Global Automotive Brake Systems Market Trends 2024, Forecast To 2033
14 Feb, 2024
The market for automotive brake systems has exhibited strong growth, ascending from $35.57 billion in 2023 to $38 billion in 2024, marking a 6.8% CAGR. Historical growth is attributed to safety regulations, consumer demand, global vehicle production, economic factors, and aftermarket demand. Future projections indicate continued strong growth, reaching $50.55 billion in 2028, with a 7.4% CAGR. Expected drivers include the proliferation of electric and hybrid vehicles, autonomous vehicles, environmental regulations, connected vehicle technology, emerging markets, energy efficiency, and the globalization of the market.
Global Automotive Brake Systems Market Key Driver
The growing demand for both passenger and commercial vehicles is expected to propel the automotive brake systems market. Increased disposable income worldwide, coupled with the desire for personal commuting, has led to a surge in vehicle demand. Passenger car sales reached 56 million globally in 2021, reflecting a positive growth trend. This surge is mirrored in commercial vehicles, with sales increasing from 24 million in 2020 to 26 million in 2021. Consequently, the heightened demand for both passenger and commercial vehicles is poised to boost the utilization of automotive brake systems.
Get A Free Sample Of The Global Automotive Brake Systems Market ReportGlobal 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), Aftermarket
4) By Vehicle Type: Passenger Car, Light-commercial Vehicles (LCV), Truck, Bus
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacific was the largest region in the automotive brake system market in 2023. The regions covered in the automotive brake systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Automotive Brake Systems Industry Players
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; Thompson Ramo Wooldridge Inc.; 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
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Automotive Brake Systems Market Overview
Automotive brake systems refer to a system that focuses on slowing down or bringing a vehicle to a halt. It works based on friction as they create resistance to the movement by exerting two objects against each other. Automatic braking systems prevent a vehicle from skidding and help restore traction tires; they also prevent the vehicle's wheels from locking up and avoid accidents.
Automotive Brake Systems Global Market Report 2023 provides data on the global automotive brake systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive brake systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.