by Market Overview:
Automotive brake systems uses friction to gradually bring a moving vehicles to a halt. Disc brakes have become very popular in modern vehicles due to their high performance and reliability. Disc brakes are lighter and more efficient than drum brakes, and greatly improve braking when the brakes are wet or dirty.
Market key trends:
One of the key trends in the automotive brake system market is the growing adoption of electronic braking systems. Electronic braking systems offer improved safety and higher performance over conventional braking systems. They distribute braking force automatically among the front and rear axles. This prevents instability and improves vehicle control under heavy braking conditions. Technologies such as ABS, ESP, EBD and regenerative braking are being integrated into automotive brake systems to make braking more effective and safe. The advantages of electronic braking systems like automatic braking force distribution is driving their demand in the industry.
SWOT Analysis
Strength: The automotive brake system market has stringent regulations regarding vehicle safety which drives demand for innovative brake systems. It ensures stable revenue for key players.
Weakness: Frequent technology advancements require substantial R&D spending to develop new products, increasing costs for manufacturers. Raw material price volatility also impacts profitability.
Opportunity: Growing demand for electric vehicles presents an opportunity to develop advanced brake-by-wire systems and regenerative braking technologies. Integration of IoT and AI enables data-driven predictive maintenance solutions.
Threats: Low-cost alternatives from local players increase competition. Stringent emission norms favor non-wheeled transport, impacting long-term demand.
Key Takeaways
The global automotive brake system market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing vehicle production and sales globally.
Market size: The automotive brake system market size for 2023 is US$ 29.86 million. Factors such as rising disposable incomes in developing countries and increasing demand for premium and luxury vehicles are driving the growth of the market.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its leading position during the forecast period. Countries like China, India, and Japan are major automotive markets with presence of leading OEMs. In addition, the region is a key manufacturing hub for brake system components. North America and Europe are other major markets supported by regulations regarding vehicle safety and performance.
Key players: Key players operating in the automotive brake system market 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). Manufacturers are focused on diversifying product portfolios and enhancing technological capabilities to gain competitive edge.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
