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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~5% |
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Base Year Market Size (2023) |
~ USD 23 Billion |
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Forecast Year Market Size (2033) |
~ USD 38 Billion |
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Regional Scope |
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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:
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By Product Type |
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By Application Type |
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By Vehicle Class |
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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.
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
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