Electric Brake Booster Market Size Rockets to US$16.8 Bn by 2030, Forecasts Fairfield Market Research in a New Report
Revolutionising Road Safety to Another Level, the Market for Electric Brake Boosters Witnesses Incessantly Growing Dominance of Key Players Like Aisin Seiki, Robert Bosch, and TRW Automotive. Notably, the Asia Pacific Region is the Frontrunner, Driven by Rising Safety Awareness, and Demand for Advanced Braking Systems.
London, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Set for remarkable expansion in the years to come, the global electric brake booster market is on a meteoric rise, poised to soar from US$2.6 Bn registered in 2022 to an astounding US$16.8 Bn by 2030-end. A new Fairfield Market Research study projects an impressive CAGR of 30.6% for the market between 2023 and 2030.
Fuelled significantly by the surge in electric and hybrid vehicles, and a paramount focus on safety, the accelerating demand for electric brake boosters is transforming the automotive industry.
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REPORT SCOPE
Report Attributes | Details | |
Base Year | 2022 |
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Forecast Year | 2023 – 2030 | |
Market Size in 2022 | US$2.6 Bn | |
Estimated Market Size in 2030 | US$16.8 Bn | |
CAGR | 30.6% |
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Growth Drivers |
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Segmentation |
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Regional Coverage |
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Key Players | Robert Bosch GmbH, Aisin Seiki Co. Ltd., Hyundai Mobis, Continental AG, Mando Corporation, TRW Automotive, Nissin Kogyo, Jilin Dongguang Aowei Brake System Co. Ltd., Hitachi, BWI Group, Zhejiang VIE Science & Technology Co., Wanxiang Group Corporation, FTE | |
The primary findings clearly suggest that the disc brake category that led the charge in 2022, continues to lead with its enhanced braking efficiency in wet conditions, and lower maintenance costs. On the other hand, the electric brake booster segment, with its ability to adjust braking force electronically, is poised to dominate ahead of the drum brake category that gears up for substantial growth owing to its cost-effectiveness.
“As consumers demand more efficient and reliable braking systems, the market leaders are strategically positioned to capitalise on this transformative trend. The growing emphasis on EVs and HEVs, coupled with a relentless commitment to safety, will truly propel the market to new heights, making it a compelling investment landscape for both existing players, as well as potential businesses,” remarks the analyst at Fairfield.
Key Research Insights
The disc brake category dominated in 2022, excelling in wet conditions and lowering maintenance costs.
The electric brake booster segment is poised to lead, offering redundancy and safety through regenerative braking.
Single diaphragm boosters led in 2022, driven by higher space efficiency, and cost-effectiveness.
Insights into Segmentation Analysis
Disc Brakes Maintain a Dominant Share
In 2022, the disc brake category dominated the industry due to its superior performance in wet conditions. The open design of the rotor ensures that rain does not affect braking performance, as it evaporates quickly.
Disc brakes require less inspection and upkeep than drum brakes, contributing to lower maintenance costs. With easy accessibility for visual inspection, pad replacement, and rotor resurfacing or replacement, disc brakes provide a cost-effective and efficient solution for vehicle braking systems.
Drum Brakes Surge Ahead at the Fastest Pace
Contrastingly, the drum brake category is positioned for rapid growth. Drum brakes are known for their cost-effectiveness, making them favorable options for affordable vehicles.
Beyond affordability, drum brakes frequently come equipped with a self-adjusting mechanism that corrects for wear, ensuring consistent braking performance over time. The drum brake's cost-effectiveness and self-adjusting feature make it a preferred choice, particularly for budget-conscious consumers and vehicles.
Electric Brake Boosters Command
The electric brake booster segment's dominance in 2022 signifies a pivotal shift in braking technology. Electric brake boosters offer not only effective brake assistance but also the flexibility to electronically adjust braking force based on various variables, including vehicle speed and driver input. This adaptability enhances overall braking performance and safety, making electric brake boosters a key player in the market.
While the electric brake booster category takes the lead, the traditional vacuum brake category is expected to undergo substantial growth throughout the forecast period. Vacuum brake boosters have a well-established track record for dependability and durability, having been used for many years.
Vacuum boosters are generally less expensive to produce and maintain than their electric counterparts, making them a sensible option for various vehicles. This growth trajectory is especially relevant in North America, where electric brake boosters aid automakers in adhering to stringent safety requirements.
Single Diaphragm Boosters Take the Charge
The single diaphragm booster segment dominated the market in 2022, driven by its space efficiency and cost-effectiveness. Single diaphragm boosters are compact and suitable for vehicles with constrained engine compartment space, making them a wise investment for many vehicles.
Moreover, the dual diaphragm booster category is anticipated to experience the fastest growth within the forecast time frame. Double diaphragm boosters offer more braking force, making them suitable for heavier, larger vehicles that require enhanced stopping power.
Some drivers prefer dual diaphragm boosters for their more responsive and firm brake pedal feel, providing better control and feedback.
Adoption for Passenger Vehicles Accelerates
In 2022, the commercial vehicles category led the market growth. Commercial vehicles can recover and store energy during braking by integrating electric brake boosters with regenerative braking systems. As a result, operating expenses may be decreased, and overall fuel efficiency may increase.
Compared to vacuum boosters, electric brake boosters have fewer mechanical components, reducing maintenance needs and downtime for commercial fleets.
Moreover, the passenger vehicle category is expected to grow fastest in the electric brake booster market during the forecast period. Electric brake boosters offer quick and accurate brake response, enhancing safety by lowering the possibility of collisions brought on by sluggish braking.
The passenger vehicle segment's rapid growth is attributed to the increasing demand for advanced braking systems, as consumers prioritize safety features in their vehicles.
Key Report Highlights
Commercial vehicles drive market growth in 2022, benefiting from regenerative braking integration.
Asia Pacific commands the largest share of the market, fueled by safety awareness and demand for advanced braking systems.
Insights into Regional Analysis
Asia Pacific Secures the Top Spot
Asia Pacific emerges as the frontrunner in electric brake booster adoption, securing the front seat in the automobile industry. The demand for advanced braking systems that deliver quicker and more accurate braking responses is rising as safety awareness among consumers and regulatory authorities increases. With their enhanced safety features, electric brake boosters are particularly appealing in this market.
The combination of rapid urbanisation, and ensuing traffic congestion in many Asian economies has led to a growing demand for automobiles with sophisticated braking systems. In congested urban areas, electric brake boosters can improve the effectiveness of stop-and-go driving, enhancing overall driving experience and safety.
North America to Attain the Fastest Pace
Adoption in North America is poised to skyrocket in line with the pacing growth of EV industry. Consumers in North America place a high value on safety and are prepared to pay more for sophisticated safety features. Electric brake boosters, with their better brake response, align with the preferences of safety-conscious car buyers.
The American auto industry's reputation for embracing new technologies positions it as a key player in the adoption of electric brake boosters. As the adoption of electric vehicles surges in the region, electric brake boosters become integral to enhancing regenerative braking systems and ensuring seamless transitions from regenerative to friction braking.
Browse Global Electric Brake Booster Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Brake Type Coverage, By Technology Coverage, By Type Coverage, By Vehicle Type Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/electric-brake-booster-market
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