The global automotive brake system market is expected to reach a valuation of US$ 29,548.6 Million by 2032, with sales growing at a stellar CAGR of 16.9% from 2022 to 2032. Scaling up from an estimated value of US$ 6,113.2 Million in 2022, the target market is likely propelled by the surge in consumer demand and the heightened spending on automobiles.
All braking systems apply the force of friction in order to function. Friction resists the relative movement of the bodies that are in touch with each other. The force of friction relies upon the properties of surface materials in contact as the friction force pushes them together to attain a braking impact. Owing to the escalation in road traffic accidents, this braking motion is crucial in automobiles.
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Thus, the automotive brake system market is expected to register considerable growth over this observation period. The automotive industry will experience bright market prospects in both developed and developing economies as governments across the world are implementing strict regulations for vehicular safety.
Moreover, the introduction of smart braking systems in the automotive brake system market has led to a decline in the number of accidents. The latest improvements in this market protect vehicles from skidding which lessens the risk of accidents. The swift rise in the production and sales of vehicles along with the implementation of strict mandates regarding stopping distances and other vehicular safety rules will likely be major contributors to the growth of the target market during the forecast period.
The automotive brake system market in Europe is predicted to demonstrate impressive growth, accounting for about 29.7% of the total market share. The strong presence of key market players along with the elevated popularity of commercial vehicles in European countries propels the target market growth in this region. The Asia Pacific, too, will undergo considerable growth in the automotive brake system market. This growth can be attributed to the expanding automobile sector in this region. Countries like China, Japan, India, and South Korea will present significant growth during the forecast period.
The market for automotive brake systems is expanding as a result of the region's adoption of electric vehicles and their rapid expansion in terms of technology. The market for automobile brake systems in this region is also growing as a result of government incentives for RD projects. For instance, in February 2020, the technology corporation Continental announced plans to build a new facility in the US state of Texas' New Braunfels.
“Increasing emphasis on road safety coupled with increased consumer spending on automobiles will likely spur the global growth of the automotive brake system market over the forecast period,” says an FMI analyst.
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Key Takeaways:
- Low awareness and price volatility of the raw materials may impede the market growth.
- Increasing traffic accidents stimulate the market growth during 2022-2032.
- The automotive brake system market in Europe will account for 29.7% of the market share.
- North America’s automotive brake system market holds 24.8% share of the global market.
Competitive Landscape
TRW Automotive Holdings Corp., Aisin-Seiki Co. Ltd., Continental AG, Akebono Brake Industry Co. Ltd., Brembo S.P.A., Halla Mando Corp., and others are some of the major players in the automotive brake system market profiled in the full version of the report.
Leading market players are focusing on product innovation and development so as to cater to the increasing consumer demand. These businesses are also keen on new product releases, partnerships, and collaborations to gain a competitive advantage.
