Braking systems are considered to be the most crucial safety component in vehicles. They are designed to reduce the speed of the moving vehicle or bring it to a complete stop. Major types of braking systems used in automobiles include disc brakes and drum brakes. Disc brakes are now being increasingly adopted owing to their better performance over drum brakes. Growing consumer awareness about vehicle safety and stringent government regulations regarding braking efficiency are some of the key factors driving the demand for efficient braking systems.
The global automotive brake system market is estimated to be valued at USD29.9 million in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the automotive brake system are 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). Advancements in disc brake technology along with increased adoption of Anti-lock Braking Systems (ABS) are expected to open up new opportunities for market players. Major brake system manufacturers are expanding their global footprint by setting up manufacturing plants in emerging countries to leverage low production costs and cater to the growing local demand.
Market drivers: Stringent regulatory norms mandating installation of advanced braking technologies like ABS and ESC across all vehicle categories are driving the demand for sophisticated automotive brake systems. Growing vehicle production and sales across major developing economies is also propelling the market growth.
Market restraints: Higher costs associated with advanced braking technologies hamper their mass adoption. Complex design and miniaturization challenges also restrict large scale commercialization of next-gen braking solutions. Dependence on imports of raw materials like steel and aluminum increases vulnerability to price volatility of commodities in the international markets.
Segment Analysis
The automotive brake system market is dominated by the disk brakes sub segment. Disc brakes provide better braking performance compared to drum brakes especially during wet and icy road conditions. They dissipate heat quickly and require less braking effort. Disc brakes are becoming standard even on entry level passenger cars due to rising safety and performance requirements.
Global Analysis
Asia Pacific region is the fastest growing as well as the dominating regional market for automotive brake systems. Countries like China and India have large vehicle production bases and rising disposable incomes are increasing vehicle ownership. Original equipment manufacturers are establishing production facilities in these countries to cater to the growing domestic demand. North America and Europe are mature markets and witnessing slower growth compared to Asia Pacific. However, larger average vehicle life and aftermarket services keep the demand steady in developed markets.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
