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Automotive Brake Systems Global Market Report 2024 To 2033 | Advics Co. Ltd., Aisin Seiki Co. Ltd., Akebono Brake Industry Co. Ltd
Automotive Brake Systems Market
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According to The Business Research Company's, The automotive brake systems market size has grown strongly in recent years. It will grow from $35.57 billion in 2023 to $38 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to safety regulations, consumer demand, global vehicle production, economic factors, aftermarket demand.
The automotive brake systems market size is expected to see strong growth in the next few years. It will grow to $50.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to electric and hybrid vehicles, autonomous vehicles, environmental regulations, connected vehicle technology, emerging markets, energy efficiency, globalization of the market. Major trends in the forecast period include advanced driver assistance systems (adas), lightweight and high-performance materials, brake-by-wire technology, connected brake systems, industry partnerships.
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Market Drivers and Trends:
The rising demand for passenger and commercial vehicles is expected to drive the automotive brake systems market. Rapid growth in disposable income among individuals in both developing and developed countries and growing demand for a personal vehicle for daily commute to work has contributed to rapid growth in demand for passenger and commercial vehicles. The rapid growth in demand for passenger and commercial vehicles is expected to the boost utilization of automotive brake systems, as they are a vital component in the manufacturing of automotive vehicles. For Instance, In June 2021, according to a report from OICA (International Organization of Motor Vehicle Manufacturers), global passenger car sales increased from 53 million in 2020 to 56 million. Similarly, commercial vehicle sales increased from 24 million in 2020 to 26 million in 2021. Therefore, the increased demand for passenger and commercial vehicles is expected to boost demand for automotive brake systems during the forecast period.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Advics Co. Ltd., Aisin Seiki Co. Ltd., Akebono Brake Industry Co. Ltd., Brembo SpA, Continental AG, Robert Bosch GmbH, ZF Friedrichshafen AG, Federal-Mogul Motorparts LLC, Bendix Commercial Vehicle Systems LLC, Knorr-Bremse AG, WABCO Holdings Inc., Mando Corporation, Haldex AB, Thompson Ramo Wooldridge Inc., Nissin Kogyo Co Ltd., Meritor Inc., Advanced Braking Technology Ltd., TMD Friction Holdings GmbH, Midwest Air Technologies Inc., Nisshinbo Holdings Inc., ADVICS CO. LTD., FTE automotive Group, Hella Pagid GmbH, Endless Co. Ltd., Bremskerl Reibbelagwerke Emmerling GmbH & Co. KG, Brembo SpA, Performance Friction Corporation, Arc Remanufacturing Inc., Muller Brakes America Inc., Allgemeine Technische Entwicklungen GmbH
Automotive Brake Systems Market 2024 Key Insights:
• The automotive brake systems market size is expected to see strong growth in the next few years. It will grow to $50.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Surging Vehicle Demand Accelerates Growth In Automotive Brake Systems Market
• Advanced Brake Technology Transforms Vehicle Safety And Accident Prevention
• Asia-Pacific was the largest region in the automotive brake system market in 2023
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