Automotive Brakes Market Trends 2019: Growth, Development and Forecast Report | Continental AG, Robert Bosch GmbH, Hitachi Automotive Systems

Automotive Brakes Market to grow exponentially at a CAGR of 6.5% by 2028.

According to a latest report published by Quince Market Insights, the Global Automotive Brakes Market is projected to reach USD 42.13 billion by 2028, growing at a CAGR of 6.5% during the forecast period.

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Automotive breaks and their functions-

The main function of automotive brakes is to reduce vehicle speed and halt the vehicle. In recent years the development of smart braking systems has resulted in a decrease in the number of accidents. These new technologies enable the driver to control the speed of the vehicle more safely and efficiently without the vehicle skidding. Also, it has enabled better control of the vehicles at higher speed limits.

Understanding Automotive Breaks Market-

One of the biggest factors giving rise to the automotive brakes market is the rapidly growing automobile industry worldwide. More advanced and powerful engines have been developed to provide higher torque. This makes brakes an all-important component in controlling the vehicles thus increasing their market demand. Growing concerns over road traffic accidents and numbers of fatalities have affected important players in the market for automotive brake systems to incorporate solid safety characteristics in vehicle development. Also, stringent government regulations pertaining to vehicle safety in many regions are expected to augment the automotive brakes market. NHTSA (National Highway Traffic Safety Administration), an agency of U.S. DOT (Department of Transportation) plans on mandating the adoption of AEB (Automatic Emergency Braking) in vehicles from 2022.

Market dynamics according to QMI-

Based on the type of brake, the automotive brakes market is segmented into disc and drum brakes. Among the two, the disc brake segment is expected to show high demand owing to its enhanced braking performance and their ability to function in adverse weather conditions without overheating or fading.

The passenger vehicle segment is expected to lead the automotive brakes market on the basis of vehicle type. The increasing demand for passenger vehicles worldwide is expected to be one of the major reasons for a prominent market share in the automotive brakes market. According to the International Organization of Motor Vehicle Manufacturers (OICA), the sale of passenger cars worldwide increased from 49650336 in 2009 to 70849466 in 2017 and is expected to increase further. Also, there has been increasing demand for braking systems in the aftermarket as these components are subjected to wear & tear after a particular period.

Regional distribution and growth potential areas-
The Asia Pacific is expected to be the most prominent automotive brakes market during the forecast period. The Chinese automotive brakes market is one of the biggest in the world. The growing Chinese economy and rising disposable incomes of people in China have increased the demand for vehicles in the country. In addition, China's low cost of production has supported car manufacturing development in China. Moreover, the increasing number of accidents in India has led to an increase in safety features. To reduce the number of vehicle accidents in India, the Indian government has made it compulsory for all automobile companies to install anti-lock braking systems in their vehicles by April 2019. These developments are expected to boost the automotive brakes market in the Asia Pacific region.

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Key Factors Impacting the Growth of Automotive Brakes Market:
o Government regulations pertaining to vehicle safety
o Growing demand and awareness for safer vehicles
o Technological advancements in braking systems
o Growth of the automobile industry
o High demand in the aftermarket

Key Developments in the Automotive Brakes Market:
o In September 2018, under its TRW brand, ZF Aftermarket (Germany) introduced the first brake pad specifically designed for Electric Vehicles. With a staggering 97 percent of the European electric car parc covered within months of launch, including Tesla and Nissan Leaf, demand is only set to increase. The program, known as Electric Blue, will be expanded with products for a hybrid that is already in the testing process.
o In March 2018, ZF Friedrichschafen(Germany) acquired Wabco which is a leading global supplier of braking control systems, technologies, and services that improve safety, efficiency, and connectivity of commercial vehicles including trucks, buses, and trailers.
o In June 2019, Hitachi Automotive Systems Ltd. acquired Chassis Brakes International BV. This acquisition will strengthen its chassis and safety systems capabilities and also enhance the company's motion control capabilities.

Market Segmentation:

By Technology:

o Anti-lock Braking System (ABS)
o Electronic Stability Control (ESC)
o Traction Control System (TCS)
o Electronic Brake-Force Distribution (EBD)

By Vehicle Type:

o Passenger
o Commercial
o Electric
o Defense
o Construction
o Farm Tractors
o Others

By Brake Type:
o Disc
o Drum

By Region:

o North America
o By Country (US, Canada, Mexico)
o By Technology
o By Vehicle Type
o By Type

o Western Europe:
o By Country (Germany, UK, France, Spain, Rest of Western Europe)
o By Technology
o By Vehicle Type
o By Type

o Eastern Europe:
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Technology
o By Vehicle Type
o By Type

o Asia Pacific
o By Country (China, Japan, India, Rest of Asia Pacific)
o By Technology
o By Vehicle Type
o By Type

o Middle East:
o By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
o By Technology
o By Vehicle Type
o By Type

o Rest of the World
o By Region (Latin America, Brazil, Rest of the World)
o By Technology
o By Vehicle Type
o By Type

Major Companies profiled in the report which are key players in the global automotive brakes market include Aisin Seiki Co. Ltd., Continental AG, Robert Bosch GmbH, Disc Brakes Australia, Hitachi Automotive Systems, Akebonbo Brake Industry Co., Brembo SpA, and ZF Friedrichschafen AG.

Reasons to Buy This Report:

o Market size estimation of the global automotive brakes market on a regional and global basis
o The unique research design for market size estimation and forecast
o Profiling of major companies operating in the market with key developments
o Broad scope to cover all the possible segments helping every stakeholder in the market

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This release was published on openPR.