NEWARK, Del, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The global automotive brake system market is expected to reach a valuation of US$ 29,548.6 Mn in 2032, with sales growing at a stellar CAGR of 16.9% from 2022 to 2032. Scaling up from an estimated value of US$ 6,113.2 Mn in 20222, the target market is likely propelled by the surge in consumer demand and the heightened spending on automobiles.
All braking systems apply the force of friction in order to function. Friction resists the relative movement of the bodies that are in touch with each other. The force of friction relies upon the properties of surface materials in contact as the friction force pushes them together to attain a braking impact.
Owing to the escalation in road traffic accidents, this braking motion is crucial in automobiles. Thus, the automotive brake system market is expected to register considerable growth over this observation period.
The automotive industry will experience bright market prospects in both developed and developing economies as governments across the world are implementing strict regulations for vehicular safety.
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Moreover, the introduction of smart braking systems in the automotive brake system market has led to a decline in the number of accidents. The latest improvements in this market protect vehicles from skidding which lessens the risk of accidents.
The swift rise in the production and sales of vehicles along with the implementation of strict mandates regarding stopping distances and other vehicular safety rules will likely be major contributors to the growth of the target market during the forecast period.
“Increasing emphasis on road safety coupled with increased consumer spending on automobiles will likely spur the global growth of the automotive brake system market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Low awareness and price volatility of the raw materials may impede the market growth.
- Increasing traffic accidents stimulate the market growth during 2022-2032.
- The automotive brake system market in Europe will account for 29.7% of the market share.
- North America’s automotive brake system market holds 24.8% share of the global market.
Competitive Landscape
TRW Automotive Holdings Corp., Aisin-Seiki Co. Ltd., Continental AG, Akebono Brake Industry Co. Ltd., Brembo S.P.A., Halla Mando Corp., and others are some of the major players in the automotive brake system market profiled in the full version of the report.
Leading market players are focusing on product innovation and development so as to cater to the increasing consumer demand. These businesses are also keen on new product releases, partnerships, and collaborations to gain a competitive advantage.
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Key Segments Profiled in the Automotive Brake System Industry Survey
Automotive Brake System Market by System Type:
- Disc Brake in Automotive Brake System
- Drum Brake in Automotive Brake System
Automotive Brake System Market by Vehicle Type:
- Automotive Brake System in Mid-Sized Passenger Cars
- Automotive Brake System in Compact Passenger Cars
- Automotive Brake System in Luxury Passenger Cars
- Automotive Brake System in Light Commercial Vehicles
- Automotive Brake System in Heavy Commercial Vehicles
- Automotive Brake System in Premium Passenger Cars
Automotive Brake System Market by Technology:
- Anti-Lock Braking System (ABS)
- Electronic Stability Control (ESC)
- Traction Control System (TCS)
- Electronic Brake-Force Distribution (EBD)
Automotive Brake System Market by Region:
- North America Automotive Brake System Market
- Latin America Automotive Brake System Market
- Europe Automotive Brake System Market
- Asia Pacific Automotive Brake System Market
- Middle East and Africa Automotive Brake System Market
More Insights into Automotive Brake System Market Report
In its latest report, FMI offers an unbiased analysis of the global automotive brake system market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032.
According to the latest FMI reports, based on region, North America is anticipated to perform extremely well in this market. The region leads the global automotive brake system market space with about 24.8% of the market share.
The growing widespread awareness about safe and smooth driving due to rising road accidents, easy adoption of advanced technology to lessen weight and friction created in vehicles, and escalation in research and development activities by major market players in this region push the target market towards growth during 2022-2032.
The automotive brake system market in Europe is predicted to demonstrate impressive growth, accounting for about 29.7% of the total market share. The strong presence of key market players along with the elevated popularity of commercial vehicles in European countries propels the target market growth in this region.
The Asia Pacific, too, will undergo considerable growth in the automotive brake system market. This growth can be attributed to the expanding automobile sector in this region. Countries like China, Japan, India, and South Korea will present significant growth during the forecast period.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
TOC Continued…!
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Explore FMI’s Extensive Ongoing Coverage on Automotive Domain
Automotive Brake System & Components Market Size: The global automotive brake system & components market is set to be valued at US$ 66,414.8 Mn in 2022 and is projected to grow at a CAGR of 4.7% from 2022 to 2032.
Automotive Brake Valve Market Trends: The automotive brake valves market was worth approximately US$ 6,542.4 Mn in 2021 and is projected to grow at a CAGR of 5.9% between 2022 and 2032, to reach US$ 12,109.0 Mn by 2032.
APAC Automotive Telematics Market Value: According to FMI, China is expected to be the most lucrative market over the forecast period of 2021-2031, followed by Japan and India.
Off Highway Vehicles Brake Systems Market Share: Growing interest and participation in off road motor sports such as rock crawling, motocross, and desert racing are one of the primary factors behind the growth of the off highway vehicles brake systems market.
Global Aircraft Brake System Market Forecast: The aircraft brake system is generally used to slow down the aircraft during the landing roll on the runway. It is a necessary component to ensure the safety and directional control of an aircraft during ground operations, such as, taxiing, landing, and takeoff.
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