Global Automotive Brake System Market Size to Exceed USD 64.67 Billion by 2032 | CAGR of 5.6%
The Global Automotive Brake System Market Size was valued at USD 37.19 Billion in 2022 and the Worldwide Automotive Brake System Market is expected to reach USD 64.67 Billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: Nissin Kogyo Co. Ltd., Robert Bosch GmbH, ZF Friedrichshafen AG, Continental AG, Aisin Seiki Co, Ltd., Halla Mando Corp., Knorr-Bremse AG, Brembo S.p.A, Akebono Brake Industry Co., Haldex AB, Mando Corporation, Advics Co. Ltd., Delphi Technologies, Hitachi Astemo, Ltd., TRW Automotive Holdings Corp., Autoliv Inc., Hella Pagid GmbH and Other key vendors.
New York, United States, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Brake System Market Size is to grow from USD 37.19 Billion in 2022 to USD 64.67 Billion by 2032, at a Compound Annual Growth Rate CAGR of 5.6% during the projected period.
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The car's braking system is a vital aspect of every vehicle since it allows the driver to control and manage the vehicle's speed, as well as bring it to a complete stop when necessary. This mechanism converts the kinetic energy of a moving car into thermal energy, which is dissipated through friction and slows or stops the vehicle. With the rise of electric vehicles, regenerative braking systems that collect energy during braking are becoming more common. Additionally, by replacing traditional components with electronic counterparts, brake-by-wire technology delivers faster reaction times and enhanced integration with other car systems. As electric vehicles become more prevalent, regenerative braking will play an important role in energy conservation and overall efficiency. Furthermore, as self-driving technology progresses, braking systems will adapt to engage with automated driving systems more smoothly.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on "Global Automotive Brake System Market Size, Share, and COVID-19 Impact Analysis, By Type (Disc Brake, Drum Brake), By Actuation Type (Hydraulic, Pneumatic), By Technology (Anti-lock Brake System, Traction Control System, Electronic Stability Control, Electronic Brake-force Distribution), By Vehicle Type (Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The disc brake segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global automotive brake system market is segmented into the disc brake and drum brake. Among these, the disc brake segment is dominating the market with the largest revenue share of 58.6% over the forecast period. This is due to the increasing use of disc brakes in commercial vehicles other than cars as a result of an increase in accidents and safety concerns around the world. Disc brakes have grown in popularity in recent years.
The hydraulic segment is witnessing significant CAGR growth over the forecast period.
On the basis of actuation type, the global automotive brake system market is segmented into hydraulic and pneumatic. Among these, the hydraulic segment is witnessing significant CAGR growth over the forecast period. Increased production of passenger cars and light-duty commercial vehicles (LCV) is driving the growth of automotive hydraulic brake systems. Many benefits, such as more efficient heat dissipation than mechanical brakes, improved braking power transmission, lightweight construction, and ease of repair due to easy access to brake parts in the marketplace, are critical for boosting hydraulic brake system expansion in the global automotive brake system market over the forecast period.
The anti-lock brake system segment is expected to hold the largest share of the Global Automotive Brake System Market during the forecast period.
Based on the technology, the global automotive brake system market is classified into anti-lock brake systems, traction control systems, electronic stability control, and electronic brake-force distribution. Among these, the anti-lock brake system segment is expected to hold the largest share of the automotive brake system market during the forecast period. Numerous automobile groups' active activities toward the mandatory deployment of anti-lock braking systems in key locations have contributed to the advancement of anti-lock brake system technology.
The passenger car segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of vehicle type, the global automotive brake system market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Among these, the passenger car segment is dominating the market with the largest revenue share of 57.2% over the forecast period. This category has dominated the automotive brake system market due to the sheer volume of passenger vehicles manufactured and sold, as well as rising customer expectations for safety and efficiency. Global passenger automobile demand has increased due to greater urbanization, improved road infrastructure, and an expanding middle-class population.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. This lead derives primarily from the large number of automobiles manufactured and distributed throughout the region, particularly in China and India. The Asia Pacific region has become an epicenter for the automobile industry as a result of these countries' rising middle classes, urbanization, and industrialization. In contrast, Europe is predicted to grow the fastest during the forecast period. Europe also makes a considerable contribution to the global automotive brake system market, thanks to technological advances, a strong automotive sector, and a favorable regulatory environment.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automotive Brake System Market include Nissin Kogyo Co. Ltd., Robert Bosch GmbH, ZF Friedrichshafen AG, Continental AG, Aisin Seiki Co, Ltd., Halla Mando Corp., Knorr-Bremse AG, Brembo S.p.A, Akebono Brake Industry Co., Haldex AB, Mando Corporation, Advics Co. Ltd., Delphi Technologies, Hitachi Astemo, Ltd., TRW Automotive Holdings Corp., Autoliv Inc., Hella Pagid Gmb, and several others.
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Recent Developments
In September 2022, Ricardo PLC has been awarded a 20.2 million USD contract to provide additional Antilock Brake System/Electronic Stability Control (ABS/ESC) retrofit kits for the US Army's High Mobility Multi-purpose Wheeled Vehicle (HMMWV). As part of a complete solution incorporated into the HMMWV architecture, the Ricardo developed ABS/ESC retrofit system includes antilock braking, electronic stability control, active rollover prevention, traction control, and upgraded brake calipers, pads, and rotors. The Ricardo system also equips the vehicle with a crashworthy steering column and a sophisticated electronic network, as well as low-cost, tried-and-true components designed expressly for military application.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Automotive Brake System Market based on the below-mentioned segments:
Automotive Brake System Market, Type Analysis
Disc Brake
Drum Brake
Automotive Brake System Market, Actuation Type Analysis
Hydraulic
Pneumatic
Automotive Brake System Market, Technology Analysis
Anti-lock Brake System
Traction Control System
Electronic Stability Control
Electronic Brake-force Distribution
Automotive Brake System Market, Vehicle Type Analysis
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
Automotive Brake System Market, Regional Analysis
North America
US
Canada
Mexico
Europe
Germany
Uk
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of Middle East & Africa
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