Automotive Braking System Market is projected to be worth US$29.090 billion in 2023

The recent study on the Automotive Braking System market covers an in-depth analysis of the market on the basis of type, vehicle type, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023. According to the report titled “Automotive Braking System Market”, the market is expected to increase from US$22.885 billion in 2017 to US$29.090 billion by 2023, at a CAGR of 4.08% during the projected period. The report has segmented the Automotive Braking System market by type (disc brakes, drum brakes), by the vehicle type (passenger vehicles, commercial vehicles) and by geography (Asia Pacific, South America, Europe, Middle East, and Africa, and the Asia Pacific). Automotive braking systems are the group of mechanical, electronic and hydraulic activated components that use friction to stop a moving vehicle. Expanding automobile industry couple with rising safety awareness is expected to be the prime driver for the growth of the market during the forecast period. In addition, rising road incidents across the globe are further expected to propel the market growth opportunities in the coming years. For instance, according to the World Health Organization, nearly 1.3 million people die each year and between 20 and 50 million sustain non-fatal injuries due to road accidents.

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By vehicle type, the passenger vehicle segment is showing an impressive year-on-year increase, and this trend is expected to continue over our forecast period.

The Asia Pacific is expected to account for a significant share in the market.
Asia Pacific automotive braking systems market is estimated to have a significant share in terms of both value and volume in the global market and the region is further anticipated to grow during the forecast period on account of expanding automobile industry in the region. In addition, rising disposable income in the region coupled with an increased sales of luxury and premium vehicles in the market is further expected to propel the market growth opportunities for manufacturers and vendors in the coming years.

Some of the major industry players profiled as part of the report are Akebono Brake Industry Co., Continental AG, Opto Diode Corporation, Federal-Mogul Holding Co, Disc Brakes Australia, Hella Pagid GmbH, ZF Friedrichshafen AG and Carlisle Brakes and Friction among others.

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