CHICAGO, Jan. 17, 2024 /PRNewswire/ -- Automotive Brake System Market is projected to grow from an estimated USD 23.5 billion in 2023 to USD 30.1 billion by 2028 at a CAGR of 5.1%, according to a new report by MarketsandMarkets. The automotive brake system market growth is mainly driven by the regulations on stopping distance and safety standards in countries such as China, India, Brazil, the European Union, the US, and Canada, among others. Further, growing demand for luxury cars worldwide and country-wise car assessment programs would boost the demand for electronic and disc brake systems. The growing adoption of disc brakes in heavy commercial vehicles, especially trucks, is another driving factor for the automotive brakes market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1070
Browse in-depth TOC on "Automotive Brake System Market".
337 - Tables
63 - Figures
327 - Pages
Automotive Brake System Market Scope:
Report Coverage | Details |
Market Size | USD 30.1 billion by 2028 |
Growth Rate | CAGR of 5.1% |
Largest Market | Asia Pacific |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By brake type, By Technology, By actuation, By components, By vehicle type, Off-highway by brake type, Off-highway by application, Regenerative Brake System by electric vehicle type, All-Terrain Vehicle brake system by region, and by region. |
Geographies Covered | Asia Pacific, Europe, North America, and the Rest of the World |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Government regulations to make advanced emergency braking systems mandatory |
Key Market Drivers | Inclusion of advanced brake systems such as ABS and EBD to enhance vehicle safety |
Anti-lock Brake Systems (ABS) is the largest technology segment during the forecast period.
ABS will hold the largest share of the automotive electronic brake system market during the forecast period. Most governments have mandated ABS for light-duty or heavy-duty vehicles or both, considering the benefits offered by ABS. Also, according to the NHTSA, ABS is quite effective in non-fatal crashes, reducing the overall crash involvement rate by 6% in passenger cars and 8% in LCVs. For light-duty vehicles, ABS is already mandated in the US, Europe, Brazil, Japan, South Korea, and other countries. ABS penetration in Asia and other developing countries is comparatively lower; however, factors such as - OEMs' focus on NCAP rating to showcase their product build quality and upcoming mandates emphasizing enhanced safety features - will direct the growth of ABS in light-duty vehicles.
Additionally, integrating anti-lock braking systems (ABS) in pneumatic brake systems for heavy commercial vehicles substantially enhances vehicle safety by preventing wheel lock-up and maintaining stability during braking and cornering. Some countries have set regulations compelling the installation of ABS in heavy commercial vehicles. For instance, in April 2019, the European Union (EU) mandated the inclusion of ABS and ESC systems in all new heavy-duty vehicles. Similar regulations are expected to be implemented in other countries. NHTSA's updated regulation on mandating newly manufactured heavy truck tractors to achieve a 30% reduction in stopping distance is also expected to create a demand for ABS. All these factors are expected to drive the demand for Anti-lock Brake Systems in the coming years.
Disc Brakes will account for the largest and fastest-growing market by 2028."
Disc brakes have gained popularity mainly in light-duty vehicles as they are more efficient, provide better stopping power, dissipate heat efficiently, self-adjust as the friction material wears, and work effectively in wet conditions. Today, most passenger cars and LCVs have disc brakes on the front wheels. The developing countries of Asia Pacific are dominated by economic cars equipped with disc brakes on the front wheels and drum brakes at the rear. This is mainly due to the lower speed limits and leniency in stopping distance in Asia Pacific countries. However, Class C & above are usually offered with all four-disc brakes. Further, most of today's passenger cars in Europe and North America are equipped with disc brakes on all four wheels as the demand for luxury vehicles is higher with higher power delivering higher speeds. Only some basic models have a disc brake on the front and drum brakes on the rear.
Alternatively, in heavy trucks and buses, disc brakes are growing steadily in Asia Pacific and North America as most vehicles are fitted with drum brakes. North American countries are gradually adapting the installation of disc brakes owing to increasing focus on safety and the stopping distance reduction mandate, along with disc brake installation government is making mandatory installation of Automatic Emergency Braking (AEB) System in heavy trucks. For instance, In June 2023, The U.S. Department of Transportation's National Highway Traffic Safety Administration (NHTSA) and Federal Motor Carrier Safety Administration (FMCSA) announced a notice regarding the installation of automatic emergency braking systems for heavy trucks. On the other hand, Europe has a different trend as all the heavy commercial vehicles are equipped with disc brakes. This is mainly due to the stringent standards related to reduced stopping distance. Similar strict safety standards are expected to be implemented in countries such as China, India, Japan, and South Korea for medium and heavy commercial vehicles, which constitute major production of HCVs; disc brakes are likely to have increased usage in the Asia-Pacific and North America in the coming years.
