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Automotive Brake Systems: Core Growth Enabler in the Surging Vehicle Demand Accelerates Growth In Automotive Brake Systems Market Market, 2025
Automotive Brake Systems
What Will the Automotive Brake Systems Industry Market Size Be by 2025?
In the past few years, the size of the automotive brake systems market has seen considerable growth. The market is set to expand from $37.47 billion in 2024 to $39.79 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. The increase during the historical period can be credited to factors such as safety regulations, consumer demand, worldwide vehicle manufacturing, economic considerations, and aftermarket demand.
What's the Long-Term Growth Forecast for the Automotive Brake Systems Market Size Through 2029?
The market size for automotive brake systems is projected to experience robust growth in the forthcoming years, escalating to $54.39 billion in 2029 with a compound annual growth rate (CAGR) of 8.1%. The expansion during the predicted period is due to factors such as electric and hybrid cars, autonomous vehicles, environmental regulations, emerging markets, energy efficiency, globalization of the market, and connected vehicle technology. Significant trends in the forecast period include advanced driver assistance systems (ADAS), brake-by-wire technology, industry partnerships, and the use of lightweight and high-performance materials, along with connected brake systems.
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What Are the Key Growth Drivers Fueling the Automotive Brake Systems Market Expansion?
The automotive brake systems market is anticipated to be propelled by the escalating demand for passenger and commercial vehicles. A surge in disposable income in both undeveloped and developed nations coupled with the growing need for personal transport for daily work commute, have significantly contributed to the soaring demand for passenger and commercial vehicles. This upsurge in demand for these types of vehicles will in turn likely amplify the usage of automotive brake systems since they are a critical element in the production of automotive vehicles. For instance, in January 2024, the Society of Motor Manufacturers and Traders, a trade union based in the UK, reported an 18.5% surge in the production of UK commercial vehicles (CV) in 2023, with 120,357 vans, trucks, taxis, buses, and coaches manufactured in factories. Consequently, the burgeoning demand for passenger and commercial vehicles is predicted to fuel the demand for automotive brake systems during the projected timeline.
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What Are the Key Trends Driving Automotive Brake Systems Market Growth?
Leading firms in the automotive brake systems market are making strides in creating novel solutions like next-gen electronic brake systems. These enhancements prioritize improved vehicle safety, increased responsiveness, and better braking abilities. New gen electronic brake systems represent an advanced type of brake tech, using electronic controls and sensors to elevate the safety and performance of vehicle braking systems. For example, Continental AG, an automotive parts producer from Germany, unveiled MK 120 ESC in May 2023. It's a new-gen electronic brake system that boosts the safety and efficiency of vehicles, making it especially beneficial for electric models. Initially incorporated in Changan's Oshan X5 Plus and Uni-T, this system is comparatively 5% lighter and 7% smaller than the previous model. This paves the way for energy conservation and lower emissions. It also introduces heightened cyber security features, like an integrated hardware security module for secure key creation. Over-the-air updates for ongoing enhancement are also supported.
How Is the Automotive Brake Systems Market Segmented?
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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Which Companies Are Leading the Charge in Automotive Brake Systems Market Innovation?
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
Which Regions Are Leading the Global Automotive Brake Systems Market in Revenue?
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
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