The automotive brake system and components industry is estimated to reach a valuation of USD 69,403.5 million in 2023, with projections indicating growth to USD 109,862.1 million by 2033. The market is anticipated to achieve a notable CAGR of 4.7% over the forecast period.
The automotive brake system and components industry is at the heart of vehicle safety and performance, continuously evolving to meet modern driving demands. With innovations in braking technology and increasing emphasis on vehicle safety standards, the industry is poised for robust growth.
According to market insights, the demand for advanced brake systems and components is accelerating due to rising vehicle production, advancements in electrification, and stricter safety regulations globally.
In-Depth Market Analysis: A Complete Report
Key Drivers of Growth
- Stringent Safety Regulations:
Governments worldwide are enforcing stricter safety standards, mandating advanced braking systems such as Anti-lock Braking Systems (ABS) and Electronic Stability Control (ESC). - Electrification of Vehicles:
The rise of electric vehicles (EVs) has driven the need for regenerative braking systems, which improve energy efficiency while ensuring superior braking performance. - Technological Innovations:
Advances in braking technology, such as autonomous braking systems, hydraulic-electronic integration, and smart braking solutions, are enhancing the functionality and reliability of brake systems. - Increased Vehicle Production:
Growing automotive production, especially in emerging economies, is fueling the demand for reliable and efficient braking systems across all vehicle segments. - Consumer Demand for Safety:
Rising consumer awareness about vehicle safety and the availability of advanced braking technologies are propelling the adoption of enhanced brake components.
Key Takeaways
- The global automotive brake system and components market is projected to grow at a CAGR of 4.7% from 2023 to 2033, reaching a market size of USD 109,862.1 million by the end of the forecast period.
- Asia-Pacific remains the largest market, driven by high automotive production in China and India, while North America and Europe see significant growth due to increasing EV adoption and stringent safety norms.
- The demand for brake pads, rotors, calipers, and ABS modules is on the rise, with automakers and OEMs focusing on lightweight, durable, and efficient components.
- Leading players such as Bosch, ZF Friedrichshafen AG, Brembo, and Continental AG are driving innovation in the industry through investments in R&D, collaborations, and sustainability initiatives.
- Integration of IoT and AI in braking systems, including predictive maintenance and adaptive braking, represents the next frontier in the market.
Competitive Landscape
Over the last few years, there has been an increase in acquisitions and growth efforts to surge the supply of automotive brake systems & components. Many leading firms are also working on technology development. Contracts & agreements, new product development, and partnerships are vital strategies renowned firms adopt to maintain their market positions.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.
For Instance,
In March 2022, Nisshinbo Holdings Inc. announced to establish a joint venture company with Continental AG (Continental) in Gurgaon, Haryana, India. The newly established company may produce and sell valve blocks, which are the main component of electronic brake systems (EBS). The joint venture may be capitalized at around JPY 1.9 billion, 60% of which may be owned by Nisshinbo HD and 40% by Continental. They are planning to begin operation in April 2023.
Key Segments Covered in the Automotive Brake System & Components Market Report
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
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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