Global Automotive Brake System Market is Segmented By Type (Disc, Drum), By Material (Metal, Ceramic), By Sales Channel (OEM, Aftermarket), By End-User (Two-Wheelers, Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Automotive Brake System Market Size
Global Automotive Brake System Market size was worth US$ XX Million in 2021 and is estimated to reach US$ XX million by 2031, growing at a CAGR of XX% during the forecast period (2024-2031).
A brake is a mechanical device that utilizes friction to absorb energy from a moving body and inhibit its motion. The braking system is an integral part of the automobile and a crucial safety feature. The rising demand for vehicles, especially across the emerging markets, will lead to the expansion of the automotive brake system market.
Source: DataM Intelligence Analysis (2022)
Automotive Brake System Market Dynamics
The demand for automotive braking systems is driven primarily by increasing demand for better safety features in automobiles and the rising global vehicle production rates. The introduction of new vehicle models with better safety features is mainly driving the trends for the braking systems market.
Rising demand for better automotive safety features
Road accidents rates are growing globally, especially in the developing world. The World Health Organization (WHO) estimates that more than 1.3 million people die in road traffic accidents every year. In conjunction with rising road safety awareness, there is a growing demand for better automotive safety features.
Global automotive manufacturers have responded to this demand by developing and deploying new technologies such as Electronic Brake Force Distribution (EBD), Electronic Stability Control (ESC) and improving existing features such as Anti-lock Braking System (ABS). The technological developments will lead to growth in the automotive brake systems market.
The long service life of modern braking systems
An increase in traffic congestion coupled with rising road accident rates globally has renewed emphasis on vehicle safety. Major automotive component manufacturers have invested heavily in researching, developing and improving automotive safety systems to reduce accidents and loss of lives.
The consistent technological improvements have ensured that modern braking systems have high-performance characteristics and meager failure rates. It has been assured that the braking systems today have considerably long service lives, leading to fewer replacements over the vehicle's lifetime. The long service life of braking systems will be a crucial challenge to the growth of the automotive brake system market.
COVID-19 impact analysis
The automotive industry experienced sharp declines in production and sales in 2020 due to the COVID-19 pandemic. Governments globally imposed lockdowns to curb the pandemic's spread and many manufacturers had to suspend operations temporarily. Industrial manufacturing is a highly capital-intensive business and thus, many component manufacturers were facing bankruptcy. Vehicle production resumed in a limited Type after lifting the lockdowns.
The COVID-19 pandemics' knock-on effects on the global supply chains have caused shortages of essential components for the automotive industry. It has led to long lead times and reduced production rates, even after the complete lifting of pandemic-related restrictions. The pandemic will have a negligible impact on the long-term growth of the automotive brake system market since the demand for cars and replacement brake systems remains strong and will continue to grow significantly in the coming years.
Automotive Brake System Market Segment Analysis
The automotive brake system market is segmented on type, material, distribution channel, end-user and region. The global automotive brake system market is segmented into two-wheelers, passenger vehicles, light commercial vehicles and heavy commercial vehicles based on end-user. Two-wheelers dominate this segment since the sales of scooters and motorcycles far outpace other classes of vehicles, especially in low-income and emerging markets.
Source: DataM Intelligence Analysis (2022)
Automotive Brake System Market Geographical Share
Asia-Pacific is leading in the global Automotive Brake System market. The region accounts for the largest market share, primarily due to major emerging markets such as China, India, Indonesia, Malaysia, Thailand and Vietnam and developed automotive markets such as Japan and South Korea. Due to their large domestic automotive industries and the rising sales of mini and medium segment cars, the significant demand for original equipment and aftermarket brake systems comes primarily from China and India.
The Government of India has mandated the installation of safety features such as Electronic Stability Control (ESC) and Anti-lock Braking System (ABS) in every new vehicle sold in the country from April 2019. Many other countries in the Asia-Pacific are expected to follow India’s example and legislate new laws for automotive safety systems. The introduction of such legislation is expected to further boost the market for automotive brake systems in the Asia-Pacific.
Source: DataM Intelligence Analysis (2022)
Automotive Brake System Market Companies
The global automotive brake system market is highly competitive, with every major automotive component manufacturer having proprietary brake systems for various classes of vehicles. Some of the major players contributing to the growth in the segment are Brembo S.p.A, Robert Bosch GmBH, Continental AG, Akebono Brake Industry Co. Ltd, Aisin Seiki Co. Ltd, ZF Friedrichshafen AG, Hitachi Astemo Ltd, Knorr Bremse AG, Handlex AB, Mando Corporation. The significant players adopt several growth strategies such as new product launches, acquisitions, joint ventures and collaborations, contributing to global growth in the industry.
Brembo S.p.A
Overview: Brembo S.p.A major engineering company is engaged in developing disc brake technology for cars and motorcycles. The company has operations in 15 countries with 29 research and production sites. It was founded in 1961 and is headquartered in Bergamo, Italy.
Product Portfolio
- Brembo GT-M is a brake system specifically designed for high-performance cars. The system consists of one-piece composite ventilated discs attached with either four, six or eight-piston aluminum calipers.
- Key Developments: In March 2021, Brembo introduced the Brembo Sport T3 disc brake system. It is intended as an aftermarket replacement for original equipment disc brake systems.
Why Purchase the Report?
- Visualize the composition of the automotive brake system market segmentation by type, material, distribution channel, end-user and region, highlighting the critical commercial assets and players.
- Identify commercial opportunities in the automotive brake system market by analyzing trends and co-development deals.
- Excel data sheet with thousands of automotive brake system market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the critical product of all major market players
The global Automotive Brake System market report would provide access to an approx.: 84 market data tables, 92 figures and 180 pages.
Target Audience
- Automotive component manufacturers
- Vehicle manufacturers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
