Automotive Brake System Industry Overview
The global automotive brake system market size was valued at USD 45.60 billion in 2021 and is projected to expand by a compound annual growth rate (CAGR) of 5.4% from 2022 to 2030. The market for automotive brake systems is expected to rise significantly, owing to increased demand for passenger and commercial vehicles in countries such as India and China. In addition, factors such as the implementation of strict safety standards, the adoption of luxury automobiles, and increased adoption of the disc brakes in commercial vehicles are further propelling the market growth. Also, the lifespan of brake components is restricted to a specific number of kilometers, which is boosting the replacement market.
In addition, concerns about road traffic collisions and the rising number of fatalities have prompted participants to incorporate robust safety systems. The automobile brake system market will continue to grow owing to the stringent safety rules imposed by the regulatory organizations and governments. From 2022, the National Highway Traffic Safety Administration (NHTSA), a division of the U.S. transportation department is planning to make automatic emergency braking mandatory in vehicles
Gather more insights about the market drivers, restraints, and growth of the Global Automotive Brake System Market
Recent advancements in vehicle technology, as well as aerodynamic design, have enabled more efficient utilization of engine power to achieve faster speeds. Furthermore, advanced braking systems are emerging such as Electronic Stability Control (ESC), Traction Control (TC), and Electronic Brake Force Distribution (EBD). Manufacturers across the world are investing in R&D to bring out state-of-the-art technology. This indicates a potential for the manufacturers and vendors to grow throughout the forecast period.
There are a number of constraints and roadblocks that will impede overall market expansion. The electronic braking systems' expensive research, as well as their high installation and maintenance costs, are constraining market expansion. Nonetheless, technological advancements, such as regenerative braking and the advent of the brake-by-wire system as well as untapped potential in emerging countries offer growth opportunities. Moreover, high repair and maintenance costs for technologically advanced brakes are anticipated to hinder the growth of the automotive brake system market.
Browse through Grand View Research's Technology Industry Related Reports
Advanced Driver Assistance System Market - The global advanced driver assistance system market size was valued at USD 12.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 18.2% from 2022 to 2030.
Swappable Electric Vehicle Battery Market - The global swappable electric vehicle battery market size was valued at USD 452.9 million in 2022 and is expected to grow a CAGR of 22.8% from 2023 to 2030.
Automotive Brake System Industry Segmentation
Grand View Research has segmented the global automotive brake system market report based on the type, vehicle, technology, and region:
Automotive Brake System Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Disc Brake
- Drum Brake
Automotive Brake System Vehicle Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Passenger Cars
- Commercial Vehicles
Automotive Brake System Technology Outlook (Revenue, USD Billion, 2018 - 2030)
- Anti-lock Brake System (ABS)
- Traction Control System (TCS)
- Electronic Stability Control (ESC)
- Electronic Brake-force Distribution (EBD)
Automotive Brake System Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
Market Share Insights:
April 2020: Veoneer announced an initial agreement to transfer its braking control business in the United States to ZF Friedrichshafen AG for global market development.
Key Companies profiled:
Some prominent players in the global Automotive Brake System Industry include
- Advics Co. Ltd.
- ZF Friedrichshafen AG
- Akebono Brake Industry Co.
- Hitachi Automotive System
- Brembo SpA
- Robert Bosch GmbH
- Aisin Seiki Co.Ltd.
- Haldex
- Web co
- Nissin Kogyo Co. Ltd.
Order a free sample PDF of the Automotive Brake System Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment