The automotive brake system market is projected to be valued at US$ 6,211.0 million in 2023 and is expected to rise to US$ 29,601.1 million by 2033. The market is expected to record a significant CAGR of 16.9% during the forecast period.
The automotive brake system plays a critical role in ensuring the safety and control of vehicles on the road. It is a vital component that enables drivers to slow down or bring their vehicles to a complete stop, preventing accidents and ensuring the well-being of both drivers and pedestrians.
Download our market overview sample now:
https://www.futuremarketinsights.com/reports/sample/rep-gb-503
The automotive brake system market encompasses a wide range of components, including brake pads, rotors, calipers, drums, and hydraulic systems, all working together to provide effective braking performance.
As road safety concerns continue to grow, there is an increasing focus on the development of advanced brake systems with improved efficiency, reliability, and responsiveness.
Technological advancements, such as the integration of anti-lock braking systems (ABS), electronic brake-force distribution (EBD), and automatic emergency braking (AEB), have further enhanced the capabilities of automotive brake systems. Additionally, stringent safety regulations imposed by regulatory bodies and governments worldwide are driving the adoption of advanced brake systems in vehicles.
With the mandate of safety features like AEB, which automatically applies brakes to prevent collisions, the automotive brake system market is experiencing significant growth. Furthermore, the growing demand for electric vehicles and the emergence of autonomous driving technology is creating new opportunities and challenges for brake system manufacturers.
In this dynamic market, innovation and continuous improvement in brake system technology are crucial to meet the evolving demands of the automotive industry.
Disc brakes dominate the market with a more than 34.2% market share. These braking systems have gained popularity due to their superior performance, reliability, and safety features. They offer efficient heat dissipation, shorter stopping distances, improved control, and resistance to brake fade.
The mid-size passenger car segment holds a value share of 21.3% in the market. These vehicles rely on advanced braking systems to ensure efficient and reliable stopping power. Mid-size passenger cars are equipped with a combination of disc brakes for the front wheels and either disc or drum brakes for the rear wheels.
For more information: https://www.futuremarketinsights.com/reports/automotive-brake-system-market
North America dominates the market with a market share of 24.8%. The region benefits from increasing awareness of safe driving, advanced technology reducing vehicle weight and friction, and research and development activities by key players.
Europe holds a significant market share at 29.7%, driven by the growing popularity of commercial vehicles and the presence of leading market players.
Germany accounts for 14.4% of the market share in Europe and is witnessing investments and expansion in sustainable products. These trends indicate the growing demand for automotive brake systems driven by safety regulations, technological advancements, and market dynamics in different regions.
Key Companies Profiled
- TRW Automotive Holdings Corp.
- Aisin-Seiki Co. Ltd.
- Continental AG
- Akebono Brake Industry Co. Ltd.
- Brembo S.P.A.
- Halla Mando Corp.
Recent Developments
Ferdinand Bilstein GmbH Co. KG is a well-known aftermarket part provider in over 170 countries across the world. Based on the needs and loads of the vehicles, the firm provides high-quality commercial vehicle brake components. With a market share of 97.0% of the independent aftermarket, the firm is expanding its brake discs and pads coverage.
Veoneer announced a first agreement in April 2020 to sell its brake control business in the United States to ZF Friedrichshafen AG for worldwide market expansion.
Explore Wide-ranging Coverage of FMI’s Automotive Landscape
Automotive Lead Acid Battery Market Analysis
