Industry: Automotive
Published Date: August-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 181
Report ID: PMRREP19276
The global automotive brake system market is expected to rise from US$26.9 Bn in 2024 to US$39.2 Bn by the end of 2031. The market is anticipated to secure a CAGR of 5.5% during the forecast period from 2024 to 2031. This growth is driven by advancements in brake technology and the increasing adoption of electric and hybrid vehicles. Additionally, rising safety standards and innovations in braking systems are contributing to the market expansion.
Key Highlights of the Market
|
Attributes |
Key Insights |
|
Market Size (2024E) |
US$26.9 Bn |
|
Projected Market Value (2031F) |
US$39.2 Bn |
|
Global Market Growth Rate (CAGR 2024 to 2031) |
5.5% |
|
Historical Market Growth Rate (CAGR 2019 to 2023) |
3.8% |
|
Region |
Revenue Share in 2023 |
|
Asia Pacific |
57.9% |
Asia Pacific led the market, accounting for the largest revenue share of 57.9% in 2023. The availability of affordable labor and raw materials in the region allows regional firms to offer significant cost savings. This cost efficiency attracts numerous automotive manufacturers to set up operations in Asia Pacific, boosting the market for brake systems.
Countries like China and India have established themselves as leading automotive manufacturing hubs. The robust manufacturing infrastructure and skilled workforce in these countries support large-scale production of automobiles, driving the demand for automotive brake system.
The rising popularity of automotive brake systems and increased sales of luxury and premium automobiles are expected to drive market growth. The increasing number of accidents and the surge in automobile sales contribute to the overall market growth.
The disc brake segment continues to get an impressive market share and in the automotive brake system market. This significant growth can be attributed to several key factors that highlight the advantages and increasing adoption of disc brakes across the industry.
The disc brake segment holds the largest market share in the Automotive Brake System Market due to a combination of technological advantages, performance benefits, and market trends. Here are the key factors contributing to the dominance of the disc brake segment.
One of the primary reasons for the rising application of disc brakes is their exceptional ability to perform reliably in adverse weather conditions. Unlike other braking systems, disc brakes maintain their efficiency without the risk of overheating or brake fade, even during prolonged use. This durability makes them an ideal choice for a wide range of vehicles, from everyday passenger cars to high-performance and commercial vehicles.
Continuous advancements in materials and manufacturing processes have improved the durability and efficiency of disc brakes. Innovations like ceramic and carbon-ceramic disc brakes offer enhanced performance and longevity, appealing to both high-end and commercial vehicle markets.
|
Category |
Revenue Share in 2023 |
|
Passenger Cars |
73.2% |
Passenger cars are produced in high volumes compared to commercial vehicles and other vehicle types. This high production volume translates to a greater demand for brake systems. The widespread popularity of passenger cars globally, particularly in emerging markets, ensures consistent and growing demand for automotive brake systems.
Passenger cars led the market with a commanding revenue share of 73.2% in 2023. This dominance is because of growing population and disposable income. Consumers increasingly prioritize safety features in their vehicles.
Passenger cars often come equipped with advanced braking technologies like Anti-lock Braking Systems (ABS), Electronic Stability Control (ESC), and Automatic Emergency Braking (AEB). This demand for advanced safety features drives the need for sophisticated brake systems.
The growth in the automotive brake system market is directly linked to that of the demand for passenger cars as well as commercial vehicles. Also, new technological innovations such as ABS and regenerative braking have become prominent in the last decade.
Consumers and manufacturers alike are prioritizing safety, leading to the adoption of innovative braking technologies such as anti-lock braking systems (ABS), electronic stability control (ESC), and regenerative braking systems. These technologies not only enhance vehicle safety but also improve overall performance and efficiency.
The market is predicted to record substantial growth during the forecast period because the automotive industry has a bright future ahead of it in both developed and emerging economies. Increasing safety concerns have led to governmental mandates that lay down the guidelines pertaining to vehicular safety norms. The surge in electric and hybrid vehicle production, which requires specialized braking systems, is also contributing to market expansion.
There is a significant shift toward advanced braking technologies such as anti-lock braking systems, electronic stability control, and autonomous emergency braking (AEB). These technologies enhance vehicle safety and performance, making them increasingly popular among manufacturers and consumers.
The integration of electronic components in brake systems is becoming prevalent. This includes electronic brake force distribution (EBD) and brake-by-wire systems, which offer improved precision and responsiveness compared to traditional mechanical systems.
With the rise in electric and hybrid vehicle production, regenerative braking systems are gaining traction. These systems convert kinetic energy into electrical energy during braking, improving the overall efficiency of the vehicle.
The automotive brake system market experienced significant growth driven by multiple factors. The market began to witness a notable shift toward advanced braking technologies such as anti-lock braking systems (ABS) and electronic stability control (ESC). The market recorded a CAGR of 3.8% during the historical period.
The increasing emphasis on vehicle safety by both consumers and regulatory bodies spurred the demand for these innovative systems. This trend was further supported by a rise in global vehicle production and sales, particularly in emerging economies.
Continuous technological advancements and the integration of lightweight materials to enhance vehicle efficiency. The development of autonomous and semi-autonomous vehicles fueled the demand for sophisticated brake systems, positioning the market for future growth. The market is estimated to register a CAGR of 5.5% during the projection period.
Rapid Adoption of Electric and Hybrid Vehicles
One of the most recent and significant factors driving the automotive brake system market is the rapid adoption of electric and hybrid vehicles. This trend has been accelerating due to increasing environmental concerns, governmental policies promoting clean energy, and advancements in electric vehicle technology.
