The automotive brake system market is witnessing rapid adoption with the emergence of autonomous vehicles that focuses more on vehicle safety. The automotive brake system helps in slowing or stopping a moving vehicle, allowing the driver better control over driving. Modern brake systems often employ hydraulics and friction to slow the wheels.
The global automotive brake system market is expected to be valued at USD 29.9 billion by 2024 from USD 26.2 billion in 2022, exhibiting a CAGR of 4.2% during the forecast period of 2024 to 2031.
Automotive brake systems play a crucial role in ensuring vehicle safety. Disc and drum brakes are commonly used in modern vehicles to enable the driver to stop or slow down the vehicle safely. Rise in vehicle production and increasing demand for advanced safety features are fueling investment in high-performing brake systems. Furthermore, tighter emission regulations have led automakers to focus more on weight reduction, propelling the use of efficient brake materials. The emergence of electric vehicles and autonomous driving has further increased focus on brake reliability and safety. The Global automotive brake system market is estimated to be valued at US$ 29.9 billion in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the automotive brake system market 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). These companies have strong distribution networks and invest heavily in R&D to develop innovative products.
The increasing demand for advanced safety, autonomous driving, and lightweight vehicles present key opportunities in the market. Automakers are increasingly focusing on lightweight brake materials like aluminum and magnesium alloys to improve fuel efficiency. Investments in R&D for electric braking systems in autonomous EVs are also growing.
Global expansion remains a top priority for major automotive brake system companies. Strategic acquisitions and partnerships allow companies to leverage local expertise and gain access to new markets like Asia Pacific and Middle East regions witnessing high vehicle production growth. Licensing agreements further aid global product distribution.
Market Drivers
Growing vehicle production globally due to increasing preference for personal mobility drives the automotive brake system market. Stringent safety norms mandated by regulatory bodies have increased focus on high-performance brake systems. Rise of autonomous driving and electric vehicles require advanced braking technologies for reliability and safety. Growing preference for lightweight vehicles to improve efficiency propels demand for lightweight brake materials.
Market Restrains
High costs associated with R&D and manufacturing of advanced brake systems acts as a restraint. Volatility in raw material prices including steel and copper can affect component costs. Economic slowdowns may impact new vehicle sales and subsequently brake system demand. Infrastructure challenges in developing nations hamper electric braking system adoption in EVs.
Segment Analysis
The automotive brake system market is dominated by the disc brake segment. Disc brakes have several advantages over drum brakes such as better braking performance, lighter weight, and resistance to brake fade under extreme braking. They allow the discs to quickly dissipate heat, resulting in better braking times. Due to enhanced braking capability and safety benefits, nearly all modern passenger vehicles now utilize disc brakes, especially for front brakes. However, drum brakes are still commonly used for rear brakes in some vehicle models as they are cheaper to produce compared to disc brakes.
Global Analysis
Asia Pacific is currently the fastest growing as well as the largest regional market for automotive brake systems and is expected to maintain its leading position during the forecast period. Countries such as China, India, and Japan are witnessing high vehicle production volumes primarily due to growing consumer incomes and spending. Increased demand for vehicles has propelled the need for brake systems in the region. Meanwhile, North America holds the second position in terms of size attributed to large fleet of light commercial vehicles and passenger cars. Europe accounts for a major share in the global market and countries like Germany, UK, France have stringent safety standards spurring continued technological advancements in vehicle braking technologies.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
