Press release
Automotive Braking System Market Will Continue to Grow by 2023
Automotive Braking System Market
The developing automotive industry has largely impacted engineering advancements for performance improvement in vehicles. Brakes play an important role in ensuring safety, which is very essential given the steadily rising demand for speed. Automotive Braking system market is witnessing the advent of advanced technological developments such as ABS, TCS, ESC and others. Development of braking technology serves as a boost to the overall automotive braking industry. Moreover, increasing demand for commercial, passenger vehicles along with government mandates for improving vehicle safety, is a major market driver for the growth of automotive braking system. However, higher cost of the newer technology of Electronic Brake Systems (EBS), acts as a major restraint for automotive braking system market.
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Key Players:
• Robert Bosch GmbH (Germany)
• Continental AG (Germany)
• ZF Friedrichshafen AG (Germany)
• Wabco Holdings, Inc. (U.S.)
• Knorr-Bremse AG (Germany)
• Aisin Seiki Co, Ltd. (Japan)
• TRW Automotive Holdings Corp (U.S.)
• Halla Mando Corp. (South Korea)
• Akebono Brake Industry Co. Ltd.( Japan)
• Valeo (France)
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Market Research Future Analysis:
Market Research Future analysis shows that the global market of automotive braking system market is estimated be at USD 30.95 billion by the end of year 2023. Geographically, Asia-Pacific is dominating the market with increasing vehicle production in countries such as India and China and focus on increasing production capacity, are driving the market for automotive braking system. Robust economic growth and escalating lifestyles are pushing the market towards growth. Moreover, high production of vehicles, increasing operational performance, improving drivability and ensuring safety are some of the factors, which boost the market of Asia-Pacific. Many countries including China, Japan, and others are prime manufacturing hubs for a variety of industries including automobile manufacturing. The large scale use of automotive braking systems in these regions, boost the market.
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