Rising Trends and Demand for Automotive Braking System Market in the Global Market: Research Insights by MRFR

Global Automotive Braking System Market Information Report by Brake Type (Disc and Drum), by Brake System (ABS, TCS, ESC, and Others), by Vehicle Type (Passenger Cars and Commercial Vehicles) and by Region - Global Forecast to 2023

Market Highlights:

Brake is a mechanism that prevents motion of the vehicle by absorbing energy when the vehicle is in moving condition. Thus, braking system is also used to stop the vehicle or slowing down of vehicle. There are various types of brake systems that are installed in the vehicle such as ABS, TCS, and ESC. They provide safety to the vehicle when the vehicle is in motion. The global Automotive Braking System Market is expected to account for market size of 30.95 billion by 2023 with 6.89% CAGR.

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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The market is segmented on the basis of brake type, brake system, vehicle type, and region. On the basis of brake type, the market is segmented as disc brake and drum brake. Disc brake is expected to account for the largest market share during the forecast period due to the rise in safety regulations by the government. In North America and Europe, the emphasis on increasing the stopping distance, has led to the growth of the disc brake market. Currently, there is an increase in the production of passenger cars, which will drive the growth of the disc brake market. On the basis of brake system, traction control system (TCS) is expected to account for the largest market during the forecast period due to the growing technology in braking system. Government have set various regulations to make use of this type of braking system for the safety of people. Based on vehicle type, passenger car is expected to account for the largest market during the forecast period due to increase in production of passenger cars.

Asia-Pacific region is expected to account for the largest market share during the forecast period due to growth in demand for commercial and passenger cars in countries such as India, China, and South Korea. China is expected to have the largest contribution in automotive brake system market due to increased opportunity for the brake system companies. Europe is expected to be the second largest market in automotive braking system market. Increase in demand for the production of passenger cars and increase in government regulations for the safety of the vehicle are the factors responsible for driving the automotive braking system market. The rise in vehicle safety will drive the demand of braking system in passenger cars, which will lead to the growth of this market.

The key players in global automotive braking system market are 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.

The report for Global Automotive Battery Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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