The automotive brake system is an essential safety feature for modern vehicles. It consists of master cylinders, hydraulic lines and valves, brake calipers and disc brake rotors or brake drums and shoes. Automotive brake systems help bring a moving vehicle to a safe, controlled stop by converting the kinetic energy of the vehicle into heat through friction. The growing vehicle production, especially in emerging economies of Asia and Latin America is propelling the demand for automotive brake systems.
The global automotive brake system Market is estimated to be valued at US$ 32.42 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing vehicle production in emerging markets like India, Brazil, China and others is one of the major trends driving the automotive brake system market. Asia Pacific region accounts for over 50% of the global vehicle production. Especially countries like China, India and Southeast Asian nations are witnessing strong growth in vehicle sales and production. As the disposable incomes rise in these regions, the demand for personal vehicles is growing rapidly. This is increasing the need for brake systems from automotive OEMs. Furthermore, with economic growth, governments in these countries are focusing on road infrastructure development and stringent safety norms, which is further propelling the automotive brake system market.
SWOT Analysis
Strength: Global Automotive Brake System Market Size has high demand for safety. Emerging technologies like ABS and ESC provide effective braking solutions.
Weakness: High installation and maintenance costs of advanced braking technologies limits adoption in budget vehicles. Dependence on limited suppliers raises supply chain risks.
Opportunity: Growth of electric vehicles and autonomous driving creates need for innovative braking solutions. Developing markets in Asia Pacific and Latin America boost aftermarket sales.
Threats: Stringent emission and fuel efficiency norms increase pressure on vehicle weight. Stiff competition from local players erodes margins of global suppliers.
Key Takeaways
The global automotive brake system market is expected to witness high growth. The global automotive brake system Market is estimated to be valued at US$ 32.42 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030.
Asia Pacific region dominates the market currently due to high vehicle production in China, India, and Japan. Countries like China and India are focused on manufacturing affordable vehicles which is driving the adoption of basic brake systems.
Key players operating in the automotive brake system are Givaudan SA, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, T. Hasegawa Co., Ltd., Kerry Group, Mane SA, and Huabao International Holdings Limited. These key players are focused on developing innovative brake solutions for electric, autonomous, and lightweight vehicles using advanced materials like ceramics and composites. Partnerships with automakers help them gain early access to emerging vehicle technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.