The automotive brake system market involves the manufacturing and sales of anti-lock braking systems (ABS), electronic braking systems (EBS), and different types of brake pads and brake shoes used in automobiles. Brake systems are an integral component of automobiles as they help in controlling the vehicle speed and stopping it when needed. Advancements in technology have led to the development of brake-by-wire systems which are more efficient compared to conventional hydraulic brake systems. The growing demand for active and regenerative braking systems from automakers to improve vehicle safety and comply with regulatory norms will support the growth of the automotive brake system market.
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 growing demand for luxury and premium vehicles equipped with advanced driver assistance systems creates significant opportunities for manufacturers to offer innovative brake technologies. Advancements in brake-by-wire technology allow for improved vehicle control and stability while reducing brake pedal efforts. This technology will play a vital role in next-generation brake systems.
Market Drivers
Stringent safety regulations mandate the installation of advanced braking systems in new vehicles. For instance, the European Union has made electronic stability control mandatory for all new car types since 2011 and all new cars since 2014. Growing vehicle production and sales worldwide due to rising disposable incomes is a key factor driving the automotive brake system market. Developing nations are witnessing increased vehicle ownership which supports the aftermarket demand for brake pads and shoes.
The automotive brake system market is expected to witness high growth owing to advancements in brake-by-wire technology. Growing demand for regenerative braking systems from electric vehicles will further support market gains over the forecast period.
Challenges in the Automotive Brake System Market
Some of the key challenges in the automotive brake system market are- meeting stringent safety regulations, increasing demand for efficiency and performance, handling thermal issues effectively, developing new lightweight materials for brake components to improve the fuel efficiency of vehicles. With autonomous vehicles expected to become mainstream in the coming years, developing advanced brake systems compatible with autonomous technologies is another major challenge.
SWOT Analysis
Strength: Technological advancements has improved the performance, reliability and durability of brake systems. Introduction of ABS, ESC, regenerative braking etc. has enhanced safety.
Weakness: Upgrading brake systems to meet new emission and fuel efficiency norms increases costs. Dependence on few large suppliers can impact supply chain dynamics.
Opportunity: Growing autonomous vehicle market offers scope for developing advanced brake-by-wire systems. Rising demand for electric vehicles provides opportunities to develop efficient regenerative braking systems leveraging battery technologies.
Threats: Volatility in raw material prices, specially steel and copper increases costs. Stringent regulatory norms in different regions adds compliance complexities. Trade protectionism can impact global suppliers.
Geographical Regions
In terms of value, the Asia Pacific region currently holds the largest share in the automotive brake system market owing to high vehicle production in countries like China, India and Japan. Growing middle class population and increasing automotive sales in developing Asian economies is further propelling the market growth in the region.
North America is expected to witness the fastest growth during the forecast period from 2024 to 2031. This can be attributed to factors like presence of major automakers, initiatives towards developing autonomous and electric vehicles and stringent fuel efficiency regulations promoting superior braking technologies in the region.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
