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Automotive Brake System Market Analysis by Product Type (Low Speed ABS, High Speed ABS, and Pedestrians ABS); by Application Type (Dynamic Brake Support, Crash Imminent Braking); and by Vehicle Class (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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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.

Global Automotive Brake System Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~5%

The global automotive brake system market is estimated to garner significant revenue by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated modest revenue in the year 2022. The growth of the market can be attributed primarily to the increasing production and sales of commercial vehicles worldwide. 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.

Automotive-Brake-System-Market-Scope

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Automotive brakes are mechanical devices used to slow down or stop moving vehicles. The brake system has become an integral part of any vehicle to ensure safety as the demand for speed increases continuously. Usually, friction is used to achieve these results. The brake system consists of a number of parts, including brake liners, brake shoes, tandem master cylinders, brake calipers, brake pads, drums, brake boosters, pistons, rotors, connecting tubes, and ports. Moreover, technological advancement in vehicles, the emergence of improved braking systems, increasing R&D activities, rising demand for autonomous vehicles, 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.

Global Automotive Brake System Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Road Accident And Fatality Rates Worldwide- 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 Automobile Industry- 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 - 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 -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
  • Higher Price Of Advance Technologies Such As Magnetic And Electric Braking System

The global automotive brake system market is segmented and analyzed for demand and supply by vehicle class into passenger cars, light commercial vehicle, heavy commercial vehicle and others. Among these segments, the passenger cars segment is anticipated to capture the largest market size in the global automotive brake system 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.

Global Automotive Brake System Market Regional Synopsis

Regionally, the global automotive brake system market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033 backed by 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 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.

Automotive-Brake-System-Market-Size

The global automotive brake system market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global automotive brake system market includes the following segment

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 Vehicle
  • Heavy Commercial Vehicle
  • Others

Top Featured Companies Dominating the Global Automotive Brake System Market

  • 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

 

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