Industry

Automotive Brake System Market Share, Trends, Size, Key

According to The Business Research Company’s Automotive Brake Systems , The automotive brake systems market size has grown strongly in recent years. It will grow from <b>$35.57 billion in 2023 to $38 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. </b> The growth in the historic period can be attributed to safety regulations, consumer demand, global vehicle production, economic factors, aftermarket demand.

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The automotive brake systems market size is expected to see strong growth in the next few years. It will grow to <b>$50.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. </b> The growth in the forecast period can be attributed to electric and hybrid vehicles, autonomous vehicles, environmental regulations, connected vehicle technology, emerging markets, energy efficiency, globalization of the market. Major trends in the forecast period include advanced driver assistance systems (adas), lightweight and high-performance materials, brake-by-wire technology, connected brake systems, industry partnerships.The rising demand for passenger and commercial vehicles is expected to drive the automotive brake systems market. Rapid growth in disposable income among individuals in both developing and developed countries and growing demand for a personal vehicle for daily commute to work has contributed to rapid growth in demand for passenger and commercial vehicles. The rapid growth in demand for passenger and commercial vehicles is expected to the boost utilization of automotive brake systems, as they are a vital component in the manufacturing of automotive vehicles. For Instance, In June 2021, according to a report from OICA (International Organization of Motor Vehicle Manufacturers), global passenger car sales increased from 53 million in 2020 to 56 million. Similarly, commercial vehicle sales increased from 24 million in 2020 to 26 million in 2021. Therefore, the increased demand for passenger and commercial vehicles is expected to boost demand for automotive brake systems during the forecast period.

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The automotive brake systems market covered in this report is segmented –

1) By Product Type: Disc Brakes, Drum Brake

2) By Technology: Antilock Braking Systems (ABS), Electronic Stability Control (ESC), Traction Stability Control (TCS), Electronic Brakeforce Distribution (EBD)

3) By Sales Channel: Original Equipment Manufacturers (OEMs), Aftermarket

4) By Vehicle Type: Passenger Car, Light-commercial Vehicles (LCV), Truck, BusThe new brake technology is a key trend gaining popularity in the automotive brake systems market. The advanced braking system technology such as multi-collision brake systems with instant collision recognition and automatic braking is being installed in vehicles, significantly reducing the danger of secondary accidents. This advanced brake system gives the ability to slow down or stop in an instant to avoid a severe accident. For instance, in April 2021, Germany-based ZF Friedrichshafen, a technology company that supplies systems for passenger cars, commercial vehicles, and industrial technology, launched OnGuardMAX, its advanced autonomous emergency braking system for commercial vehicles in China. It detects, classifies, and reacts autonomously to moving and stationary vehicles, motorcycles, bicycles, and pedestrians. A high-performance image processing module assists this technology with an advanced radar sensor and high-resolution dual-lens camera.

The automotive brake systems market report table of contents includes: