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Surging Vehicle Demand Accelerates Growth In Automotive Brake Systems Market: An Emerging Driver Transforming The Automotive Brake Systems Market Landscape
Automotive Brake Systems Market
What Is the Projected Growth of the Automotive Brake Systems Market?
In the past few years, the automotive brake systems market size has seen significant growth. The market projected to expand from a valuation of $37.47 billion in 2024 to an estimated $39.79 billion in 2025, representing a compound annual growth rate (CAGR) of 6.2%. The notable growth witnessed in the historic period is due to factors such as safety regulations, consumer demand, worldwide vehicle production, economic factors, and aftermarket demand.
Predictions indicate robust expansion of the automotive brake systems market in the ensuing years, with an expected ascension to $54.39 billion by 2029, at a compound annual growth rate (CAGR) of 8.1%. This predicted surge in the forecast period is linked to factors like the proliferation of electric and hybrid vehicles, autonomous vehicles, environmental regulations, cutting-edge vehicular technology, emerging markets, energy efficiency and global market expansion. The forecast period also anticipates trends such as advanced driver assistance systems (ADAS), adoption of lightweight but high-performance materials, brake-by-wire technology, interconnected brake systems, and burgeoning industry collaborations.
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What Are the Different Automotive Brake Systems Market Segments?
The automotive brake systems market covered in this report is segmented -
1) By Product Type: Disc Brakes, Drum Brakes
2) By Technology: Antilock Braking Systems (ABS), Electronic Stability Control (ESC), Traction Stability Control (TCS), Electronic Brakeforce Distribution (EBD)
3) By Sales Channel: Original Equipment Manufacturers (OEMs), After market
4) By Vehicle Type: Passenger Car, Light-commercial Vehicles (LCV), Truck, Bus
Subsegments:
1) By Disc Brakes: Ventilated Disc Brakes, Solid Disc Brakes, Performance Disc Brakes
2) By Drum Brakes: Leading Trailing Drum Brakes, Duo-Servo Drum Brakes, Self-Adjusting Drum Brakes
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What Are the Primary Drivers Shaping the Automotive Brake Systems Market?
The projected growth in the automotive brake systems market is anticipated to be fueled by the escalating demand for both passenger and commercial vehicles. This surge is primarily due to increasing disposable income in both developed and underdeveloped nations, coupled with the rising requirement for personal transportation for everyday commuting. This soaring demand in passenger and commercial vehicles is set to heighten the use of automotive brake systems, which are essential during the vehicle production process. For example, UK's trade association, the Society of Motor Manufacturers and Traders, reported in January 2024 that UK commercial vehicle production saw an increase of 18.5% in 2023, with 120,357 items like vans, trucks, taxis, buses, and coaches rolling off assembly lines. Consequently, the forecast period is expected to witness an intensified demand for automotive brake systems due to a surge in the need for passenger and commercial vehicles.
Which Companies Are Leading in the Automotive Brake Systems Market?
Major companies operating in the automotive brake systems market include 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, 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
What Are the Major Trends Shaping the Automotive Brake Systems Market?
Leading enterprises in the automotive brake systems market are prioritizing the development of novel solutions like the next-gen electronic brake systems. These aim to improve vehicle safety, responsiveness, and braking performance. The next-gen electronic brake system is a sophisticated braking method that leverages electronic controls and sensors to improve vehicle braking mechanism safety and efficiency. An example of this was Continental AG, a German automotive parts producer, which in May 2023 introduced MK 120 ESC, a new-gen electronic brake system aimed at enhancing vehicle safety and efficiency, especially for electric versions. The system was first installed in Changan's Oshan X5 Plus and Uni-T models and is approximately 5% lighter and 7% smaller than its earlier model. This contributes to energy conservation and lower emissions. It also incorporates advanced cyber security elements, such as an inbuilt hardware security module for secure key generation, and facilitates over-the-air updates for persistent enhancements.
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What Are the Top Revenue-Generating Geographies in the Automotive Brake Systems Market?
Asia-Pacific was the largest region in the automotive brake system market in 2024. The regions covered in the automotive brake systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Brake Systems Market?
2. What is the CAGR expected in the Automotive Brake Systems Market?
3. What Are the Key Innovations Transforming the Automotive Brake Systems Industry?
4. Which Region Is Leading the Automotive Brake Systems Market?
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