Overview and Scope
Automotive brake systems refer to a system that focuses on slowing down or bringing a vehicle to a halt. It works based on friction as they create resistance to the movement by exerting two objects against each other. Automatic braking systems prevent a vehicle from skidding and help restore traction tires; they also prevent the vehicle’s wheels from locking up and avoid accidents.
Sizing and Forecast
The automotive brake systems market size has grown strongly in recent years. It will grow from $35.57 billion in 2023 to $38 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to safety regulations, consumer demand, global vehicle production, economic factors, aftermarket demand.
The automotive brake systems market size is expected to see strong growth in the next few years. It will grow to $50.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to electric and hybrid vehicles, autonomous vehicles, environmental regulations, connected vehicle technology, emerging markets, energy efficiency, globalization of the market. Major trends in the forecast period include advanced driver assistance systems (adas), lightweight and high-performance materials, brake-by-wire technology, connected brake systems, industry partnerships.
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Segmentation & Regional Insights
The automotive brake systems market covered in this report is segmented –
1) By Product Type: Disc Brakes, Drum Brakes
2) By Technology: Antilock Braking Systems (ABS), Electronic Stability Control (ESC), Traction Stability Control (TCS), Electronic Brakeforce Distribution (EBD)
3) By Sales Channel: Original Equipment Manufacturers (OEMs), Aftermarket
4) By Vehicle Type: Passenger Car, Light-commercial Vehicles (LCV), Truck, Bus
Asia-Pacific was the largest region in the automotive brake system market in 2023. The regions covered in the automotive brake systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising demand for passenger and commercial vehicles is expected to drive the automotive brake systems market. Rapid growth in disposable income among individuals in both developing and developed countries and growing demand for a personal vehicle for daily commute to work has contributed to rapid growth in demand for passenger and commercial vehicles. The rapid growth in demand for passenger and commercial vehicles is expected to the boost utilization of automotive brake systems, as they are a vital component in the manufacturing of automotive vehicles. For Instance, In June 2021, according to a report from OICA (International Organization of Motor Vehicle Manufacturers), global passenger car sales increased from 53 million in 2020 to 56 million. Similarly, commercial vehicle sales increased from 24 million in 2020 to 26 million in 2021. Therefore, the increased demand for passenger and commercial vehicles is expected to boost demand for automotive brake systems during the forecast period.
Key Industry Players
Major companies operating in the automotive brake systems market report are Advics Co. Ltd., Aisin Seiki Co. Ltd., Akebono Brake Industry Co. Ltd., Brembo SpA, Continental AG, Robert Bosch GmbH, ZF Friedrichshafen AG, Federal-Mogul Motorparts LLC, Bendix Commercial Vehicle Systems LLC, Knorr-Bremse AG, WABCO Holdings Inc., Mando Corporation, Haldex AB, Thompson Ramo Wooldridge Inc., Nissin Kogyo Co Ltd., Meritor Inc., Advanced Braking Technology Ltd., TMD Friction Holdings GmbH, Midwest Air Technologies Inc., Nisshinbo Holdings Inc., ADVICS CO. LTD., FTE automotive Group, Hella Pagid GmbH, Endless Co. Ltd., Bremskerl Reibbelagwerke Emmerling GmbH & Co. KG, Brembo SpA, Performance Friction Corporation, Arc Remanufacturing Inc., Muller Brakes America Inc., Allgemeine Technische Entwicklungen GmbH
The automotive brake systems market report table of contents includes:
1. Executive Summary
2. Automotive Brake Systems Market Characteristics
3. Automotive Brake Systems Market Trends And Strategies
4. Automotive Brake Systems Market – Macro Economic Scenario
5. Global Automotive Brake Systems Market Size and Growth
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26. South America Automotive Brake Systems Market
27. Brazil Automotive Brake Systems Market
28. Middle East Automotive Brake Systems Market
29. Africa Automotive Brake Systems Market
30. Automotive Brake Systems Market Competitive Landscape And Company Profiles
Top Major Players:
- Advics Co. Ltd
- Aisin Seiki Co. Ltd
- Akebono Brake Industry Co. Ltd
- Brembo SpA
- Continental AG
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