The automotive brake system market is experiencing steady growth due to rising demand for safety features across vehicles. Brake systems play a vital role in slowing or stopping vehicles through the conversion of kinetic energy into heat. Advancements include anti-lock braking systems (ABS) to prevent wheel lockup, electronic stability control (ESC) to maintain stability, regenerative braking to recharge batteries in hybrid/electric vehicles and more. Modern systems are mechatronic in nature with hydraulic, pneumatic, and electronic subsystems working in tandem.
The Global automotive brake system market is estimated to be valued at US$29.9 million in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the 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). The rising demand for electric vehicles presents significant growth opportunity owing to regenerative braking technology. Advancements in technologies such as electric parking brakes, electric stop-start systems, and electric tandem master cylinders are also expected to drive the market.
Market drivers
Stringent safety norms mandate the installation of ABS and ESC across most vehicle classes boosting demand. Regulations such as FMVSS-126 in the US and ECE-13H in Europe have accelerated adoption. The growing electrified vehicle parc relying on regenerative braking technology acts as a key driver. Features enhancing ride quality and driver convenience such as brake-by-wire also support market expansion. Growing vehicle production and aftermarket components replacement cyclically drive replacement demand.
Current challenges in the Automotive Brake System Market
The automotive brake system market faces various challenges such as stringent emission norms, rising prices of raw materials and need for advanced safety technologies. Several countries have implemented BS6/Euro 6 emission norms which require brake systems to support reduced emissions from vehicles. This necessitates continuous innovation and upgrades in brake system designs, materials used and manufacturing processes which increases costs. Prices of important raw materials like iron have also risen sharply impacting brake pad and disc brake manufacturing. In addition, demand for advanced driver assistance and autonomous driving technologies is driving the need for improved braking performance, integration with other vehicle systems and increased durability. Overall, evolving regulations and new technology requirements pose technology and cost challenges for brake system manufacturers and automakers.
SWOT Analysis
Strength: Automotive brake systems are a core safety component in every vehicle with established design expertise. Leading players have strong brands, R&D capabilities and global supply chain networks.
Weakness: Brake system designs have to balance performance, emissions and cost which makes innovation difficult. Prices of raw materials impact profitability.
Opportunity: Growth of electric vehicles and adoption of driver assistance features increases opportunities for advanced brake technologies. Demand from developing markets also offers potential.
Threats: Stringent emission norms and fuel efficiency standards increase compliance costs. Stiff competition and low entry barriers for new players.
Geographical regions of concentration
North America accounts for the largest share of the global automotive brake system market currently, valued at over USD10 billion in 2024. This is attributed to high vehicle fleet and presence of automotive heavyweights in the US and Canada. Europe is the second largest regional market supported by stringent safety norms and presence of major German automakers and suppliers.
Fastest growing geographical region
The Asia Pacific region is expected to witness the fastest growth in the automotive brake system market during the forecast period. This is due to large automotive manufacturing hubs in China, India and Southeast Asian countries coupled with rising vehicle ownership across the region. Regions like China and India also offer significant potential from domestic automotive component suppliers. Increasing stringency of emission and safety norms will further drive the APAC brake system market.
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- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
