The global Automotive Brake System Market is estimated to be valued at US$ 29.86 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive brake systems serves the vital function of slowing or stopping a vehicle. Brake systems consist of components such as disc pads, brake calipers, brake drums, wheel cylinders and brake shoes which utilizes friction to convert kinetic energy of a moving vehicle into heat energy in order to decelerate the vehicle. Advances in materials and technologies have led to improved braking systems with higher durability, performance and safety.
Market key trends:
One of the key trends spurring growth in the automotive brake system market is the rising demand for electric vehicles. As EVs continue gaining ground globally due to growing environmental concerns, stringent emission regulations and fiscal incentives for EV purchases, demand for EV charging infrastructure is growing exponentially. EV charging stations require regenerative braking systems that convert kinetic energy from braking back into electrical energy to replenish the battery. This is fueling innovation and adoption of advanced regenerative braking technologies in EVs, thereby positively impacting the automotive brake system market.
Segment Analysis
The global automotive brake system market is segmented into brake types, vehicle type, components, and region. Based on brake type, the disc brake segment dominated the market in 2023, accounting for around 60% share of the total market. Disc brakes provide better braking performance, increased resistance to fading under extreme braking conditions, are lighter in weight, and have a longer lifespan than drum brakes. Thus, they are highly preferred for passenger vehicles.
Key Takeaways
The Global Automotive Brake System Market Demand is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing vehicle production and rising demand for advanced braking systems.
Regional analysis
Asia Pacific dominated the global market in 2023 and is expected to remain the fastest growing as well as largest market during the forecast period. Countries like China, India, and Japan are the major automobile producers in the world, and increasing vehicle production in these countries is supporting the growth of the regional market.
Key players
Key players operating in the automotive brake system market are ZF TRW Co., Akebono Brake Industry Co., TVS Brake Linings Co., Brembo SpA, Performance Friction Corporation (PFC) Brakes, Robert Bosch GmbH, Hella Pagid GmbH, Continental AG, Federal-Mogul Holding Co., Disc Brakes Australia (DBA), and Aptiv PLC (Delphi).
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https://www.marketwebjournal.com/automotive-brake-system-market-demand-size-and-growth/
The global automotive brake system market is anticipated to witnessing a substantial growth due to fresh prospects of the automotive industry in emerging along with developing economies and increased safety concerns by the government.
It was stated in the report that the overall growth of the market is expected to reach a market value of above US$ 25 Billion through 2022, exhibiting a strong 5.7% of CAGR throughout 2017-2022.In modern cars mostly two kinds of brakes are used which are drum brakes and disc brakes.
Every new car has disc brakes on the front wheels, whereas the rear wheels may possibly use whichever drum or disc brakes.
Of these, the disc brakes category has a comparatively bigger share in the overall market during 2017 and will account for a market evaluation of US$14 Billion for the duration of the forecast 2017 to 2022.
On the other hand, the expansion rate for the drum brakes segment will be on the climb in the approaching years.In terms of the sales channel, the worldwide market is categorized into aftermarket and OEM.
The OEM category reflects a revenue share of about fourth-fifth and will foresee a remarkable 5.5% CAGR for the duration of the assessment, 2017-2022.
