Press release
Automotive Brake Components Sales Are Forecast to Reach a Valuation US$ 75.6 Billion by 2032
automotive brake components
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Advancements in braking systems coupled with mandates by regulatory bodies is like to influence the adoption of advanced automotive brake components over the coming years.
Key Takeaways of Automotive Brake Components Market
• Growing Automotive Industry: The Automotive Brake Components market is witnessing significant growth due to the overall expansion of the automotive industry. As the global vehicle production and sales continue to rise, there is a parallel increase in the demand for brake components. The automotive industry's growth is driven by factors such as rising consumer disposable income, urbanization, and increasing mobility needs.
• Safety and Regulatory Standards: Brake components play a critical role in ensuring vehicle safety. The market is influenced by stringent safety and regulatory standards imposed by governments and organizations worldwide. Automotive manufacturers are required to comply with these standards to ensure the reliability, performance, and safety of their vehicles' braking systems.
• Technological Advancements: The Automotive Brake Components market is characterized by continuous technological advancements aimed at improving braking system performance, efficiency, and durability. Innovations in brake materials, such as the use of advanced composites or ceramic materials, contribute to enhanced braking performance, reduced weight, and increased longevity of components.
• Electric and Hybrid Vehicle Adoption: The growing adoption of electric and hybrid vehicles presents new challenges and opportunities for the brake components market. These vehicles often employ regenerative braking systems, which partially rely on electric motors for deceleration. The shift towards electric and hybrid vehicles requires brake component manufacturers to develop specialized components that are compatible with regenerative braking systems.
• Aftermarket Demand: The aftermarket segment plays a significant role in the Automotive Brake Components market. As vehicles age or require maintenance, brake components such as brake pads, rotors, calipers, and brake lines need to be replaced. The aftermarket segment offers opportunities for component manufacturers and suppliers to provide replacement parts, contributing to market growth.
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Top Companies in Automotive Brake Components Market
The global market for automotive brake components is extremely fragmented and competitive due to the presence of numerous regional players. Mergers and acquisitions, expansions, collaborations, and partnerships are the way to move ahead.
New product development is also being adopted by major companies to expand their market presence.
• NRS Brakes Company, in 2019, launched the galvanized-based brake pads product line, which provides protection from rust to all brake parts, including the automotive brake rotors and calipers.
• ZF Friedrichshafen AG, in 2020, launched an electric park brake, wherein, car manufacturers can perform interior designing, and advanced braking system can be installed in small vehicles.
• Veoneer, in 2020, announced an agreement to divert its U.S. brake control business to ZF Friedrichshafen AG under its market expansion plan.
Key Companies Profiled:
• 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
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Automotive Brake Components Industry Survey by Category
• Automotive Brake Components Market by Product Type :
o Disc Brakes
o Drum Brakes
• Automotive Brake Components Market by Vehicle :
o Passenger Vehicles
o Light Commercial Vehicles
o Heavy Commercial Vehicles
• Automotive Brake Components Market by Sales Channel :
o OEM
o Aftermarket
Key Questions Covered in the Automotive Brake Components Market Report:
• What is the projected value of the Automotive Brake Components factors Industry in 2022?
• At what rate will the global Automotive Brake Components factors market size grow until 2032?
• Which are the factors hampering the growth of Automotive Brake Components factors?
• Which region is expected to lead in the global Automotive Brake Components factors market by 2032?
• Which are the factors driving the Automotive Brake Components factors Industry during the forecast period?
• What is the expected market value of the Automotive Brake Components factors market during the forecast period?
Regional Analysis for Automotive Brake Components Market:
• APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
• North America (USA, Canada and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, United Arab Emirates, South Africa)
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