New York, US, June 08, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automotive Brake Components Aftermarket Market Research Report Information By Product Type, By Vehicle, By Sales Channel, and By Region – Market Forecast Till 2032”, the Automotive Brake Components Aftermarket Market is predicted to grow substantially over the assessment timeframe from 2023 to 2032 at a healthy CAGR of around 4.50%. The reports even share predictions regarding the market's growing revenue share, which is likely to attain a market of USD 73.0 billion by the end of 2032. As per the study documents, the market was worth around USD 49.1 billion in 2022.
Automotive Brake Components Aftermarket Market Drivers
The demand for automobile brake components in the aftermarket is projected to be driven by the continuous expansion in the number of Parc cars (vehicles in usage) across all regions. The steady rise in new registrations and the long lifespan of automobiles have increased the total parked vehicles globally, and these two factors are the major causes of this rise. The developed economies within North America & Europe have strong car sales rates. Globally, more new vehicles are being registered. Additionally, OEMs provide extended warranties on the cars, which have caused the dependability of cars to decline. During the predicted period, all of these variables have helped to raise the number of park vehicles.
Key Players
Prominent industry players profiled in the global automotive brake components aftermarket market report include:
- Akebono Brake Industry Co. Ltd.
- ABS Friction Inc.
- Baer Inc.
- BorgWarner Inc.
- Brembo SpA
- Carlisle Companies Inc.
- Continental AG
- Disc Brakes Australia Pty. Ltd.
- First Brands Group
- Freeman Automotive UK Ltd.
- Haldex AB
- Hyundai Motor Co.
- Meritor Inc.
- Nisshinbo Holdings Inc.
- Robert Bosch GmbH
- Among others.
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Automotive Brake Components Aftermarket Market Opportunities
Increasing Awareness of Safety to offer Robust Opportunities
There is a greater understanding of the significance of automobile safety, particularly with regard to braking systems. Customers are more aware of the need of keeping their cars in top shape for road safety. Due to people's desire to improve or replace worn-out parts, this knowledge fuels the need for aftermarket brake components.
Restraints and Challenges
High Installation and Repair Cost to act as Market Restraint
The high installation & repair cost of the advanced brake system, lack of awareness, stringent regulations and standards, and availability of counterfeit products may act as market restraints over the forecast period.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 73.0 Billion |
| CAGR during 2023-2032 | 4.50% CAGR |
| Base Year | 20222 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Vehicle, Sales Channel, and Region |
| Key Market Opportunities | Technological advancements in braking systems |
| Key Market Dynamics | Implementation of strict safety standards, the adoption of luxury automobiles, and increased adoption of the disc brakes in commercial vehicles |
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Automotive Brake Components Aftermarket Market Segmentation
The automotive brake components aftermarket market is bifurcated based on vehicle, product type, and sales channel.
By product type, disc brakes will lead the market over the forecast period for the noticeable growth in the usage of disc brakes. The ability of disc brakes to operate in inclement weather without overheating/fading is credited with their development.
By vehicle, passenger vehicle will domineer the market in the assessment period on account of the burgeoning demand for passenger cars due to urbanization, more disposable income, and rising population.
By sales channel, OEM will spearhead the market over the forecast period. For producing cutting-edge brake components, the OEMs are making good investments in R&D.
Automotive Brake Components Aftermarket Market COVID-19 Analysis
Global supply networks, particularly those for the manufacturing and distribution of automobile brake parts, were disrupted by the epidemic. Aftermarket brake parts were delayed in becoming available as a result of temporary shutdowns of manufacturing facilities and traffic restrictions. Vehicle use significantly decreased during the epidemic due to lockdowns, travel restrictions, & economic uncertainty. Since there were fewer automobiles on the road thus, there was a dip in the need for the brake components in aftermarket. The epidemic hastened the use of digital technology across a range of sectors, including the automobile industry. During the pandemic, demand for e-commerce platforms & online marketplaces for car components surged as more customers turned to online shopping. The aftermarket market for the brake parts was also impacted by this development, since more and more people were purchasing parts online.
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Regional Analysis
APAC to Head Automotive Brake Components Aftermarket Market
In 2022, this market was headed by Asia Pacific. The accessibility of inexpensive labor and raw materials allows firms in the area to significantly reduce their costs. Additionally, countries like China & India, among others, are where the maximum of the world's automobiles are manufactured. The market will grow as a consequence of rising sales of luxury and premium automobiles as well as rising popularity of automotive braking systems. Additionally, the market is expanding for both the surging accident rate and the growth in automotive ownership. In addition, the Automotive Brake Components Aftermarket market in India had the quickest rate of growth in the Asia-Pacific region, while China's Automotive Brake Components Aftermarket market had the highest market share.
People in the area are very price conscious and only care about saving money by using any things, notably cars, to their fullest potential. These techniques are employed by the aftermarket in the APAC to draw clients. In APAC, a car has to be replaced on average every 14 years. As a result of the frequent usage of the vehicle, it is anticipated that replacement cycle of its components would lengthen over time in APAC. Additionally, the quality of the roads in Asian nations is rather poor. This makes component damage more likely. This is the primary driver of growth for aftermarket parts like braking systems throughout the projection period.
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North America to Have Admirable Growth in Automotive Brake Components Aftermarket Market
From 2023 to 2032, the market in North America is anticipated to develop significantly. Due to growing customer demand for vehicles that perform better in poor weather, the presence of major manufacturers, and a rise in production of passenger cars & light commercial vehicles, the market in this sector has expanded. Additionally, the rise of this regional market has been fuelled by the need that ESC technology be installed in all light automobiles beginning in 2018. In addition, the U.S. in the North American continent, the market had the biggest market share and was expanding at the quickest rate in Canada.
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