Portland, OR, July 14, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive brake system market generated $22.03 billion in 2018, and is estimated to reach $38.48 billion by 2026, registering a CAGR of 7.5% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, pricing, business performance of market players, major segments, and industry roadmap.
Rise in demand for safety features in automobiles, technological advancements in safety features, and stringent government mandates for vehicle safety drive the growth of the global automotive brake system market. However, high installation and maintenance costs of automotive brake system hinder the market growth. On the other hand, development of advanced braking systems for two wheelers and expansion in untapped markets of developing countries create new opportunities in the coming years.
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Covid-19 scenario:
• The demand and production of automotive brake system has been hampered due to the global lockdown during coronavirus pandemic.
• The countries which are major manufacturers of automotive brake systems, including China, India, and South Korea have been severely affected by coronavirus. The production activities in these countries have been stopped due to the migrations of skilled professionals in the lockdown to avoid the virus transmission.
• Moreover, transportation and travelling have been banned during coronavirus pandemic across the globe, which is responsible to impacts the automotive industry greatly.
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The report offers detailed segmentation of the global automotive brake system market based on type, technology, vehicle type, sales channel, and region.
Based on technology, the traction control system (TCS) segment contributed to the largest share in 2018, accounting for nearly one-third of the total share, and is estimated to maintain its dominant position during the forecast period. However, the antilock braking system (ABS) segment is expected to register the highest CAGR of 9.3% from 2019 to 2026.
Based on vehicle type, the passenger ICE vehicle segment accounted for the largest share in 2018, holding more than half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the electric vehicle segment is estimated to portray the highest CAGR of 9.7% during the forecast period.
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Based on region, Asia-Pacific contributed the highest share, accounting for more than half of the total market share in 2018, and will maintain its dominance throughout the forecast period. In addition, this segment is estimated to portray the highest CAGR of 8.1% from 2019 to 2026. However, Europe is expected to grow at the CAGR of 7.2% during the forecast period.
Leading market players analyzed in the automotive brake system market research include Aisin Seiki Co., Ltd., Autoliv Inc., Continental AG, Delphi Technologies, Denso Corporation, Nissin Kogyo Co., Ltd, Robert Bosch GmbH, WABCO, ZF Friedrichshafen AG, and Hyundai Mobis Co., Ltd.
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