Automotive Brake System Market Size & Share, by Product Type (Low Speed ABS, High Speed ABS, Pedestrians ABS); Application Type (Dynamic Brake Support, Crash Imminent Braking); Vehicle Class (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 284
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Automotive Brake System Market size is poised to reach USD 38 Billion by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2023, the industry size of automotive brake system was over USD 23 Billion.The growth of the market can be attributed primarily to the increasing production and sales of commercial vehicles worldwide, the increasing inclusion of advanced brake systems such as electronic brakeforce distribution and anti-lock brake systems (ABS), and rising domestic population demand. For instance, the number of commercial vehicles sold increased by 8.21% from 54,000 units sold in August 2021 to 67,100 units in August 2022.

Moreover, technological advancement in vehicles, the emergence of improved braking systems, increasing R&D activities, rising demand for autonomous vehicles, and the growing popularity of disc brakes in commercial cars coupled with increasing per capita income are all contributing factors expected to fuel global automotive brake system market growth over the forecast period. For instance, a 9% increase in disposable income was recorded by China citizens in 2021, reaching USD 5,200 per head.


Automotive Brake System Market
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Automotive Brake System Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Road Accidents and Fatality Rates Owing Reckless Driving - In accordance with the World Health Organization, there are nearly 1.3 million people who lose their lives as a result of road traffic accidents every year worldwide.The implementation and development of the smart barking system for automobiles resulted in a reduced number of accidents. As a result of the latest advancements, the vehicle is prevented from skidding, thereby reducing the risk of accidents. The increasing number of road traffic fatalities has prompted the major players to adopt robust safety features. Thus, the rapid rise in the production of automobiles coupled with the rising number of traffic accidents is anticipated to drive automotive brake system growth over the forecast period.
  • Speedy Development of the Automobile Industry Owing to Rising Purchases - For instance, between April 2021 and March 2022, almost 22,930,200 vehicles were produced by the Indian automobile industry comprising passenger cars, commercial vehicles, three and two-wheelers, which is an increase over the 22,600,600 units produced between April 2020 and March 2021. 
  • Increased Investment in the Electrification of Vehicles as the Petrol Prices are Rising High - In 2022, Mahindra & Mahindra announced plans to invest USD 1 billion in electric vehicles over the next five years. With a goal of selling 2 lakh electric vehicles by FY-2027, they are embarking on a new direction.
  • Regulations Imposed by Governments to Ensure Safety as They are Still Under Development -The NHTSA announced two rulemakings to require emergency braking performance for both heavy and light vehicles under the Unified Agenda of Regulatory and Deregulatory Actions in 2021. To require that light vehicles have automatic emergency braking for pedestrians.
  • Rising Electric Vehicles (Evs) Sales Worldwide - It was observed that Electric car sales reached 2.5 million in 2020, up by 35% from 2019. Globally, however, there were more than 10 million electric vehicles sold in 2020.

Challenges

  • Stringent Government Regulations on Product Approval
  • Lofty Price of Repair and Maintenance of Technological Advance Brakes- The development and maintenance cost of brake systems in automotive vehicles is very expensive as the service of brakes includes periodic changes of brake fluid, shoes, pads, resurfacing rotors, and services such as cleaning, lubricating, and adjusting the brakes. Also, the brake sensors cost more than hundreds of dollars which includes 2 wheels. Hence, penetration of these systems in low-income countries is difficult and all these factors hamper market growth.
  • Higher Prices of Advanced Technologies Such as Magnetic and Electric Braking Systems

Automotive Brake System Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~5%

Base Year Market Size (2023)

~ USD 23 Billion

Forecast Year Market Size (2033)

~ USD 38 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Automotive Brake System Segmentation

Vehicle Class (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles)

The global automotive brake system market is segmented and analyzed for demand and supply by vehicle class into passenger cars, light commercial vehicles, heavy commercial vehicles, and others. Among these segments, the passenger cars segment is anticipated to capture the largest market size in the global market backed by the increasing trade and sales of passenger cars around the globe. For instance, in 2021, a total of 55 million passenger cars were sold worldwide, which was an increase from 52 million cars sold in 2020. In addition, the adoption of advanced technologies in the manufacturing of passenger vehicles, the growing demand for automated vehicles with high safety features, and economic growth are expected to augment segment growth in the coming years.

Our in-depth analysis of the global market includes the following segments:

       By Product Type

  • Low Speed ABS
  • High Speed ABS
  • Pedestrians ABS

        By Application Type

  • Dynamic Brake Support
  • Crash Imminent Braking

       By Vehicle Class

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • Others

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Automotive Brake System Industry - Regional Synopsis

The Asia Pacific region automotive brake system market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The increasing automobile production and rising demand for vehicles in the region. It was observed that over the past decade, the number of cars on the road in China has increased by an astounding 180% - from about 103 million in 2011 to about 300 million in 2021. Moreover, an increase in the middle-class population, a variety of financing options, higher living standards, and expanding trade ventures, and affordability of raw materials and low-cost labor in the region are expected to drive automotive brake system market growth in Asia Pacific over the forecast period.

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Companies Dominating the Automotive Brake System Landscape

top-features-companies
    • Haldex AB
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Toyota Motor Corp.
    • General Motors Co
    • Ford Motor Co 
    • Fiat Chrysler Automobiles NV
    • Honda Motor Co
    • Continental AG
    • Brembo SpA
    • Akebono Brake Industry Co., Ltd.
    • AISIN CORPORATION

In the News

  • Gold Phoenix and Brembo SPA signed an agreement to establish a new company called Shandong BRGP Friction Technology Co., Ltd to manufacture innovative aftermarket brake pads.
  • Third-generation anti-lock braking systems (ABS) developed by Continental AG adjust vehicle speeds while also providing safer, more controlled, and optimum braking performance.

Author Credits:  Harshita Srivastava, Saima Khursheed


  • Report ID: 284
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rapid expansion of automotive sector, rising electrification of vehicles, along with increasing motor vehicle production are the major factors driving the growth of the automotive brake system market.

The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023-2033.

Higher price of advance technologies such as magnetic and electric braking system is expected to hinder market growth.

The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Haldex AB, Toyota Motor Corp., General Motors Co, Ford Motor Co, Fiat Chrysler Automobiles NV, Honda Motor Co, Continental AG, Brembo SpA, Akebono Brake Industry Co., Ltd.and AISIN CORPORATION.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product type, application type, vehicle class and, by region.

The passenger cars segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Automotive Brake System Market Report Scope
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