Automotive Brake System & Components Market Forecast: Projected to Reach USD 109,862.1 Million by 2033, with a CAGR of 4.7% | FMI Reports

Automotive Brake System & Components Market
Automotive Brake System & Components Market

The global automotive brake system and components market is projected to grow from USD 69,403.5 million in 2023 to USD 109,862.1 million by 2033, achieving a notable CAGR of 4.7% during the forecast period.

This market plays a vital role in ensuring vehicle safety and performance. As vehicles become increasingly advanced and sophisticated, the demand for efficient and reliable braking systems is rising. These systems are essential for controlled deceleration and stopping, converting kinetic energy into heat energy through friction. Key components of brake systems include brake pads, rotors, calipers, drums, shoes, and hydraulic systems.

The growing acceptance and demand for luxury vehicles are driving the need for advanced braking systems that provide enhanced safety and performance features. As consumers prioritize comfort and safety, the demand for high-quality brake systems in luxury cars continues to increase.

Stricter safety regulations imposed by global governing bodies are also encouraging the adoption of advanced braking technologies to improve vehicle safety standards and reduce road accidents.

Moreover, the increasing adoption of disc brakes in commercial vehicles significantly contributes to market expansion. Disc brakes offer superior performance, durability, and heat dissipation compared to traditional drum brakes. Given that commercial vehicles often operate under demanding conditions and carry heavy loads, the shift toward disc brakes is gaining traction, further driving market growth.

The Original Equipment Manufacturer (OEM) segment currently dominates the automotive brake system and components market, holding over 35.2% market share. This growth is fueled by rising consumer demand for improved vehicle control and safety, alongside the increasing adoption of passenger cars. The OEM segment is expected to exceed revenues of USD 31,679.8 million by 2022.

Among vehicle types, passenger cars represent the largest segment, accounting for a value share of 43.5%. The growing adoption of braking systems and components in passenger cars, combined with rising disposable incomes and a heightened focus on safety, is propelling the demand for these vehicles.

The preference for advanced automotive systems, including safety features like Anti-lock Braking Systems (ABS), further supports market growth. The U.S. market is estimated to generate revenues exceeding USD 12,751.6 million by the end of 2022.

Japanese automakers are focusing on research and development to introduce cutting-edge innovations in the automotive sector. Brake component manufacturers in Japan are emphasizing product innovation to meet high consumer demand and enhance production techniques, with the market expected to reach approximately USD 8,633.9 million in 2022.

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Key Takeaways for the Automotive Brake System and Components Market

  • Significant Market Growth: The market is projected to grow from USD 69,403.5 million in 2023 to USD 109,862.1 million by 2033, with a CAGR of 4.7%.
  • Essential for Vehicle Safety: Automotive brake systems are crucial for ensuring vehicle safety and performance, converting kinetic energy into heat energy through friction to enable controlled deceleration and stopping.
  • Luxury Vehicle Demand: The rising acceptance and demand for luxury vehicles are driving the need for advanced braking systems that offer enhanced safety and performance features.
  • Stringent Safety Regulations: Global safety regulations are pushing the adoption of advanced braking technologies to improve vehicle safety standards and reduce road accidents.
  • Disc Brakes in Commercial Vehicles: The increasing use of disc brakes in commercial vehicles is a significant growth driver, offering improved performance, durability, and heat dissipation.
  • Dominance of OEM Segment: The Original Equipment Manufacturer (OEM) segment holds over 35.2% market share, driven by consumer demand for better vehicle control and safety.

Competitive Landscape

Over the last few years, there has been an increase in acquisitions and growth efforts to surge the supply of automotive brake systems & components. Many leading firms are also working on technology development. Contracts & agreements, new product development, and partnerships are vital strategies renowned firms adopt to maintain their market positions.

Leading Key Players:

  • Continental AG
  • ZF Friedrichshafen AG
  • Delphi Automotive PLC
  • Valeo S.A
  • Federal-Mogul Holdings Corporation
  • Nissin Kogyo Co. Ltd
  • Hitachi Astemo, Ltd.
  • Akebono Brake Industry Co Ltd.
  • Magneti Marelli S.p.A
  • Mando Corporation
  • Brembo S.p.A.

Recent Developments:

In the third quarter of 2022, Continental AG obtained a substantial contract from a leading automobile manufacturer for the serial manufacturing of their semi-dry braking system (also known as Future braking System) valued at around EUR 1.5 billion (USD 1.56 billion). The system’s manufacturing is slated to begin in 2025.

ADVICS CO. LTD announced a deal in October 2022 to provide Mercedes AMG with more efficient aluminum 6-piston calipers.

Brembo SpA announced in September 2022 that it might reorganize its aftermarket goods into four divisions: Brembo Essential (entry-level products), Brembo Prime (premium products), Brembo Beyond (alternative mobility items), and Brembo Xtra (performance product line).

Automotive Brake System & Components 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
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan (APEJ)
  • Japan
  • The Middle East & Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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