AUTOMOTIVE BRAKE SYSTEM MARKET ANALYSIS

The global automotive brake system market size was valued at USD 29.86 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 4.2 % from 2022 to 2030. The automotive brake system market is expected to experience a significant growth over the forecast period. Increasing adoption of braking system & components and technological advancements in vehicle safety features are projected to drive the market. The increased demand for commercial and passenger vehicles and increased usage of electric cars is also anticipated to propel the market in Europe.

Global Automotive Brake System Market: Regional Insights

The global automotive brake system market is geographically divided into North America, Latin America, Asia Pacific, Europe, Middle East and Africa.

North America among regions is expected to dominate the global automotive brake system market during the forecast period. This can be attributed to increasing production of commercial and passenger vehicles in the United States, increase in environmental concerns, low gas prices and strong economy. For instance, according to Coherent Market Insights, the vehicle production in the U.S. reached 11.31 million units, while the vehicle sales of the country reached 17.82 million units in 2018.

Moreover, Asia Pacific is also anticipated to witness substantial growth in the global automotive brake system market over the forecast period. The growth of this region attributed to rise in disposable income, growth in economy in countries such as India and china, increasing demand for vehicles, and rise in demand for safety features due to growing cases of road accidents in the region. Moreover, along with this increasing sales of vehicles in the region is also supporting the market growth.

Figure 1. Global Automotive Brake System Market Share (%), by Region, 2021

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Global Automotive Brake System Market Drivers:

Increasing emphasis on safety solutions is expected to propel growth of the global automotive brake system market over the forecast period. The major factor of development of advanced automobile safety systems is the search for vehicle safety. The growing awareness among consumers regarding advanced safety technologies and features is leading to increased interest in improvement of safety systems of their vehicles. Thus, this factor is expected to boost the market growth over the forecast future.

Increase in demand as well as growing sales for commercial vehicles is expected to augment growth of the global automotive brake system market over the forecast period. As per Eurostat, nearly 75% of inland cargo transports are carried out by road travel, which is nearly 1,750 billion metric ton-kilometer. As a result of this, the commercial vehicles are highly in demand in Europe as the logistics industry is growing along with the use of light commercial vehicles. Thus, growing demand for commercial vehicles is driving the market growth across all the regions.

Global Automotive Brake System Market Opportunities:

Increase in technological developments in automotive brake systems is expected to create several growth opportunities in the global automotive brake system market during the forecast period. Due to growing safety standards, manufacturers are focusing on development of advanced and innovative brake systems for vehicles to offer more safety. This in turn is creating various lucrative opportunities for market players in the global automotive brake system market.

Rise in sales of hybrid and battery electric vehicles is also anticipated to provide market players with several growth opportunities in the global automotive brake system market during the forecast period. The increase in sales of hybrid and electric vehicles is creating significant demand for brake-by-wire technology, along other various innovative brake systems for vehicles. Due to this manufacturers are shifting from electro-hydraulic to brake-by-wire technology. Thus, this is likely to offer various growth opportunities in the market.

Global Automotive Brake System Market Trends:

Increasing safety standards in automotive industry around the globe is a major trend in the global automotive brake system market. Several countries in emerging regions are following the footprints of developed regions by having ABS as a standard feature in all the new passenger vehicles. Moreover, Japan and EU support a United Nations plan that requires novel passenger as well as light commercial vehicles to have automatic emergency braking systems, starting from 2020. This trend is expected to grow in the market during the forecast period.

Furthermore, increasing adoption of ABS is passenger cars is another trend in the global automotive brake system market during the forecast period. The sales of passenger cars is increasing in Asia Pacific and Europe region, which is leading to rise in adoption ABS in passenger cars. For instance, in Europe, since 2004, all the newly manufactured passenger cars are required to be equipped with automotive brake system. This trend is likely to continue in the market over the forecast period.

