The global automotive brake system & components market is set to be valued at US$ 66,414.8 Million in 2022 and is projected to grow at a CAGR of 4.7% from 2022 to 2032. The automotive brake system & components market is expected to reach a valuation of US$ 105,131.2 Million by 2032.
A new study conducted by Future Market Insights (FMI) reveals that demand for automotive brake system and components will be driven by innovation in automotive ingenuity over the next couple of years. Electronics has over time evolved as the most crucial part in automotive. Integration of electronics has provided new growth dimensions to the automotive safety system. With the arrival of advanced electronic brake technology, companies are now looking forward to channelizing resource on further research and product development.
The automation sector is always under the radar of regulatory authorities and is required to comply with various rules that are incessantly enforced in the interest of both passenger safety and environmental preservation.
For more information: https://www.futuremarketinsights.com/reports/automotive-brake-system-and-components-market
Additional Highlights of the Report Include:
On the basis of sales channel, aftermarket sales are expected to account for 51.1% value share of the market in 2017, which is expected to increase to around 54.3% by 2027.
Among vehicle type, demand for brake components in passenger cars is expected to remain robust throughout the forecast period. Passenger cars are expected to account for nearly 73.9% value share of the market over 2027.
The disc brake is expected to emerge as the most preferred brake type and is expected to witness a considerable rise in its demand during the forecast period.
The growth of high-performance cars and requirement for better friction materials to meet vehicle braking standards are observed as two of the major factors responsible for the market’s growth.
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.
Market Segmentation
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
By Vehicle Type
Passenger Car
LCV
HCV
By Region
North America
Latin America
Eastern Europe
Western Europe
APEJ
Japan
MEA
Amongst regions, North America and Western Europe are currently exhibiting significant market potentials owing to the existence of well-established automobile manufacturers in these regions. Meanwhile, the market in Asia Pacific excluding Japan (APEJ) continues to expand at an impressive rate, which is attributed to the emergence of countries such as China and India as major manufacturing hubs.