S.p.A.