The shift toward electric and hybrid vehicles demands the integration of advanced braking systems, particularly regenerative braking systems, which convert kinetic energy into electrical energy during braking. This energy is then stored in the vehicle's battery, enhancing overall efficiency and range.
The demand for regenerative braking systems has increased substantially as manufacturers strive to improve the energy efficiency of electric and hybrid vehicles. These systems not only contribute to extending the range of EVs but also reduce wear and tear on traditional braking components, leading to lower maintenance costs.
The ongoing development of autonomous and semi-autonomous vehicles, which are often electric, requires highly reliable and sophisticated braking systems. Autonomous vehicles must have advanced braking capabilities to ensure safety and operational efficiency, further driving the demand for innovative brake technologies. As electric and hybrid vehicles become more mainstream, the market for advanced automotive brake systems is expected to grow in tandem.
Enhancing Road Safety Remains a Key Driver
Enhancing road safety continues to be a pivotal driver for the growth of the automotive brake system market. This is driven by several interconnected factors, all of which contribute to the increased demand for advanced braking technologies and systems.
The emergence of smart braking systems has significantly reduced accident rates. These continual advancements prevent vehicles from skidding, thereby minimizing accident risks.
The rapid surge in vehicle production and sales, along with stringent regulations on stopping distances, is expected to greatly fuel market growth. Additionally, the growing demand for both passive and active safety installations in vehicles is projected to be a key trend in the automotive brake system market.
With growing awareness of vehicle safety among consumers, there is a heightened demand for vehicles equipped with advanced safety features. Drivers are prioritizing safety when purchasing new vehicles. This shift in consumer preference is compelling manufacturers to integrate sophisticated braking technologies into their models. This consumer-driven demand is significantly propelling the market growth for automotive brake systems.
High Maintenance Cost of Advanced Braking Technology
Developing advanced braking systems, such as anti-lock braking systems and electronic stability control requires substantial investment in research and development. These systems involve complex engineering and integration with other vehicle systems, driving up initial costs.
Advanced braking systems often utilize high-performance materials like carbon-ceramic composites, which are significantly expensive than traditional materials. The manufacturing process for advanced brake components requires high precision, which increases production costs. The components of advanced braking systems are generally expensive to replace, leading to high long-term maintenance costs for consumers.
Development and Integration of Advanced Driver Assistance Systems
One of the most promising opportunities for industry participants in the automotive brake system market is the development and integration of advanced driver assistance systems (ADAS).
ADAS technologies are designed to improve vehicle safety and enhance driving experience by using automated systems to assist the driver in various tasks. These systems often rely hugely on advanced braking technologies, making them a critical area for innovation and growth.
There is a growing demand for vehicles equipped with advanced safety features with increasing safety regulations globally. ADAS technologies such as automatic emergency braking, adaptive cruise control, and lane-keeping assistance require sophisticated braking systems that can respond accurately and swiftly to various driving conditions.
By developing and integrating these advanced braking systems, industry participants can meet regulatory standards and enhance vehicle safety, making their products more attractive to OEMs and consumers. As the automotive market becomes competitive, OEMs are looking for ways to differentiate their vehicles.
Advanced braking systems integrated with ADAS can be a key selling point. Industry participants who invest in developing these systems can provide OEMs with the innovative solutions needed to stand out in the market.
The Global Shift Toward Electric Vehicles
The global shift toward electric vehicles present a key opportunity for the automotive brake system market. Regenerative braking systems, which convert kinetic energy into electrical energy during braking, are particularly crucial for EVs. These systems not only improve the efficiency of EVs but also enhance their driving range, making them a vital component of modern electric vehicles.
Regenerative braking systems help in improving the overall energy efficiency of electric vehicles by capturing and reusing energy that would otherwise be lost as heat during braking. This technology can significantly enhance the driving range of EVs, addressing one of the primary concerns of potential EV buyers.
Industry participants who focus on developing efficient regenerative braking systems can contribute to the broader adoption of EVs, driving market growth. With the increasing emphasis on reducing carbon emissions and promoting sustainable transportation, regenerative braking systems align perfectly with global environmental goals.
Market players can capitalize on this trend by offering eco-friendly braking solutions that appeal to environmentally conscious consumers and comply with stringent emission regulations. The transition to electric vehicles requires close collaboration between brake system manufacturers and OEMs to ensure seamless integration of regenerative braking systems.
The competitive landscape of the automotive brake system market is shaped by several key factors, including technological innovation, strategic partnerships, mergers and acquisitions, and regional expansions. Leading players in the market are continuously evolving to gain a competitive edge.
Collaborations with technology firms and research institutions help in developing advanced braking solutions, such as automated and connected braking systems. The market is witnessing consolidation through mergers and acquisitions, allowing companies to expand their product portfolios and geographic reach.
Recent Industry Developments in the Automotive Brake System Market
|
Attributes |
Details |
|
Forecast Period |
2024 to 2031 |
|
Historical Data Available for |
2019 to 2023 |
|
Market Analysis |
US$ Billion for Value |
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available upon request |
By Brake Type
By Sales Channel
By Vehicle Type
By Technology
By Region
To know more about delivery timeline for this report Contact Sales
Rapid adoption of electric and hybrid vehicles is a key driver for market growth.
ZF Friedrichshafen AG, The Web Co, and Haldex are a few of the key industry players operating in the market.
Development and integration of advanced driver assistance systems is a key opportunity for the market players.
The disc brake continues to hold significant market share.
Asia Pacific remains a leading regional market for automotive brake system.
