The automotive brake system & components market size is projected to be valued at US$ 69,403.5 million in 2023 and is expected to rise to US$ 109,862.1 million by 2033. The automotive brake system & components market sales are expected to capture a significant CAGR of 4.7% during the forecast period.
The automotive brake system and components market play a pivotal role in ensuring vehicle safety and performance. From traditional hydraulic brake systems to advanced electronic braking solutions, this market encompasses a wide range of components essential for stopping vehicles efficiently and reliably.
Drivers Increasing Demand in the Automotive Brake System & Components Market:
- Stringent Safety Regulations: The implementation of stringent safety regulations by governments and regulatory bodies worldwide has compelled automakers to invest in advanced braking systems and components to meet compliance standards. This drives demand for innovative brake technologies capable of enhancing vehicle safety.
- Rising Vehicle Production: The steady growth in global vehicle production, particularly in emerging economies, fuels demand for automotive brake systems and components. As the automotive industry expands, there is a corresponding increase in the need for reliable braking solutions to equip new vehicles.
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- Growing Focus on Vehicle Efficiency: With increasing emphasis on fuel efficiency and environmental sustainability, automakers are incorporating lightweight materials and advanced technologies into brake systems to reduce vehicle weight and improve energy efficiency. This trend drives demand for lightweight yet durable brake components.
- Technological Advancements: Rapid advancements in brake technology, such as anti-lock braking systems (ABS), electronic stability control (ESC), and regenerative braking systems, are driving market demand. Consumers are increasingly seeking vehicles equipped with advanced safety features, leading to greater adoption of sophisticated brake systems and components.
- Rising Demand for Electric Vehicles (EVs) and Hybrid Vehicles: The growing popularity of electric vehicles and hybrid vehicles is spurring demand for specialized brake systems tailored to the unique requirements of these alternative powertrains. Electric vehicles, in particular, require regenerative braking systems to capture and convert kinetic energy into electrical energy, driving demand for associated components.
The OEM (Original Equipment Manufacturer) segment dominates the automotive brake system & components market with a market share of over 35.2%. This is driven by increasing consumer demand for improved vehicle control and safety and the growing adoption of passenger cars. The OEM segment is expected to surpass revenues of US$ 31,679.8 million by the end of 2022.
The passenger car segment is the market’s most preferred type of vehicle, with a value share of 43.5%. The rising adoption of braking systems and components in passenger cars, coupled with factors such as high disposable income and a growing focus on safety, fuels the demand for passenger cars.
The preference for advanced automotive systems, including safety features like ABS, is driving market growth. The United States market is estimated to surpass revenues of US$ 12,751.6 million by the end of 2022.
Japanese automakers are focusing on research and development to introduce cutting-edge innovations in the automobile industry. Brake component manufacturers in Japan emphasize product innovation to meet the high consumer demand and advance production techniques. The market is anticipated to be valued at around US$ 8,633.9 million in 2022.
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Key Companies Profiled
Continental AG, ZF Friedrichshafen AG, Delphi Automotive PLC, Valeo S.A, Federal-Mogul Holdings Corporation, Nissin Kogyo Co. Ltd, Hitachi Astemo, Ltd., Akebono Brake Industry Co Ltd., Magneti Marelli S.p.A, Mando Corporation, Brembo S.p.A.
Recent Developments
In the third quarter of 2022, Continental AG obtained a substantial contract from a leading automobile manufacturer for the serial manufacturing of their semi-dry braking system (also known as Future braking System) valued at around EUR 1.5 billion (US$ 1.56 billion). The system’s manufacturing is slated to begin in 2025.
ADVICS CO. LTD announced a deal in October 2022 to provide Mercedes AMG with more efficient aluminum 6-piston calipers.
Brembo SpA announced in September 2022 that it might reorganize its aftermarket goods into four divisions: Brembo Essential (entry-level products), Brembo Prime (premium products), Brembo Beyond (alternative mobility items), and Brembo Xtra (performance product line).
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Key Segments Covered in Automotive Brake System & Components Market Analysis
By Sales Channel:
- OEM
- Drum Brake
- Disc Brake
- Aftermarket
- Brake Booster
- Master Cylinder
- Drum Brake
- Drum
- Brake Shoe
- Wheel Cylinder
- Disc Brake
- Rotor
- Caliper
- Brake Pad
By Vehicle Type:
- Passenger Car
- LCV
- HCV
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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