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.