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.