Press release
Automotive Brake Systems Industry Growth Outlook: 7.5% CAGR and $52.51 Billion by 2029
Automotive Brake Systems
What Is the Long-Term Growth Forecast for the Automotive Brake Systems Market Size 2025?
Over the past few years, the size of the automotive brake systems market has steadily expanded. The market is anticipated to increase from $37.47 billion in 2024 to $39.25 billion in 2025, with a compound annual growth rate (CAGR) of 4.8%. The historical period's growth is credited to factors such as safety regulations, consumer demands, worldwide vehicle production, economic variables, and aftermarket demands.
What CAGR is Forecasted for the Automotive Brake Systems Market Through 2029?
The market size of automotive brake systems is predicted to witness a significant surge in the forthcoming years. The market is projected to expand to $52.51 billion by 2029, with a compound annual growth rate (CAGR) of 7.5%. Factors such as electric and hybrid vehicles, self-driving vehicles, environmental laws, connected vehicle technologies, emerging markets, energy efficiency, and market globalization contribute to the growth during the predicted period. Advanced driver assistance systems (ADAS), superior-performing lightweight materials, brake-by-wire technology, integrated brake systems and industry partnerships are the key trends for the forecast period.
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What Are the Critical Factors Driving Automotive Brake Systems Market Development?
The automotive brake systems market is anticipated to be driven by the growing demand for passenger and commercial vehicles. In developed and developing nations alike, there has been a rapid increase in disposable income, causing many individuals to seek personal transportation for their daily commutes. This surge in demand for passenger and commercial vehicles is subsequently expected to foster the uptake of automotive brake systems, crucial components in vehicle manufacturing. For example, data released by the Society of Motor Manufacturers and Traders, a trade association based in the UK, showed an 18.5% boost in UK commercial vehicle production with 120,357 vans, trucks, taxis, buses, and coaches coming off the production line in 2023. This surge in demand for passenger and commercial vehicles is therefore predicted to propel the market for automotive brake systems in the future.
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How Does the Automotive Brake Systems Market Break Down Across Major 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
What Are the Major Trends Transforming the Automotive Brake Systems Industry?
Key players in the automotive brake systems market are steering towards creating innovative technologies like next-gen electronic brake systems. These are devised to bolster the safety of vehicles, augment responsiveness, and fine-tune braking efficiency. The term next-gen electronic brake system indicates an upgraded braking technology that employs electronic controllers and detectors to boost the safety and performance of vehicle brakes. For example, in May 2023, Continental AG, an automotive components manufacturer based in Germany, introduced the MK 120 ESC. This next-gen electronic brake system, primarily designed for heightened safety and efficiency, is particularly ideal for electric vehicles. The system, first used in Changan's Oshan X5 Plus and Uni-T, is almost 5% lighter and 7% smaller in comparison to its predecessor, therefore promoting energy conservation and diminished emissions. In terms of security, it has advanced cyber security implements with a built-in hardware security module for secure key generation. It also facilitates over-the-air updates for perpetual enhancements.
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Which Players Are Driving Innovation 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
Which Regions Are Driving Global Automotive Brake Systems Market Expansion?
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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Asia +44 7882 955267 & +91 8897263534,
Europe +44 7882 955267
Email:saumyas@tbrc.info
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