by Market Overview:
The global Automotive Brake System Market is estimated to be valued at US$29.86 million in 2023 with a CAGR of 4.2% over the forecast period of 2023 to 2030. The report by Coherent Market Insights highlights the growing demand for automotive brake systems in the auto parts industry. Brake systems are crucial for ensuring the safety of vehicles and play a vital role in preventing accidents. The advantages of automotive brake systems include efficient stopping power, improved vehicle handling, and enhanced driver control. With the increasing need for advanced safety features in automobiles, the demand for automotive brake systems is expected to witness significant growth in the coming years.
Market Key Trends:
One key trend in the automotive brake system market is the shift towards electric brake systems. Electric brake systems offer several advantages over conventional hydraulic brake systems, such as improved energy efficiency, reduced maintenance requirements, and enhanced control and performance. These systems use electrically actuated calipers or disc brakes, eliminating the need for hydraulic fluid. Electric brake systems also allow for regenerative braking, which enables the recovery of energy during deceleration and braking, thereby improving overall vehicle efficiency. As electric vehicles continue to gain traction in the automotive industry, the demand for electric brake systems is expected to witness substantial growth. Key players in the market include 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).
Segment Analysis:
The automotive brake system market can be segmented based on type, technology, vehicle type, and region.
In terms of type, the Automotive Brake System Market Analysis can be divided into disc brakes and drum brakes. Disc brakes dominate the market due to their better performance and efficiency compared to drum brakes. Disc brakes offer superior stopping power, heat dissipation, and resistance to fade, making them ideal for high-performance vehicles. Additionally, the rising demand for sports and luxury vehicles further drives the growth of disc brakes in the market.
Based on technology, the market can be categorized into anti-lock braking system (ABS), electronic stability control (ESC), traction control system (TCS), and others. ABS holds the largest market share as it enhances the safety of vehicles by preventing wheel lock-up during braking and maintaining steering control. The implementation of stringent safety regulations by governments and increasing consumer awareness regarding vehicle safety contribute to the dominance of ABS in the market.
By vehicle type, the automotive brake system market can be segmented into passenger vehicles, commercial vehicles, and electric vehicles (EVs). Passenger vehicles hold a significant market share due to the high production and sales of sedans, SUVs, and hatchbacks worldwide. The increasing disposable income of consumers, improving road infrastructure, and growing preference for personal transportation drive the demand for passenger vehicles, thereby propelling the growth of the automotive brake system market.
Key Takeaways:
The global automotive brake system market is expected to witness high growth, exhibiting a CAGR of 4.2% over the forecast period from 2023 to 2030. This growth can be attributed to several factors, including the increasing focus on vehicle safety, implementation of stringent safety regulations, and rising demand for high-performance vehicles.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the automotive brake system market. The region is witnessing significant growth in the automotive industry, driven by factors such as rapid urbanization, increasing disposable income, and expanding population. Moreover, the increasing focus on reducing road accidents and improving vehicle safety by governments and regulatory bodies further boosts the demand for automotive brake systems in this region.
Key players operating in the automotive brake system market include 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). These key players are actively involved in research and development activities to introduce innovative and advanced brake systems that enhance vehicle safety and performance. They also engage in strategic partnerships, collaborations, and acquisitions to expand their market presence and gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
