Automakers are enticing contemporary consumers with speed, efficiency, and aesthetics. The increasing demand for high-end vehicles against the backdrop of the changing face of mobility and increased consumer spending on high-end vehicles has further created massive growth opportunities for the companies operating in the automotive and auto components business. As the demand for fast-paced cars surges, the growing need for equally effective deceleration systems is witnessed across the automotive landscape.
Adding to this are aspects including the downsizing of engines, electrification of automotive mechanisms, emission control regulations, and emphasis on connectivity which are further driving transformations in the automotive industry. In the wake of these scenarios, the automotive brake system and components market is creating promising avenues for companies. From the development of new braking systems and the introduction of components to reinventions, manufacturers are reaping significant profitability.
A Focus on Emission Control: New Braking System Introduced
Automakers are surrounded by a number of norms and regulations centered at effective utilization of vehicles, carbon emission control, and more. According to the EU emission control norms, for every new vehicle emitting more carbon than the said limit would cost an amount to manufacturers. Owing to such scenarios, global efforts focused on reducing the emission of harmful gases and other factors are emerging as a crucial milestone for the automotive brake system and components manufacturers. New innovations are focused on these emission control needs.
Continental, a leading technology company recently introduced MK C1 brake system with an aim to reduce the carbon emission in hybrid vehicles. The company introduced the electrohydraulic brake-by-wire brake system that permits complete use of the recuperation potential, allowing automobiles to achieve carbon savings and recover greater electricity. Continental stated that it would begin the brake system’s production in Shanghai in 2020-end to address its Chinese customers, following its strategy to produce in the market for the market.
Mandatory Installations Open Opportunities for Providers
As the automotive industry picking pace, governments worldwide are getting more and more aware regarding passenger and driver safety, road accident fatalities, and other related aspects. On similar lines, certain government mandates regarding the installation of automotive brake systems in future cars are likely to push the automotive brake system and components market players towards lucrativeness.
For instance, the new UN Regulation is said to enforce stringent and universally coherent needs for the utilization of advanced emergency braking systems at low speeds irrespective of situations such as traffic. This Regulation arrays out test requirements for the installation of advanced emergency braking systems at different speeds. These regulations would be applicable to light commercial vehicles and would enable existing systems to undergo updates in an attempt to adhere to the mandates.
Similarly, The Ministry of Road Transport & Highways, India recently mandated the deployment of advanced braking systems for large vehicles in an attempt to curb road accidents and enhance road safety. On the back of this, the existing automobiles will be required to implement the new provision effective from April 2021 and the new vehicles scheduled for launch from April 2022, will come equipped with these systems. The mandate includes the fitment of the anti-lock braking system, intelligent braking system assisting drivers, endurance braking requirements, and more.
Business Expansions Witnessed Across Market Space
With a cluster of opportunities cited in the automotive brake system and components market, companies are expanding their capabilities to meet the needs of a greater number of customers. Companies are increasing their manufacturing capabilities to further improve the way they meet consumer demands.
Continental recently unveiled its new R&D center in Gurgaon, India which would address the regional and global R&D needs for the braking systems business. Company officials stated that with targeted R&D, continual improvements in systems and components at the new center committed to brake systems.
The production landscape is also witnessing tremendous expansion. A leading innovator of disc brake technology for automobiles, Brembo Group recently unveiled a manufacturing hub in Nanjing, located in China’s Jiangsu province focused on the production of aluminum brake calipers.
Akebono Brake Corp., an automotive braking system components manufacturer recently added seven new part numbers to its product offerings with which the company expanded its exposure to about 1 million more vehicles. The expansion includes one Akebono Performance part, one Pro-ACT part, and five parts in the Euro disc brake pad kit product line.
Reinvented Automotive Brake System & Components Make Progress
Companies offering automotive brake system and components are focusing on product enhancements to cater to the changing consumer demands. High-end vehicles demand enhanced automotive brake systems and components that elevate the capabilities of deceleration for cars, ensuring smooth mobility.
Certain research activities are being focused on similar goals. A team of researchers at the University of Toronto and UBC Okanagan, Sharif University of Technology, Iran recently attained success in designing brakes with self-lubricating attributes. These new and enhanced brakes can prevent wear and tear and ensure superior frictional properties than the conventionally used brakes.
A detailed assessment of several such aspects regarding the automotive brake system and components market is compiled in the market study. The study encompasses valuable data and insights that readers can avail.