The Global Automotive Brake System Market was valued at US$ XX billion in 2021 and is predictable to reach US$ XX billion by 2030 which is projected to attain a CAGR of XX % during the forecast period from 2021- 2030.
A brake is a mechanical device that absorbs energy from a moving system, usually by friction, to stop a vehicle from moving. An automotive brake system may bring a vehicle to a complete stop in the least amount of time by converting kinetic energy into heat energy.
Factors such as the implementation of strict safety requirements, the adoption of high-end and luxury cars, and the greater acceptance of air disc brakes in commercial vehicles are projected to fuel demand for automotive braking systems.
Automobile manufacturers are continually developing new and improved products to make driving more comfortable and safer. Players routinely design anti-lock braking systems, electronic stability control, and anti-collision gadgets in order to create safer and better vehicles. Furthermore, anti-lock braking systems with electronic stability control (ESC) are now available to prevent skidding and bring vehicles under control. As a result, technological developments in car safety features could propel the automotive brake system market forward.
According to the Association for Safe International Road Travel (ASIRT), about 1.3 million people die in road accidents each year, with 3,287 deaths per day on average. Furthermore, road traffic collisions are the tenth biggest cause of death worldwide, accounting for 2.2 percent of all deaths. People are concerned about these circumstances and want safety systems built into their vehicles. Automobile manufacturers are developing safety measures for vehicles as a result of these circumstances. As a result, such factors drive the automobile braking system market.
However, the high maintenance costs of antilock braking system components are a stumbling block to the antilock braking system market's growth. The automobile braking system market expansion is expected to be hampered by the high maintenance and installation costs of sophisticated automotive brake systems.
The Asia Pacific is expected to be the largest market for brake systems during the forecast period. The market in the Asia Pacific is predicted to expand as more modern safety electronic braking systems, such as ABS, ESC, and TCS, are used. The region's manufacturing of air disc brakes is being driven by a rising partnership between local and worldwide players. In addition, the market for brake systems is being driven by rising sales of premium and luxury vehicles in the region.
Hydraulic brakes are used in all passenger cars and light commercial vehicles. Because passenger automobiles are made of light materials and have a low overall weight, this braking system works effectively. Hydraulic brakes take up less room in storage than pneumatic brakes, and because passenger automobiles have limited storage space, hydraulic brakes are the best alternative. Pneumatic brakes also have a number of advantages over mechanical brakes, such as improved heat dissipation, which allows them to last longer. Furthermore, due to widely available brake parts in the aftermarket, hydraulic braking systems are the most accessible systems to repair.
Segmentation and Scope of the Global Automotive Brake System Market
By Truck Type
By Vehicle Type
By Sales Channel
Rest of World
Middle East & Africa
Prominent players in the Global Automotive Brake System Market among other includes