Automotive Brake System Market is poised to grow by 4.2% over the forecast period of 2024 to 2031



The automotive brake system market comprises components such as brake pads, brake shoes, brake rotors, brake drums, brake calipers, brake hoses, brake master cylinder, and brake actuator. These components aid in decelerating or stopping the vehicle smoothly and safely. The growing demand for safer braking systems and strict regulatory policies regarding vehicle safety are the key factors driving the adoption of modern braking systems in vehicles.

The Global Automotive Brake System Market is estimated to be valued at US$29.9 million in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period of 2024 to 2031.

Key Takeaways
Key players operating in the automotive brake system are ZF TRW Co., Akebono Brake Industry Co., TVS Brake Linings Co., Brembo SpA, Performance Friction Corporation (PFC) Brakes, Robert Bosch GmbH, Hella Pagid GmbH, Continental AG, Federal-Mogul Holding Co., Disc Brakes Australia (DBA), and Aptiv PLC (Delphi). ZF TRW Co. is a global leader in braking systems with its product offerings in disk brakes, brake boosters, and brake control systems.

The growing demand for safer, efficient, and environment-friendly vehicles is propelling the automotive brake system market. Braking systems play a crucial role in vehicle safety. Hence, manufacturers are focusing on developing innovative braking technologies to enhance vehicle safety. Stringent regulations regarding vehicular safety and emissions are compelling automakers to adopt advanced braking technologies.

The automotive brake system market is expanding globally with the increasing automobile production and sales worldwide. The increasing demand for passenger and commercial vehicles from emerging economies of Asia Pacific and Latin America is fueling the sales of automotive brake systems. Major market players are investing in these emerging regions to tap the growth potential.

Market Key Trends
One of the key trends gaining traction in the automotive brake system market is the adoption of electric parking brakes. Electric parking brakes provide convenient functionality and eliminate the need for a mechanical handbrake lever. They offer advantages such as automatic engage and disengage functions. However, the high development cost of electric parking brakes is restraining its widespread adoption currently. With continued technological advancements, the electric parking brakes market is expected to grow substantially over the forecast period.


Porter’s Analysis

Threat of new entrants: The automotive brake system market requires high R&D investments and holds many patents and IP. This creates significant barriers to entry for new companies.

Bargaining power of buyers: Buyers have moderate bargaining power in this market as there are many established manufacturers providing similar brake systems. However, safety and performance are key considerations so buyers don't have many alternatives.

Bargaining power of suppliers: Component manufacturers form the supplier base for automotive brake system manufacturers. Since buyers don't depend solely on few suppliers and can find alternatives, suppliers have low bargaining power.

Threat of new substitutes: There are no cost-effective or functionally similar substitutes for brake systems currently. Alternatives like regenerative braking also require brake systems.

Competitive rivalry: Being a safety critical component, competition is based on performance, quality, pricing and innovation. Major global players dominate.

The North American region accounts for the largest share of the Automotive Brake System Market currently, both in terms of volume and value. This is attributed to high vehicle production and sales in countries like the US.

The Asia Pacific region is expected to witness the fastest growth during the forecast period for the automotive brake system market. This is due to rapidly growing vehicle manufacturing and sales in China and India. Infrastructure development and rising disposable incomes in developing Asian countries will drive the demand.

 

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials,  etc

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it



 

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