The global automotive brake system & components market demand is expected to showcase opulent growth over the forecast period from 2022 to 2032 by generating a stable CAGR of 4.7%. The global market is estimated to be valued at US$ 66,414.8 Million in 2022 and is expected to reach a valuation of US$ 105,131.2 Million by 2032.
As per the historical analysis, from 2017 to 2021, the automotive brake system & components market registered a stagnant growth at 1.0% CAGR but over the years, the market exhibited phenomenal growth and the CAGR reached 4.7% in the forecast period (2022-2032).
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-4009
The automotive brake system is a critical component of any vehicle, and it is responsible for ensuring safe and efficient operation. The brake system typically includes components such as the brake pedal, brake lines, master cylinder, calipers, rotors, pads, and drums. The demand for automotive brake systems and components is driven by several factors and trends, including:
- Increasing demand for vehicle safety: The automotive industry is increasingly focused on improving vehicle safety, and the brake system is a key component in achieving this goal. As a result, there is a growing demand for high-quality brake systems that can provide reliable and consistent stopping power.
- Advancements in technology: The brake system is a highly technical component of the vehicle, and advancements in technology are driving the development of new and improved brake systems and components. For example, there is a trend towards the use of electronic brake systems that can provide more precise and efficient braking.
- Shift towards electric and hybrid vehicles: The shift towards electric and hybrid vehicles is driving demand for brake systems and components that can provide efficient and effective regenerative braking. These systems can help to extend the range of electric vehicles and improve overall energy efficiency.
Key Takeaways
- Being a significant auto part for automobile safety, automotive brake system & components are considered to be crucial components that can assist in reducing the speed of the vehicle or stop the vehicle altogether. Therefore, the growth of the automotive sector is predicted to create healthy opportunities for the companies present in the automotive brake system & components market. Furthermore, the surging vehicle parc would lead to growth in the automotive brake system & components market.
- The utilization of electronic braking systems such as anti-lock brake systems (ABS), brake assist (BA), and electronic brake force distribution (EBD) assists in stopping. By enabling vehicle stability and directional control, ABS helps in stopping when brakes are forcefully applied. This is one of the major benefits that ABS has over traditional braking systems. ABS ensures that a vehicle can come to a stop in the shortest possible distance, according to the Royal Society for the Prevention of Accidents (ROSPA).
- BA is often utilized in conjunction with ABS and is largely dependent on the vehicle’s ABS technology. BA consumes approximately 45% aiding in the reduction in stopping distance. Owing to this, regulatory standards for vehicle safety are likely to lead to increasing deployment of ABS and BA in the upcoming decade.
- EBD, which functions as an extension of the ABS, is the head of applying a similar amount of force to each wheel. There are several benefits to EBD such as increased stability, shorter stopping distances, better grip on the road, and increased braking effectiveness. Owing to these benefits, developing nations like India and Mexico have declared their aim to use electronic stability control (ESC) and enhanced braking systems (EBD) in their newest automobiles.
- Attributing to the rising sales of SUVs, luxury, and sports models, customers have not just limited their search to performance, but they also want their vehicles to be equipped with advanced technologies to ensure the safety of passengers while driving. Searching demand for safety systems in luxury cars is driving sales of passenger car in the global automotive brake system & components market.
Get Your Report Customize, Visit:
https://www.futuremarketinsights.com/customization-available/rep-gb-4009
Competitive Landscape
In recent years, there has been a surging number of acquisitions and growth efforts in order to surge the supply of automotive brake systems & components. Several leading forms in the market are also working on technological developments. Contracts & agreements, new product development, and partnerships are some of the vital strategies adopted by renowned firms to maintain their market positions.
Moreover, ongoing research & development (R&D) activities focusing on introducing new technologies, along with the involvement of market participants in the launch of new & improved systems are some of the other factors fueling the automotive brake system & components market expansion. In addition to that, there is growing popularity witnessed in electrical vehicles, and accelerated demand for autonomous vehicles is expected to push the sales further.
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.
Ask an Analyst:
https://www.futuremarketinsights.com/ask-question/rep-gb-4009
Key Segments Covered in Automotive Brake System & Components Market Analysis
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
- Europe
- East Asia
- South Asia and Pacific
- Middle East & Africa
More Insights into the Automotive Brake System & Components Market
According to FMI analysis, the U.S. automotive brake system & components market is predicted to surpass a valuation of US$ 12,751.6 Million by the end of 2022. The U.S. is expected to dominate the market owing to the surge in the large number of passenger cars and commercial vehicles in the country.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs