A new study conducted by Future Market Insights (FMI) reveals that demand for automotive brake system and components will be driven by innovation in automotive ingenuity over the next couple of years. Electronics has over time evolved as the most crucial part in automotive. Integration of electronics has provided new growth dimensions to the automotive safety system. With the arrival of advanced electronic brake technology, companies are now looking forward to channelizing resource on further research and product development. The automation sector is always under the radar of regulatory authorities and is required to comply with various rules that are incessantly enforced in the interest of both passenger safety and environmental preservation.
The global automotive brake system & components market is set to be valued at US$ 66,414.8 Mn in 2022 and is projected to grow at a CAGR of 4.7% from 2022 to 2032. The automotive brake system & components market is expected to reach a valuation of US$ 105,131.2 Mn by 2032.
Automotive brake system & components are emerging as a significant auto part for automobile safety. These are considered to be important components that can reduce the speed of the vehicle or stop the vehicle altogether. Hence, growth of the automotive sector is expected to create healthy opportunities for companies present in the automotive brake system & components market. In addition, increasing vehicle parc would lead to growth in the automotive brake system & components market.
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Additional Highlights of the Report Include:
- On the basis of sales channel, aftermarket sales are expected to account for 51.1% value share of the market in 2017, which is expected to increase to around 54.3% by 2027.
- Among vehicle type, demand for brake components in passenger cars is expected to remain robust throughout the forecast period. Passenger cars are expected to account for nearly 73.9% value share of the market over 2027.
- The disc brake is expected to emerge as the most preferred brake type and is expected to witness a considerable rise in its demand during the forecast period.
- The growth of high-performance cars and requirement for better friction materials to meet vehicle braking standards are observed as two of the major factors responsible for the market’s growth.
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Market Segmentation
By Sales Channel
- OEM
- Drum Brake
- Disc Brake
- Aftermarket
- Brake Booster
- Master Cylinder
- Drum Brake
- Drum
- Brake Shoe
- Wheel Cylinder
- Disc Brake
- Rotor
- Caliper
- Brake Pad
By Vehicle Type
- Passenger Car
- LCV
- HCV
By Region
- North America
- Latin America
- Eastern Europe
- Western Europe
- APEJ
- Japan
- MEA
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Amongst regions, North America and Western Europe are currently exhibiting significant market potentials owing to the existence of well-established automobile manufacturers in these regions. Meanwhile, the market in Asia Pacific excluding Japan (APEJ) continues to expand at an impressive rate, which is attributed to the emergence of countries such as China and India as major manufacturing hubs.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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