The global automotive brake systems market is expected to witness a rise of 3% CAGR between the forecast years of 2020-2030. The market is poised to take a hit as COVID-19 disrupts automobile production. Furthermore, economic downturn will also hamper the market in a negative manner in the coming days. Despite the gloomy picture, the global market for automotive brake systems will recover as the world limps back to normalcy by 2021. In the decade long prediction, the demand for automotive brake systems is projected to rise as road safety features will gain prominence amongst manufacturers and producers.
The demand for automotive brake systems is expected to reach US$ 6,113.2 Million in 2022, rising at a CAGR of 16.9% to US$ 29,548.6 Million from 2022 to 2032. Consumer expenditure on cars and rising consumer demand are both factors in growth. A CAGR of 7.5% was recorded for the market for automotive brake systems from 2016 to 2021.
Prominence of Road Safety to Boost Automotive Brake Systems Market
Development of the smart braking systems in automotive brake system market resulted in decreasing number of accidents. The latest advancements prevents the vehicle from skidding minimizing the risk of accidents. Rapid increase in the production and sales of vehicles coupled with stringent regulations regarding stopping distances are anticipated to magnanimously contribute to the growth of the market. Growing demand for installation of passive and active safety in vehicles is expected to trend in automotive brake system market.
Growing concern over road traffic crashes and increasing number of deaths have influenced the key players to integrate robust safety features. Stringent safety regulations by regulatory bodies and governments will continue to drive the growth of automotive brake system market. NHTSA (National Highway Traffic Safety Administration), agency of U.S. DOT (Department of Transportation) has planned to mandate adoption of Automatic Emergency Braking System (AEB) from 2022.
ABS Stands Out as Some Make it a Mandate to Sell Vehicles
The global automotive brake systems market is segmented into system type, vehicle type, and system technology. The system type segment includes disc brake and drum brake. Out of these, the disc brake segment is expected to expand at a rapid pace due to better performance and heat dissipation features. In the coming years, passenger cars will lead the vehicle type segment as automotive sector shows promise of revival as economy inches closes to normalcy. The system technology segment includes traction control system (TCS), antilock braking system (ABS), electronic brake-force distribution (EBD), and electronic stability control (ESC). ABS is projected to dominate as it in mandated in several vehicles.
Asia Pacific Remains in the Lead with Shifting Focus on India
Asia Pacific is projected to control on the global automotive brake system market with growing number of consumers and manufacturers. The key countries in the mentioned region are projected to be India, South Korea, and China as an outcome of the increasing demand for commercial vehicles and passenger cars. Japan also contributes to the global automotive brake system market remarkably. While China was anticipated to be the largest opportunity in terms of revenue of the industry, the recent pandemic is expected to shift focus to India. Europe is expected to be the second largest market in global automotive brake system market followed by North America.
Some of the key players operating in the global automotive brake system market are TRW Automotive Holdings Corp., Aisin-Seiki Co. Ltd., Continental AG, Akebono Brake Industry Co. Ltd., Brembo S.P.A., Halla Mando Corp., and others.
Key Segments Profiled in the Automotive Brake System Industry Survey
Automotive Brake System Market by System Type:
- Disc Brake in Automotive Brake System
- Drum Brake in Automotive Brake System
Automotive Brake System Market by Vehicle Type:
- Automotive Brake System in Mid-Sized Passenger Cars
- Automotive Brake System in Compact Passenger Cars
- Automotive Brake System in Luxury Passenger Cars
- Automotive Brake System in Light Commercial Vehicles
- Automotive Brake System in Heavy Commercial Vehicles
- Automotive Brake System in Premium Passenger Cars
Automotive Brake System Market by Technology:
- Anti-Lock Braking System (ABS)
- Electronic Stability Control (ESC)
- Traction Control System (TCS)
- Electronic Brake-Force Distribution (EBD)
Automotive Brake System Market by Region:
- North America Automotive Brake System Market
- Latin America Automotive Brake System Market
- Europe Automotive Brake System Market
- Asia Pacific Automotive Brake System Market
- Middle East and Africa Automotive Brake System Market
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