Global Automotive Brake System Market Restraints:

Factors such as brake failure rate are likely to impede growth of the global automotive brake system market during the forecast period. Braking systems are important factor of an automobile. With increasing technological developments, the brake systems in vehicles are advancing; however, due to improper maintenance of these automotive components, they show technical failures. Thus, the market growth of Automotive Brake Systems is impacted negatively by such factors.

Furthermore, high cost of development and maintenance of advanced braking technology is also expected to hinder growth of the global automotive brake system market during the forecast period. Normal maintenance of a brake system can be expensive, for instance, a periodic brake system service is included of replacing brake shoes, brake fluids, brake pads, adjusting, cleaning, and lubricating braking mechanisms. The cost of such service is expensive. Moreover, as per Repair Smith, the average cost required for replacement of ABS sensors is US$ 150-400 and for brake fluid replacement US$ 90-200.

Figure 2. Global Automotive Brake System Market Share (%), by Segment Type, 2021

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Global Automotive Brake System Market Segmentation:

The global automotive brake system market report is segmented into Product Type, Brake Pad Material Type, Sales Channel, Vehicle Type, and Region.

Based on Product Type, the market is segmented into Disc Brakes and Drum Brakes. Out of which, Disc Brakes is expected to dominate the global market over the forecast period and this is attributed to the increase in use of disc brakes in commercial vehicle apart from cars due to increasing number of accidents and safety concerns around the world.

Drum Brake segment is also expected to witness significant growth in the near future and this is owing to the steady use of drum brakes. Drum brake uses friction that is caused when set of shoes of pads press outward against a rotating cylinder-shaped component called brake drum. This system is used in several vehicles.

Based on Brake Pad Material, the market is segmented into Organic, Metallic, and Ceramic. Out of which, Organic is expected to dominate the global market over the forecast period and this is attributed to rise in demand for organic brake pads. These are made from asbestos, which is a heat-absorbing material. This material is well-suited for wear and tear endured by the brake pads.

Metallic segment is also expected to witness significant growth in the near future and this is owing to the various benefits offered by these products. Metallic brake pad compounds are available in various types and each of them offer their own benefits for different situations that range from daily commuting to track racing. Thus, these brake pads are widely used in automotive sector, which in turn supports growth of the market.

Based on Sales Channel, the market is segmented into OEMs and Aftermarket. Out of which, OEMs is expected to dominate the global market over the forecast period and this is attributed to the high adoption of brake systems due to rise in sales of electric vehicles in several regions around the world.

Aftermarket segment is also expected to witness significant growth in the near future and this is owing to the increasing replacement of pads, calipers, brakes etc. mainly due to growing used vehicle market, leading to rise in demand for automotive brake systems. Thus, the aftermarket segment will witness strong growth in the near future.

Based on Vehicle Types, the market is segmented into Passenger Cars and Commercial Vehicles. Out of which, Passenger Cars is expected to dominate the global market over the forecast period and this is attributed to the growing sales of passenger vehicles all over the world. Due to increasing sales of these vehicles, adoption of brake systems is rapidly increasing, which in turn is driving growth of the segment.

Commercial Vehicles segment is also expected to witness significant growth in the near future and this is owing to the growing adoption electric commercial vehicles such as electric buses due to increasing environmental concerns, and growing public and logistic road transportation.

Global Automotive Brake System Market: Key Developments

In June 2018, Akebono Brake Industry Co. announced the development of first-ever new construction brake caliper, based on the construction of already existing product named the AD-type disc brake. The new product was modified in order to cater the specific needs for automobiles using electric power sources.

In June 2017, APTIV PLC entered into an agreement with Great Wall Motor for supplying a series of its active safety solutions such as Mid-Range Radar (MRR), Intelligent Forward View (IFV), and Short Range Radar (SRR) to Great Wall Motor.

Global Automotive Brake System Market: Key Companies Insights

The global automotive brake system market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Some of the key players in the global 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).

*Definition:

An automotive brake system is a brake system that takes the kinetic energy of a vehicle in motion and turns in into thermal energy through friction. This energy is utilized for slowing down and stopping the vehicle. It is made up of a master cylinder, a number of tubes and rubber hoses, and a drum or wheel cylinder.