Automotive Brake Components Market Is Poised To Expand At A CAGR Of 4.2% By 2031

Worldwide sales of automotive brake components are valued at US$ 49.9 billion at present. The global automotive brake components market is forecast to expand at a CAGR of 4.2% to reach a valuation US$ 75.6 billion by 2032.

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The syndicated market report on the Automotive Brake Components Market not only described the present situation but also gave a future market outlook for the industry. This industry study is based on distinct segments such as regions, applications, end users, and product types. The study further briefs on the market drivers, present market status, size, and growth rate. Additionally, insights on the manufacturers and competitive strategies applied by these players in the direction to create an advantage over others are useful for business expansion in the industry.

Market research analysis and estimations carried out by Fact.MR in this credible report aid businesses in gaining knowledge about what is already there in the market, what the market looks forward to, the competitive background, and steps to be followed for outdoing the rivals.

Effortlessness maintained in research method and application of best tools and techniques makes the large-scale Automotive Brake Components Market report exceptional. The regional outlook brings value addition to this study as it covers wider geographical marketplaces including North America, South America, and Middle East &Africa. This regional outlook is intended to increase investment in the market as per possibilities in new markets for new products and helps in recognizing potential market share in the forecast period.

Government in numerous countries are implementing stringent standards and regulations for enhancing passenger and vehicle safety to curb the rising incidence of road accidents.

For instance, the National Highway Traffic Safety Administration (NHTSA) and the U.S. Department of Transportation (DOT) have implemented a set of standards mandating the use of automatic emergency braking for providing dynamic braking. A multiplicity of such regulations are estimated to bolster the sales of automotive brake components by 1.2X between 2022 and 2032.

Key Takeaways:

• The U.S. is anticipated to exhibit robust growth in North America, assisting the region to expand at a CAGR of 4.4% during the assessment period.
• Germany is expected to account for a significant share in the Europe market, owing to the accelerating sales of automotive vehicles in the country.
• China is estimated to emerge as a highly remunerative market, assisting the East Asia market to account for around 21.2% overall sales by 2022.
• Based on product type, the disc brake segment is forecast to exhibit growth at 4.5% CAGR, accounting for 56.4% of the total demand through 2032.
• In terms of sales channel, the Original Equipment Manufacturers (OEMs) segment is projected to account for the maximum revenue share in the market, accounting for 53.9% of global sales by 2022.

Growth Drivers:

• Growing concerns regarding driver's safety, rising advancement in braking systems, and increasing non-uniformity in road infrastructure are factors surging the demand for high-performance automotive brake components in the market.
• Rising construction & transportation activities and growing number of small & medium size enterprises across the emerging economies are estimated to augment the sales of light commercial vehicles, thereby, favouring the demand in the segment.

Restraints:

• Excessive heating, vibration during braking, and unusual brake pedal feel, of drum brakes in impeding the sales of automotive brake components across the drum brake segment.
• Extravagant cost of heavy commercial vehicles and high maintenance costs are hindering the sales of these automobiles, which is in turn, restraining the growth in the heavy commercial vehicles segment.

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Competitive Landscape:

Leading manufacturers in the global automotive brake components market are focusing on developing and introducing novel high performance brake components to enhance their product portfolio. Some of the players are aiming at entering into collaboration, agreement, & partnership to increase their market share.

• In March 2020, ZF Friedrichshafen AG, a German automotive parts manufacturer announced launching the first front electric park brake. This product launch will assist the company to extend the range of Electric Park Brake (EPB) systems for a wider range of vehicles.
• in 2019, NRS Brakes Company, a Canadian manufacturer of brakes announced introducing new product line of galvanized-based brake pads, providing protection from rust to all brake parts, including the automotive brake calipers and rotors

Key Companies Profiled by Fact.MR

• Wabco Holdings Inc.
• Knorr Bremse AG
• Mando Corporation
• Aisin Seiki Co. Ltd.
• Akebono Brake Industry Company Ltd.
• Brembo S.p.A
• Daimler AG
• ZF Friedrichshafen AG
• DAKO-CZ
• Robert Bosch GmbH
• Continental AG
• ASK Automotive Pvt. Ltd.

More Valuable Insights on Automotive Brake Components Market

Fact.MR in its latest study offers a comprehensive analysis on the global op automotive brake components market. It also provides key information such as latest trends, drivers, and challenges factors that are expected to influence sales of automotive brake components during the forecast period of 2022 to 2032. It also uncovers critical forecast data for the automotive brake components market through detailed
segmentation as follows:

Product Type:
• Disc Brakes
• Drum Brakes
Vehicle:
• Passenger Vehicles
• Light Commercial Vehicles
• Heavy Commercial Vehicles
Sales Channel:
• OEM
• Aftermarket
Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

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Key Questions Covered in the Automotive Brake Components Market Report

• What will be the demand outlook of automotive brake components market in 2022?
• What will be the growth rate of the global automotive brake components market during 2022-2032?
• Which are key drivers bolstering the growth in automotive brake components market?
• Which are the factors hindering the growth in automotive brake components market?
• Which region is expected to exhibit the fastest growth in the global automotive brake components market during 2022-2032?

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