Brake systems are essential components in automobiles that help stop the vehicle safely and smoothly. Disc brakes and drum brakes are the commonly used brake systems in vehicles to absorb the kinetic energy of moving vehicles and bring them to a halt. They provide reliable, safe and efficient braking performance. The global automotive brake system market is estimated to be valued at US$ 54 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 production of passenger cars and commercial vehicles around the world is one of the major trends accelerating the growth of the global automotive brake system market. According to OICA (International Organization of Motor Vehicle Manufacturers), global vehicle production increased from around 89 million units in 2017 to over 94 million units in 2021. This rise in vehicle production is fueling the demand for various automotive components including brake systems. The brake system manufacturers are focusing on developing innovative brake systems with enhanced safety, comfort, and fuel efficiency in order to cater to the rising demand from OEMs (Original Equipment Manufacturers). For instance, Antilock Braking System (ABS) prevents wheel lockup and maintains steering control under heavy braking. Such innovations in brake systems are expected to boost the growth of the global automotive brake system market during the forecast period.
Segment Analysis
The global automotive brake system market is dominated by disk brakes segment. Disk brakes offer superior performance compared to drum brakes when it comes to braking power, stopping distance, durability and resistance to fade under extreme braking conditions. Most high-performance vehicles exclusively use disk brakes. With the rising demand for luxury and high-performance vehicles, the disk brakes segment is expected to continue dominating the market during the forecast period.
Key Takeaways
The global automotive brake system market is expected to witness high growth.
Regional analysis: Asia Pacific region currently holds the largest share of the automotive brake system market due to the strong presence of the automotive manufacturing sector in countries such as China, India and Japan. The demand for vehicles is increasing rapidly in the region, which is driving the growth of the automotive brake system market.
Key players: Key players operating in the automotive brake system market are Robert Bosch GmbH, ZF Friedrichshafen AG, Akebono Brake Industry, Federal-Mogul LLC, Continental AG, BorgWarner Inc., Brembo S.p.A., Knorr-Bremse AG, Wabco Holdings Inc., and Haldex AB. Automotive brake system manufacturers are focusing on lightweight materials to reduce the weight of brake systems and improve fuel efficiency. They are also developing advanced electric parking brakes and brake-by-wire technologies.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
