The global Automotive Brake System Market is estimated to account for US$ 29.86 Mn in terms of value by the end of 2021. Having a vehicle's brake system in top condition is a safety feature that should not be overlooked. Not only does it prevent a car from skidding, it also ensures that a vehicle can make a turn safely. However, when a vehicle's brakes fail, it can cause a host of problems. Fortunately, automotive manufacturers are constantly innovating and creating better products. This can help drive the Automotive Brake System market.
Global Automotive Brake System Market: Drivers
Brake quality and emission standards are anticipated to fuel growth of the global automotive brake system market over the forecast period. Vehicles usually emit inhalable particles from two main sources called exhaust system and non-exhaust sources, which includes brake wear, road and tire wear, road dust resuspension and clutch wear. Braking is known to be a significant source of non-exhaust emissions specifically in urban regions. Thus, brake quality and emission standards are becoming stringent in several regions around the world, and this is turn is driving growth of the market.
Global Automotive Brake System Market: Opportunities
Increasing government regulations for making advanced emergency braking systems mandatory are anticipated to propel growth of the global automotive brake system market over the forecast period. For instance, in 2019, more than 40 countries drafted United Nations Regulations for Advanced Emergency Braking (AEB) systems for light vehicles and cars in order to lower vehicle crashes. Under this regulation, the EU amended its Regulation No. 152-00 for AEB systems for light commercial and passenger vehicles.
Global Automotive Brake System Market: Restraints
Factors such as air brake freeze-ups are projected to hamper growth of the global automotive brake system market during the forecast period. Heavy-duty vehicles such as trailers/trucks face air brake freezing. This mostly happens due to moisture in the brake shoes and it occurs commonly in winters. Repairing this freeze-up requires lot of efforts. Thus, air brake freeze-ups can be a trouble in winters for heavy-duty vehicles in particular. This factor is therefore likely to restrain the market growth.
Global Automotive Brake System Market Covid-19 Impact Analysis:
The outbreak of coronavirus in China spread across more than 100 countries around the world. Several industries were adversely impacted by the pandemic, as many countries went under nationwide lockdowns to control the spread of the virus. During this period several industrial operations were closed down. Production and demand declined in various industries as manufacturing plants were shut down temporarily due to lack of raw material supply and manpower. Thus, among several others, the global automotive brake system market was adversely impacted by the Covid-19 pandemic.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/automotive-brake-system-market-5463
Key Takeaways:
The global automotive brake system market was valued at US$ 29.86 Mn in 2021 and is forecast to reach a value of US$ 43.04 Mn by 2030 at a CAGR of 4.2% between 2022 and 2030.
Disc Brake segment held dominant position in the global automotive brake system market in 2021, accounting for 63.7% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Automotive Brake System Market Trends:
Increasing investment in research and development activities by market players is a growing trend in the global automotive brake system market over the forecast period. Automobile manufacturers are focused production of new and improved products to offer safe and comfortable driving of vehicles. For this they are heavily investing in R&D of brake systems for vehicles. Thus, the technological developments in vehicle safety features is trending in the global automotive brake system market. For instance, in November 2022, Continental AG introduced the MK C2, an updated version of MK C1 brake by wire technology.
Market players are focusing on inorganic growth strategies such as acquisition and joint ventures, which is anticipated to propel growth of the global automotive brake system market over the forecast period. For instance, in March 2022, Nisshinbo Holdings Inc. announced the plans to establish a joint venture company with Continental AG in Gurgaon, India, for the production and sale of valve blocks, which is the main component of electronic brake systems (EBS). This trend is likely to continue in the global automotive brake system market over the forecast period.
Global Automotive Brake System Market: Competitive Landscape
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)
Global Automotive Brake System Market: Recent Developments
In December 2018, Brembo SPA, launched the new 6-piston TCR front caliper, which is designed for fitting up to 390mm discs. This new TCR front caliper is suitable for endurance and sprint races.
In August 2018, Continental AG, announced the launch of New Wheel Concept that optimizes the braking system, especially of electric vehicles.
Contact Us