Automotive Brake System Market Is Estimated To Soar at 4.2% CAGR Projected- Coherent Market Insights

Coherent Market Insights analyst projected the Automotive Brake System Market is estimated to be valued at US$ 33.22 Mn in 2023. It is expected to exhibit a CAGR of 4.2% over the forecast period 2022-2030.

Market Dynamics:

The automotive brake system market is witnessing growth owing to increasing demand for vehicle safety features across the globe. Stringent government regulations regarding vehicle safety are propelling the market growth. For instance, according to NHTSA, ABS has reduced fatal single-vehicle crashes by 40%.

Manufacturers are developing advanced braking systems like anti-lock braking system (ABS), electronic brake-force distribution (EBD), electronic stability control (ESC) to meet government regulations which is fueling the market growth. Moreover, increasing production of electric vehicles worldwide is again boosting the demand for automotive brake system as they require more advanced braking systems.

Market Trends:

Anti-lock braking system (ABS) is one of the growing trends in the automotive brake system market. ABS prevents the wheels from locking up during heavy braking, thereby allowing the driver to maintain steering control. ABS is now considered a standard safety feature in most vehicles to prevent skidding. Another major trend is the adoption of electric parking brakes. Electric parking brake eliminates the need for mechanical cables and levers. It helps free up interior space and provides features like auto-hold and brake-by-wire functions. Manufacturers are focusing on lightweight brake calipers made from aluminum and magnesium alloys to increase fuel efficiency. They are also developing smart braking systems integrated with driver assistance technologies like autonomous emergency braking (AEB) and adaptive cruise control (ACC).

Market Opportunities

Rising Demand for Premium and Luxury Vehicles

The rising demand for premium and luxury vehicles is expected to drive the automotive brake system market during the forecast period. Premium and luxury vehicles are equipped with advanced brake systems to provide enhanced safety and braking performance. These vehicles use high-performance brake pads and rotors made of premium materials like ceramic composites. The adoption of luxury and premium vehicles has been increasing in developing nations due to rising disposable incomes. Between 2022-2030, the sales of luxury passenger cars are anticipated to grow at a healthy CAGR of over 5% globally. This rising demand for luxury vehicles will augment the demand for advanced brake systems, thus pushing the market growth.

Increasing Automation in Vehicles

With rising automation in vehicles, advanced brake systems are being integrated with vehicle control units and brake-by-wire technologies. Brake-by-wire systems utilize electric signals to trigger braking actions, replacing the conventional hydraulic brakes. They offer benefits like reduced weight, improved functionality, and enhanced safety. Furthermore, fully autonomous vehicles require sophisticated brake systems for emergency braking. As vehicle automation grows towards higher levels of autonomy over the forecast period, the demand for automated brake technologies is also expected to increase significantly. This presents a major growth opportunity for brake system manufacturers.

Key Market Takeaways

The global automotive brake system market is anticipated to witness a CAGR of 4.2% during the forecast period 2022-2030. This is owing to rising vehicle production and sales globally. On the basis of product type, the disc brakes segment is expected to hold a dominant position, accounting for over 60% of the market share due to their superior braking performance and weight reduction.

On the basis of brake pad material type, the organic segment is expected to dominate the market owing to its wider application in passenger vehicles. By application, the OEM segment holds the largest market share and is expected to grow at a higher CAGR during the forecast period.

On the basis of vehicle type, the passenger car segment holds the major share in automotive brake systems due to massive production of passenger vehicles globally each year. Regionally, North America is expected to hold the largest market share owing to early adoption of advanced technologies in the region.

Competitors Insights

Key players operating in the automotive brake system market include:

• ZF TRW Co.
• Akebono Brake Industry Co.
• TVS Brake Linings Co.
• Brembo SpA
• Federal-Mogul Holding Co.
• Continental AG.