The global automotive brake system & components market is expected to showcase opulent growth over the forecast period from 2022 to 2032 by generating a stable CAGR of 4.7%. The global market is estimated to be valued at US$ 66,414.8 Million in 2022 and is expected to reach a valuation of US$ 105,131.2 Million by 2032.
According to historical data, the automotive brake system and component market grew at a sluggish rate of 1.0% CAGR from 2017 to 2021, however over time, the industry experienced amazing growth, and the CAGR reached 4.7% in the forecast period. (2022 to 2032). The increasing number of government activities in various nations to draw motorists' attention to vehicle safety is blamed for this year's year-over-year growth. Governmental organisations are either encouraging safety-related awareness or implementing strict legislation.
The market for automotive braking systems and components is growing as a result of widespread acceptance of luxury hybrid vehicles, strict enforcement of safety rules, and rising use of disc brakes in commercial vehicles. About 12 to 15% of the world market for automotive parts and components comes from the automotive braking system and component sector.
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Key Takeaways
The automotive braking system and its components, which are important for vehicle safety, are thought to be essential parts that can help slow down or stop a moving vehicle. Therefore, it is anticipated that the expansion of the automotive industry will bring about favourable chances for the businesses operating in the automotive brake system & components market. Furthermore, the market for car brake systems & components would expand as a result of the expanding vehicle parc.
The use of electronic braking systems, such as electronic brake force distribution (EBD), brake assist, and anti-lock brake systems (ABS), aids in stopping. ABS aids in stopping when brakes are applied firmly by allowing vehicle stability and directional control. One of the main advantages of ABS over conventional stopping systems is this. According to the Royal Society for the Prevention of Accidents, ABS guarantees that a car can halt in the shortest amount of time. (ROSPA).
BA is often utilized in conjunction with ABS and is largely dependent on the vehicle’s ABS technology. BA consumes approximately 45% aiding in the reduction in stopping distance. Owing to this, regulatory standards for vehicle safety are likely to lead to increasing deployment of ABS and BA in the upcoming decade.
EBD, which functions as an extension of the ABS, is the head of applying a similar amount of force to each wheel. There are several benefits to EBD such as increased stability, shorter stopping distances, better grip on the road, and increased braking effectiveness. Owing to these benefits, developing nations like India and Mexico have declared their aim to use electronic stability control (ESC) and enhanced braking systems (EBD) in their newest automobiles.
Attributing to the rising sales of SUVs, luxury, and sports models, customers have not just limited their search to performance, but they also want their vehicles to be equipped with advanced technologies to ensure the safety of passengers while driving. Searching demand for safety systems in luxury cars is driving sales of passenger car in the global automotive brake system & components market.
Competitive Landscape
In recent years, there has been a surging number of acquisitions and growth efforts in order to surge the supply of automotive brake systems & components. Several leading forms in the market are also working on technological developments. Contracts & agreements, new product development, and partnerships are some of the vital strategies adopted by renowned firms to maintain their market positions.
Moreover, ongoing research & development (R&D) activities focusing on introducing new technologies, along with the involvement of market participants in the launch of new & improved systems are some of the other factors fueling the car brake system components market expansion. In addition to that, there is growing popularity witnessed in electrical vehicles, and accelerated demand for autonomous vehicles is expected to push the sales further.
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.
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Key Segments Covered in Automotive Brake System & Components Market Analysis
By Sales Channel:
OEM
Drum Brake
Disc Brake
Aftermarket
Brake Booster
Master Cylinder
Drum Brake
Drum
Brake Shoe
Wheel Cylinder
Disc Brake
Rotor
Caliper
Brake Pad
More Insights into the Automotive Brake System & Components Market
According to FMI analysis, the U.S. automotive brake system & components market is predicted to surpass a valuation of US$ 12,751.6 Mn by the end of 2022. The U.S. is expected to dominate the market owing to the surge in the large number of passenger cars and commercial vehicles in the country.