Press release
Automotive Braking System Market to Witness Significant Growth in the Coming Years
High economic growth in BRICS countries has increased the number of first time consumers in these countries. Rise in per capita income and improvement in infrastructure are boosting demand of vehicles. This, in turn, propels demand for automotive braking system. China’s tax exemption on small engine vehicle to curb pollution is boosting production of compact and small-segment vehicles in the country. Thus increasing production of vehicles in China drives the global automotive braking system market. The Japan’s 2017 trade agreement with European Union permits tax reliefs on Japan-based imports in the European Union. This trade affair is likely to increase production of vehicles in Japan, thus boosting the market in Asia Pacific.
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Rise in average age of vehicle and expansion of the used car market are boosting the aftermarket demand of automotive braking system. Increase in awareness regarding vehicle maintenance among consumers and expansion of retailer/dealer aftermarket network boosts the aftermarket segment of the automotive braking system market. Brakes are extensively utilized and are susceptible to wear and tear, thus require periodic replacement. Brake fade compromises vehicle safety and can cause accidents; therefore, brakes are one of the most replaced aftermarket components. This is likely to drive the aftermarket segment of the market.
Disc brakes provide better braking efficiency; therefore, these are being preferred by consumer for passenger vehicles. Disc brakes have cooler operation and shorter braking distance. Disc brakes offer prompt braking response and are thus widely used as front brakes. Disk brakes have numerous advantages over drum brake, hence, several auto makers offer disc brakes in vehicles. Shift from drum brakes to disc breaks in passenger vehicle is estimated to drive the disc brake segment of the automotive braking system market.
The changing dynamics of trucking and demand for premium services have increased the adoption of pneumatic automotive braking systems. High demand for pneumatic automotive braking systems in North America. Pneumatic brakes offer high response braking in heavy duty trucks, which is anticipated to propel the segment during the forecast period.
Improvements in transport logistics and infrastructure increases demand for commercial vehicles in Asia Pacific and Latin America. This is expected to drive the automotive braking system market in these regions. The high use of drum brakes in commercial vehicle is estimated to drive the drum brake segment of the automotive braking system market.
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Key players operating in the automotive braking system market are ZF Friedrichshafen AG, Akebono Brake Industry Co., Ltd., Brembo S.p.A, Continental AG, Robert Bosch GmbH, AISIN SEIKI, Borg Warner, WABCO, Hyundai Mobis, Hitachi Ltd., FTE Automotive, Futitsu Ten Ltd., Nissin Kogya Co., Ltd., Brakes India, Federal Mogul LLC., Haldex Group, Hella Pagid GmbH, Sumitomo Riko Company Ltd., Hutchinson SA, Nisshinbo Brake Inc., TMD Friction Holdings GmbH, MAT Holdings, Inc., ASK Automotive Pvt. Ltd., BNA Automotive India Pvt. Ltd., AC Delco, Meritor, Inc., Mando Corporation, Knorr Bremse AG, ADVICS CO., LTD., and EXEDY Corporation.
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