Market Overview The automotive brake system market is estimated to register a CAGR of 3. 61% during the forecast period, 2019-2024. Automotive brake systems have gained traction in recent times, owing to the increasing need for advanced technology automotive brakes for commercial, as well as passenger vehicles.
New York, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Brake System Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05865755/?utm_source=GNW
The increasing number of road accidents, worldwide, has led to governments and international organizations enacting various stringent safety norms, thereby, leading to automotive braking companies developing advanced braking technologies, such as the anti-lock braking system (ABS). Government mandates have led to automotive manufacturing companies, worldwide, incorporating the ABS in every vehicle they manufacture. Thus, advanced technologies, such as ABS, which are being developed by automotive braking manufacturers are expected to drive the growth of the automotive brake system market in recent years.
Factors, such as the increasing emphasis on vehicle safety solutions, owing to a rise in the number of road accidents worldwide and the increasing sales of commercial vehicles, owing to a growing e-commerce sector, thereby, leading to a growth in the logistics industry, are likely to propel the development of automotive brake systems; thus, leading to a growth in the market in the coming years.
The rise of advanced ride-by-wire technology, also known as the electronically controlled braking system, eliminates the need for pumps, hoses, belts, fluids, cylinders, and vacuum servos, with the use of electronic sensors and electrical actuators. The growth in the sales of electric and hybrid vehicles is expected to lead to an increase in demand for the brake-by-wire system, which shall provide growth opportunities for various players in the market in the coming years.
Scope of the Report
A brake refers to a mechanical device, which inhibits motion by absorbing energy from a moving system. Brakes are used for slowing down or stopping a moving vehicle. An automotive braking system is known as a group of mechanical, electronic, and hydraulically activated components, which make use of heat/friction to stop a moving vehicle. The most common types of car brakes available in the market are hydraulic, frictional, pumping, electromagnetic, and servo. The automotive brake system market study includes products, such as disc brakes and drum brakes, brake pad materials, such as organic, metallic, and ceramic, various sales channels, such as original equipment manufacturers (OEMs) and aftermarket, as well as vehicle types, such as passenger cars and commercial vehicles.
Key Market Trends
Ceramic Segment projected to grow at a high pace
Currently, the ceramic (brake pad material type) segment has the highest share out of all the segments. Automotive brake pads, which are made using ceramic materials, are denser and durable than brake pads made using any other material. Moreover, ceramic brake pads also have fine copper fibers, which are embedded within the brakes, thus, helping in increasing the friction and heat conductivity property in the brakes. In addition, ceramic is the most preferred material by automotive brake manufactures, owing to various properties possessed by the material, such as low noise generation when applying the brakes, less dust during wear and tear, as well as more reliability in varying driving conditions Thus, the increasing focus on this segment shall lead to its estimated high CAGR.
Asia-Pacific is expected to see the highest growth
In the automotive brake system market, the growth of the Asia-Pacific region is expected to be more during the forecast period. China is one of the biggest automotive markets in the world. The growing Chinese economy and rising disposable incomes of people in China have increased the demand for vehicles in the country. Additionally, the low production costs in China has favored the growth of vehicle manufacturing in China. Moreover, the rising number of accidents in India has led to an increase in safety features, especially in the mid-level vehicles. In order to minimize such incidents, the Indian government has made it mandatory for all automobile companies to install anti-lock braking systems in their vehicles by April 2019. Thus, such developments are expected to drive the growth of the automotive brake system market in Asia-Pacific.
The automotive brake system market is fragmented, with various players existing in the market. Advics Co. Ltd is the leading player in the market. The market is driven by the vehicle production trend, aftermarket replacement rate, and acquisition activities among the key players.
Other players in the market include Akebono Brake Industry Co., Brembo SpA, Continental AG, ZF TRW CO., etc., which constitute over 50% of the market. Various initiatives and product innovations done by the companies have led them to strengthen their presence in the market. For example, in 2018, Brembo SpA announced the Flexira, which is a new high-performance caliper concept. The technology applied to the Brembo compact fixed caliper was conceived and developed so that it can be inserted in tight spaces, while maintaining the functionality and performance that are typical of a fixed caliper.
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