The Asia Pacific will be the leading automotive brake system market over the forecast period.
The growth of the Asia Pacific automotive brake system market can be primarily attributed to upcoming advancements in automotive brake systems and expansions made by brake system manufacturers to cope with the increasing demand for disc brakes in passenger cars and light commercial vehicles. China, Japan, South Korea, and India dominate the Asia-Pacific automotive brake system industry. Most of the cars sold in the Asia Pacific region are economy or mid-economy cars which are equipped with a disc and drum brake combination. Similarly, the majority of the heavy trucks in this region are equipped with drum brake systems. Hence, the drum brakes still have a good potential market in the Asia Pacific region. However, growing consumer preference from countries like China, Japan, India, and South Korea towards SUV cars with disc brakes will drive the demand for disc brakes.
Major countries such as China and India have a higher demand for economy & mid-range cars (including Class A, B, and C) contributing to nearly 50% and 90% in 2022. These cars are usually offered with 2 front disc brakes and 2 rear drum brakes. Further, to attract more consumers and showcase focus on enhanced safety, major regional automotive OEMs such as Toyota, Hyundai, Honda, and Suzuki have started offering all disc brakes with ABS in most of their newer Class C model cars. However, these markets are witnessing a growing demand for luxury and high-end cars that are installed with all 4-disc brakes for better stopping distance. These luxury cars are employed with advanced disc brake systems, thereby driving the disc brake market. For instance, the production of luxury cars in China has increased by 30% from 2020 to 2022. With the growing demand for luxury cars and high-end cars, the demand for premium disc brakes is anticipated to grow in the coming years.
In addition to this, Asia Pacific is the largest market for electric vehicles, especially in China. The growing sales of electric vehicles in countries such as Japan, China, and India will drive the demand for regenerative braking systems and disc brakes.
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1070
Key Market Players:
The major players in Automotive Brake System Companies include Robert Bosch GmbH (Germany), Continental AG (Germany), Brembo S.p.A. (Italy), ZF Friedrichshafen AG (Germany), and Knorr-Bremse AG (Germany).
Recent Developments
- In October 2023, Brembo S.p.A. launched a future-oriented brake kit called Greenance for light commercial vehicles. This kit will reduce particulate emissions by more than 80% with a life of more than three times compared to existing aftermarket products. The Greenance Kit offers an ideal blend of efficiency and robustness, delivering a notably reduced environmental footprint during braking, resulting in a substantial decrease in particulate emissions: a remarkable 83% reduction in PM10 and an impressive 80% reduction in PM2.5.
- In May 2023, Continental AG introduced its new conventional electronic brake system, MK 120 Electronic Stability Control. The company started supplying its MK 120 ESC brake system to Chinese car manufacturer Changan.
- In March 2023, ZF Industrial Technology division introduced its new brake-by-wire system. With safe and efficient brake technology, ZF supports customers in the heavy-duty, off-highway, construction, mining, and agriculture sectors. The latest brake-by-wire system from the company represents a significant advancement, offering vehicle manufacturers the capability to manage deceleration through an electronic signal that adapts brake pressure as required. This eliminates the necessity for hydraulic lines within the vehicle cabin and facilitates a transition towards remote and autonomous operation.
- In October 2023, Continental AG and DeepDrive formed a technical, strategic partnership to develop core technologies for electric vehicles. Under the partnership, the two companies will collaborate to create an integrated module that includes drive and brake components designed for direct installation on a vehicle's wheel.
- In February 2023, Knorr-Bremse AG and Team Hahn Racing extended their 20 years of successful partnership. The new contract will enable Knorr-Bremse to continue to support team Hahn Racing through the 2023 racing season. Knorr-Bremse will be responsible for equipping the Iveco S-Way race truck with a range of series products, including a pneumatic braking system, air supply system, brake calipers, and steering system.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1070
Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting
Related Reports:
Brake Friction Products Market - Global Forecast to 2026
Advanced Driver Assistance Systems (ADAS) Market - Global Forecast to 2030
Air Brake System Market - Global Forecast to 2028
Autonomous Emergency Braking (AEB) System Market - Global Forecast to 2025
About MarketsandMarkets:
MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automotive-brake-system-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/automotive-brake-system.asp
Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/automotive-brake-system-market-worth-30-1-billion-by-2028---exclusive-report-by-marketsandmarkets-302036756.html
