According to The Business Research Company’s Automotive Brakes And Clutches, The automotive brakes and clutches market size has grown strongly in recent years. It will grow from <b>$25.7 billion in 2023 to $27.04 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. </b> The growth in the historic period can be attributed to early automobile development, increased vehicle mass and speed, adoption of hydraulic brake systems, demand for improved safety features, evolution of automotive manufacturing processes.
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The automotive brakes and clutches market size is expected to see strong growth in the next few years. It will grow to <b>$33.57 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. </b> The growth in the forecast period can be attributed to electrification of vehicles, development of smart braking systems, focus on energy recovery systems, continued emphasis on safety and autonomous driving, . Major trends in the forecast period include brake-by-wire systems, regenerative braking technologies, lightweight and high-performance brake materials, integration with advanced driver assistance systems (adas), modular and compact clutch designs
The thriving automotive industry is expected to propel the growth of the automotive brakes and clutches market going forward. The automotive industry refers to all business activities involved in the production of automobiles, including most components such as engines, bodywork, tires, and batteries. Raising the automotive industry will increase the demand for automotive brakes and clutches as these are the essential parts of vehicles. For instance, According to McKinsey, the automotive revenue pool from traditional car sales and aftermarket products/services is expected to reach about $5.2 trillion, up by 50% from about $3.5 trillion in 2015. Overall global car sales will continue to grow at an annual rate of around 2% by 2030. The automotive industry in India is expected to reach $251.4-282.8 billion by 2026. Therefore, the thriving automotive industry is driving the growth of the automotive brakes and clutches market.
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The automotive brakes and clutches market covered in this report is segmented –
1) By Product: Original Equipment Manufacturer (OEM), After Market
2) By Clutch Type: Friction Clutch, Dog Clutch, Hydraulic Clutch, Other Clutch Types
3) By Transmission Type: Manual Transmission, Automatic Transmission, Automated Manual Transmission (AMT), Other Transmission Types
4) By Application: Passenger Car, Commercial VehicleTechnological innovations have emerged as the key trend gaining popularity in the automotive brakes and clutches market. Major companies operating in the automotive brakes and clutches sector are focused on introducing new technological innovations to sustain their position in the market. For instance, in 2021, Maruthi Suzuki, an India-based vehicle manufacturer, developed S-Assist, an AI (Artificial Intelligence)-based 24-hour virtual car assistant app for Nexa model cars. This AI technology is utilized in automobiles to assist drivers in maintaining safe driving by automatically applying brakes when an object ahead is detected.
The automotive brakes and clutches market report table of contents includes:
- Executive Summary
- Automotive Brakes And Clutches Market Characteristics
- Automotive Brakes And Clutches Market Trends And Strategies
- Automotive Brakes And Clutches Market – Macro Economic Scenario
- Global Automotive Brakes And Clutches Market Size and Growth
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- Global Automotive Brakes And Clutches Market Competitive Benchmarking
- Global Automotive Brakes And Clutches Market Competitive Dashboard
- Key Mergers And Acquisitions In The Automotive Brakes And Clutches Market
- Automotive Brakes And Clutches Market Future Outlook and Potential Analysis
- Appendix
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