The market for automotive brake systems and components is expanding as a result of the rising demand for electric vehicles and the development of advanced braking systems like vehicle stability, anti-lock braking systems, intelligent cruise control, and lane departure warning, among others. Advanced brake systems are in higher demand as a result of the expanding safety rules. Additionally, throughout the anticipated period, the market expansion will be fueled by the growing implementation of driver assistance systems.
The Automotive Brake System and also Components market is required because it gives automobiles an effective and dependable braking system. Another factor propelling the expansion of this market is the rising demand for safety features in automobiles. Additionally, manufacturers have been able to create cutting-edge brake systems that outperform conventional brakes thanks to technological advancements. These cutting-edge technologies aid in enhancing the general efficiency and security of automobiles.
The braking systems and other associated items used in automobiles to control speed are known as the "brake system and components." The components of the brake system are wheel hubs, brake calipers, rotors, and brakes. Percussion, disc brakes, energy boosters, compressors, and proportional valves are all parts of a braking system. Vehicle performance, dependability, and safety are all enhanced by brake components.
The market for automotive brake systems and components is anticipated to reach US$ 97.73 billion by the end of 2031, growing at a CAGR of 4.1% between 2021 and 2031. Increased vehicle production and sales, tighter government rules requiring better braking performance, and growth in the need for lightweight automotive components are the market's main drivers.
One of the major obstacles to market expansion is the high cost of braking components, particularly for electric vehicles. Additionally, unfavorable economic circumstances in some nations have also hampered industry expansion. Additionally, it is anticipated that increased manufacturer competition will impede market expansion. However, it is anticipated that the use of automation and cutting-edge technologies in the automotive industry would create new prospects for market expansion.
The Disc Brake Segment emerged as the Most Lucrative Type
During the projected period, disc brakes are anticipated to rule the automotive braking system & components market. This is explained by their superior performance and efficiency as compared to drum brakes. Its design also contributes to noise reduction while braking and improved stability during high-speed driving. Manufacturers are also concentrating on integrating cutting-edge technology like electronic stability control (ESC) and anti-lock braking system (ABS) into their disc brakes, which is anticipated to further fuel market expansion.
The Most Prominent Application is the Passenger Car Segment
In the Automotive Brake System & Components market, passenger cars are anticipated to rule over the forecast period. This is linked to the rising global demand for passenger cars as well as the tighter safety standards put in place by governments in various nations. The need for automotive brake systems & components is further increased by automakers' focus on integrating cutting-edge technology into their vehicles, such as automatic emergency braking (AEB) and lane departure warnings.
The OEM Sector to emerge as the Most Promising Service Type
Based on services, the global market for automotive brake systems and components is segmented into aftermarket services and original equipment manufacturer (OEM) services. Due to a rise in car demand and the ensuing demand for OEM services, the OEM services industry is anticipated to expand quickly throughout the projection period. Manufacturers are also concentrating on integrating cutting-edge braking systems like ABS and ESC into their vehicles, which is anticipated to further fuel the segment's growth.
The APAC Region to render Ample Financing Opportunities
During the anticipated period, the Automotive Brake System & Components market in Asia Pacific is anticipated to be the largest regional market. This is due to the rise in automobile production in nations like China, India, and Japan. The market expansion in Asia Pacific is also being fueled by the region's expanding safety standards and rising demand for premium vehicles. Manufacturers are also concentrating on including sophisticated braking systems in their vehicles, which supports the expansion of the regional market.
COVID-19 Impact and Market Status
The market for automobile brake systems and components has been negatively impacted by the COVID-19 outbreak. The market growth has been impacted by supply chain disruption, manufacturing bottlenecks, slowing demand for vehicles, and rising raw material costs. However, the market is anticipated to have a comeback of development from 2021 to 2031 as a result of the global automotive industry's slow but steady recovery.
Aisin Seiki Co., Ltd., Wabco Holdings Inc., Brembo S.p.A., Denso Corporation, Bosch, Akebono Brake Industry Co., Ltd., TRW Automotive, Continental AG, Nissin Kogyo Co. Ltd., and Advics Co., Ltd. are significant global participants in the automotive brake system and components industry. The competitive environment, market dynamics and opportunities, pricing methods, and important business strategies used by these organizations are all in-depth examined in this research.
Recent Developments in the Automotive Brake System & Components Market
• Bosch's next generation of brake systems, which offer increased safety and efficiency, went on sale in May 2020. A new series of commercial vehicle brakes that are lighter and use less energy was unveiled by Continental AG in May 2020.
• Aisin Seiki Co., Ltd. created a cutting-edge brake system in April 2021 using artificial intelligence technology to shorten braking distances.
• Akebono Brake Industry Co., Ltd. announced the introduction of a new brake system in March 2021 that provides better performance and durability.
• A new brake system technology was created by LUCAS Brake Systems in April 2021 to lower production costs and improve customer satisfaction.
• Brembo S.p.A. stated in May 2021 that a new line of disc brakes would be available for use in a variety of applications, including passenger automobiles, light commercial vehicles (LCV), and heavy commercial vehicles (HCV).
• Delphi Technologies will introduce its cutting-edge braking system in June 2021, which can increase driving safety and lower operating expenses.
• Additionally, major players in the automotive sector like Ford Motor Company, Volkswagen AG, Toyota Motor Corporation, and Honda Motor Co., Ltd. continually invest in R&D projects to create effective brake systems for their vehicles.
Automotive Brake System & Components Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 97.73 billion|
|Growth Rate||CAGR of 4.1 % during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Aisin Seiki Co., Ltd., Wabco Holdings Inc., Brembo S.p.A., Denso Corporation, Bosch, Akebono Brake Industry Co., Ltd., TRW Automotive, Continental AG, Nissin Kogyo Co. Ltd., and Advics Co., Ltd.|
Key Segments of the Global Automotive Brake System & Components Market
Type Overview, 2021-2031 (USD Billion)
- Brake Booster
- Master Cylinder
- Drum Brake
- Disc Brake
Application Overview, 2021-2031 (USD Billion)
- Passenger Car
Services Overview, 2021-2031 (USD Billion)
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa