The global automotive braking system market size reached USD 46.15 billion in 2023 and is projected to grow around USD 120.9 billion by 2032, growing at a CAGR of 11.30% during the forecast period from 2023 to 2032.
Key Takeaways
- Asia Pacific led the global market with the highest market share in 2022.
- By Part Type, the disc segment has held the highest revenue share in 2022.
- By Vehicle, the passenger vehicles segment dominated the global market in 2022.
Brakes are among the significant parts of vehicles that are used to slow down the speed of the vehicle. Consequently, brakes are designed in such a way that efficiently reduces the speed of the vehicle without any ill effects such as sudden stopping.
There are different types of brakes available in the market that includes drum brakes and disc brakes. Disc brakesare manufactured using iron cast or ceramic-matrix & carbon-carbon composites and are attached to the rotating wheel. To stop the wheel, friction materials that are in the form of brake pads are pressed from both sides of the discs that create friction and eventually stopping or decelerating the wheel. Whereas, a drum brake is a traditional brake in which friction is created by the set of shoes or pads that are forced against a rotating drum-shaped vehicle part known as brake drum.
Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1086
Growth Factors
The increased implementation of electronic components is one of the prime factors contributing for the market growth. Implementation of these electronic components has led to the development of technologies that are Electronic Stability Control (ESC), Traction Control System (TCS), Antilock Braking System (ABS), and Electronic Brake-Force Distribution (EBD). Adoption of these advanced technologiesalong with rising popularity of vehicle safety technologies among consumers presumed to escalate the market growth. Besides this, high cost of integration expected to restrict the widespread adoption of advanced braking systems. Hence, majority of such technologies are implemented solely in the luxury and premium vehicles.
Other than this, increasing stringency in the vehicle safety norms anticipated to propel the market growth in the coming years. Associations of automobile across the globe are working rigorously towardsthe improvement of vehicle safety. For example, in 2016, the National Highway Traffic Safety Administration (NHTSA) in the U.S. and Insurance Institute for Highway Safety (U.S.)together with 20 prominent vehicle manufacturers, have announced their plan to implement Automatic Emergency Braking (AEB) systems as a standard vehicle feature in all new passenger cars from September 2022. Similarly, the Ministry of Road Transport and Highway (MoRTH), India, in 2015, mandated the integration of ABS in all commercial vehicles. Thus, the market projected to grow at a steady rate over the analysis period.
Automotive Braking System Market Scope
| Report Highlights | Details |
| Growth Rate from 2023 to 2032 | CAGR of 11.30% |
| Market Size in 2023 | USD 46.15 Billion |
| Market Size by 2032 | USD 120.9 Billion |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America, Europe |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Vehicle, System, Sales Channel, Region |
Regional Snapshots
The Asia Pacific dominated the global automotive braking system market and expected to retain its position during the forecast period. China is one of the biggest automotive marketplaces in the world. The rising chinese economy as well as increasing disposable income of people in China hassurged the demand for vehicles in the country. In addition, the low production cost has positively favored the growth of vehicle manufacturing in China. In the year 2018, China alone produced 27.8 million vehicles.
On the other side, Europe is one of the most advanced automotive hubs across the world. Component manufacturers are more inclined towards improved technology to gain a competitive edge along with increase their revenue generation. In addition, high export activities of automobiles and related components that include automotive braking systems expected to propel the market growth during the analysis period.
Report Highlights
- The Asia Pacific led the global market attributed to the low production cost along with rising demand of transportation in countries such as China and India
- Europe and North America are other most prominent markets in the automotive braking system owing to strict safety regulations for transportation industry
- Passenger vehicles captured significant production share of nearly 75%per year that in turn boost the demand for advanced braking system in the passenger vehicle segment
- Demand for commercial vehicles expected to proliferate in the coming years because of accelerating growth of logistics and transportation industry
- Based on part type, disc brakes are expected to witness an escalating demand in the near future as it offers shorter stopping distance along with it is more efficient during emergency braking condition
- By system type, pneumatic braking system exhibits the fastest growth over the analysis period owing to advanced braking and stopping options
Read Also: Revenue Cycle Management Market Size to Surpass US$ 160.96 Bn by 2032
Key Players & Strategies
The global automotive braking system market is highly competitive and fragmented due to the presence of large number of market players. These players focus prominently on the product development & enhancement to maintain their competitive edge. Furthermore, industry participants are also inclined towards inorganic growth strategies to strengthen their market presence.
Certain of the noticeable players in the automotive braking system market include:
- ZF Friedrichshafen AG
- Akebono Brake Industry Co., Ltd.
- Continental AG
- Brembo S.p.A
- Robert Bosch GmbH
- AISIN SEIKI
- Hyundai Mobis
- WABCO
- Hitachi Ltd.
Segments Covered in the Report
By Vehicle
- Commercial Vehicles
- Passenger Vehicles
By Part Type
- Disc
- Drum
By System Type
- Pneumatic
- Hydraulic
By Sales Channel
- Aftermarket
- Original Equipment Manufacturer (OEM)
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
Contact Us:
Mr. Alex
Sales Manager
Call: +1 9197 992 333
Email: sales@precedenceresearch.com
Web: https://www.precedenceresearch.com
Blog: https://www.expresswebwire.com/
Blog: https://www.uswebwire.com/
