The latest report on Automotive Brake System Market by Infinium Global Research gives complete coverage of the automotive brake system market by technology (antilock braking system, electronic stability control, and others), brake type (disc brake, and drum brake), vehicle type (passenger vehicles, and commercial vehicles), sales channel (OEM, and aftersales) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and application trends in the regional markets of the automotive brake system such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Ever-Increasing Demand for Automobile and Vehicle Production Drives the Growth of The Automotive Braking System Industry
An automotive brake system is commonly employed in different automobiles. It includes the brake device comprising of different components such as brake pads, brake shoes, brake drum, rotor, piston, caliper, master cylinder, and brake booster that are employed for decelerating a vehicle. In addition, the brakes are used to reduce the speed of the vehicle and the speed of conversion determines the rate of the vehicle to slow down.
Now the automobiles are fitted with two types of braking system namely foot brake and handbrake. The foot brake is used to control the speed of the vehicle when and where desired whereas; the clutch brake is applied by the lever and mostly used to keep the vehicle from moving when parked. Therefore, the ABS (Anti-lock braking system) and regenerative braking have become prominent since the last decade.
Ever-increasing demand for automobile and vehicle production drives the growth of the automotive braking system market. In addition, increasing the stringency of automotive active safety regulations and the impact of the new car assessment program (NCAP) on the electronics brake system is boosting the growth of the automotive braking system market. A New Car Assessment Program is a government or institutional car safety program tasked with evaluating new automobile designs for performance against various safety threats.
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Several Growth Opportunities for the Key Players in the Automotive Brake System Over the Upcoming Years
However, the high cost of the newer technology as compared to the use of traditionally used hydraulic systems are likely to restrain the growth of the automotive brake system market. According to the world health organization (WHO), approximately 1.3 million deaths occur due to accidents and a majority of the deaths could be reduced with the integration of robust safety features into vehicles. Therefore, the introduction of the smart braking system has led to a decrease in the number of accidents and loss of lives. Furthermore, increasing concerns of safety and government pressures that have upturned the OEM’s towards the launching of higher technology content this, in turn, is providing several growth opportunities for the key players in the automotive brake system over the upcoming years. In addition, the introduction of the brake by wire technology that has the ability to control the brakes through the electrical system is significantly providing growth for the automotive brake system industry over the years to come.
Among the geography, Asia Pacific dominated the global automotive brake system market. The region has emerged as a major automotive hub with the majority of the market share in terms of vehicle production as well as sales. Being the largest market for automobiles Asia Pacific region is estimated to witness the largest demand for automotive brakes.
On the other hand, the increasing popularity of an active braking system coupled with a boost in the sales of luxury and premium vehicles is driving the growth in the Asia Pacific region. China is expected to have the largest contribution in the automotive brake system market due to increased opportunity for the brake system companies. Moreover, the growth in the North American region is due to the needed implementation of the ESC (Electronic stability control) technology.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the automotive brake system.
- Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.