Automotive brake system plays a vital role in providing safe and smooth driving experience by controlling and stopping the movement of vehicles. Automotive brake system primarily consists of disc brakes and drum brakes along with various components like brake caliper, pads, shoes, master cylinder, vacuum servo unit etc. The growing automotive production is significantly driving the demand for automobile brake systems. The global Automotive Brake System Market is estimated to be valued at US$ 70 Billion in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of electronic braking systems in vehicles is one of the major trends being witnessed in the automotive brake system market. Electronic braking system helps in improving braking performance and safety of vehicles. It enables features like anti-lock braking system, electronic brake-force distribution, traction control system, stability control etc. which prevents skidding and enhances stability during sudden braking. With increasing focus toward vehicle and passenger safety, regulatory authorities in many countries are mandating the installation of advanced braking systems in new vehicles which is propelling the demand for electronic braking systems in the market.
SWOT Analysis
Strength: Automotive brake systems ensure safety of vehicles on road. Dependable braking is a must for all automobiles.
Weakness: Frequent maintenance and replacement of brake pads, shoes increases overall cost of vehicle ownership. Brake failures can result in accidents.
Opportunity: Developments in ABS and electronic braking systems present an opportunity. Demand will rise with increasing automobile production and sales across regions.
Threats: Stiff competition among established players. Regulations regarding fuel efficiency and emission standards may impact design of braking systems.
Key Takeaways
The global automotive brake system market is expected to witness high growth.
Regional analysis comprised Asia Pacific dominates the market currently due to strong automobile manufacturing centers in China, India, Japan and South Korea. Growing middle class population and rising disposable incomes will augment demand.
Key players operating in the automotive brake system market include Robert Bosch GmbH, ZF Friedrichshafen AG, Aisin Seiki Co., Ltd., Knorr-Bremse AG, Brembo S.p.A., Federal-Mogul Holdings Corporation, Haldex AB, Nissin Kogyo Co., Ltd., Wabco Holdings Inc. and Hyundai Mobis Co., Ltd. Established manufacturers are focusing on production expansion, new product development and acquisition strategies to consolidate their positions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
