Automotive Brake System & Components Industry - Driving Safety and Innovation

The automotive brake system and components industry is estimated to reach a valuation of USD 69,403.5 million in 2023, with projections indicating growth to USD 109,862.1 million by 2033. The market is anticipated to achieve a notable CAGR of 4.7% over the forecast period.

The automotive brake system and components industry is at the heart of vehicle safety and performance, continuously evolving to meet modern driving demands. With innovations in braking technology and increasing emphasis on vehicle safety standards, the industry is poised for robust growth.

According to market insights, the demand for advanced brake systems and components is accelerating due to rising vehicle production, advancements in electrification, and stricter safety regulations globally.

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Key Drivers of Growth

Stringent Safety Regulations:
Governments worldwide are enforcing stricter safety standards, mandating advanced braking systems such as Anti-lock Braking Systems (ABS) and Electronic Stability Control (ESC).
Electrification of Vehicles:
The rise of electric vehicles (EVs) has driven the need for regenerative braking systems, which improve energy efficiency while ensuring superior braking performance.
Technological Innovations:
Advances in braking technology, such as autonomous braking systems, hydraulic-electronic integration, and smart braking solutions, are enhancing the functionality and reliability of brake systems.
Increased Vehicle Production:
Growing automotive production, especially in emerging economies, is fueling the demand for reliable and efficient braking systems across all vehicle segments.
Consumer Demand for Safety:
Rising consumer awareness about vehicle safety and the availability of advanced braking technologies are propelling the adoption of enhanced brake components.

Key Takeaways

The global automotive brake system and components market is projected to grow at a CAGR of 4.7% from 2023 to 2033, reaching a market size of USD 109,862.1 million by the end of the forecast period.
Asia-Pacific remains the largest market, driven by high automotive production in China and India, while North America and Europe see significant growth due to increasing EV adoption and stringent safety norms.
The demand for brake pads, rotors, calipers, and ABS modules is on the rise, with automakers and OEMs focusing on lightweight, durable, and efficient components.
Leading players such as Bosch, ZF Friedrichshafen AG, Brembo, and Continental AG are driving innovation in the industry through investments in R&D, collaborations, and sustainability initiatives.
Integration of IoT and AI in braking systems, including predictive maintenance and adaptive braking, represents the next frontier in the market.

Competitive Landscape

Over the last few years, there has been an increase in acquisitions and growth efforts to surge the supply of automotive brake systems & components. Many leading firms are also working on technology development. Contracts & agreements, new product development, and partnerships are vital strategies renowned firms adopt to maintain their market positions.Continental AG; ZF Friedrichshafen AG; Delphi Automotive PLC; Valeo S.A; Federal-Mogul Holdings Corporation; Nissin Kogyo Co. Ltd; Hitachi Astemo, Ltd.; Akebono Brake Industry Co Ltd.; Magneti Marelli S.p.A; Mando Corporation; Brembo S.p.A.

For Instance,

In March 2022, Nisshinbo Holdings Inc. announced to establish a joint venture company with Continental AG (Continental) in Gurgaon, Haryana, India. The newly established company may produce and sell valve blocks, which are the main component of electronic brake systems (EBS). The joint venture may be capitalized at around JPY 1.9 billion, 60% of which may be owned by Nisshinbo HD and 40% by Continental. They are planning to begin operation in April 2023.

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Key Segments Covered in the Automotive Brake System & Components Market Report

By Sales Channel:

OEM
Drum Brake
Disc Brake
Aftermarket
Brake Booster
Master Cylinder
Drum Brake
Drum
Brake Shoe
Wheel Cylinder
Disc Brake
Rotor
Caliper
Brake Pad

By Vehicle Type:

Passenger Car
LCV
HCV

Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan (APEJ)
Japan
The Middle East & Africa (MEA)

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This release was published on openPR.