Automotive Brake Components Market: Regional Analysis and Forecast (2023-2029)

Automotive Brake Components Market was valued at US$ 84.43 Bn. in 2022. Global Automotive Brake Components Market size is estimated to grow at a CAGR of 3.88% over the forecast period.

Automotive Brake Components Market Overview:

A brake is a mechanical device that slows or stops motion by absorbing energy from a moving system. Brakes are used to slow or stop a moving vehicle, axle, or wheel, and are usually performed through friction. Some vehicles, such as drag racing cars with both wheel brakes and parachutes, and aeroplanes with both wheel brakes, use a mix of brake mechanisms. Almost every wheel has a brake, and the most prevalent are friction brakes, which are further classified into shoe and pad brakes. Friction brakes are usually rotational devices with a stationary pad and a rotating ear surface. Implementation of regulations by regulatory authorities around the world in concern with safety is fuelling the growth of the Global Automotive Brake Components Market for stopping distance and pedestrian protection. As a result, manufacturers are focusing more on developing disc brake solutions as per new regulations regarding stopping distance. Furthermore, the New Car Assessment Program (NCAP) is a new car safety program. NCAP gives new cars ratings based on how well they perform in tests. Automotive Brake Components MarketTo know about the Research Methodology :- Request Free Sample Report 2021 is considered as a base year to forecast the market from 2022 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2027. 2022 is a year of exception and analysis, especially with the impact of lockdown by region.

Automotive Brake Components Market Dynamics:

The advancement of smart braking systems in the automobile brake system industry has resulted in a reduction in the number of collisions. The most recent technological developments prevent the car from skidding, lowering the chance of an accident. The rapid increase in vehicle production and sales, combined with severe laws regulating stopping distances, is expected to significantly contribute to the market's growth. The automotive brake system market is predicted to see an increase in demand for passive and active safety systems in automobiles. The primary stakeholders have been persuaded to incorporate robust safety features due to growing concern over road traffic crashes and the increasing number of deaths. The automobile brake system market will continue to rise due to stringent safety rules imposed by regulatory organizations and governments. From 2022, the National Highway Traffic Safety Administration (NHTSA), an agency of the United States Department of Transportation (USDOT), plans to make automatic emergency braking systems (AEB) mandatory. To increase the stopping distance performance of truck tractors, the National Highway Traffic Safety Administration (NHTSA) modified the Federal Motor Vehicle Safety Standard (FMVSS) 121 air braking systems in August 2013. Most new heavy truck tractors must achieve a 30 percent reduction in stopping distance compared to current requirements, according to the law. The updated standard requires these large truck tractors (about 99 percent of the fleet) to stop in less than 250 feet when loaded to their gross vehicle weight rating (GVWR) and tested at a speed of 60 miles per hour (mph). Under the same conditions, the stopping distance requirement for a small number of very heavy severe service tractors will be 310 feet. Furthermore, when loaded to their "lightly laden vehicle weight," all heavy truck tractors must stop within 235 feet, according to the final rule (LLVW). The stopping strength of today's disc brakes is excellent when braking. The front wheels also provide 60-90 percent of the vehicle's stopping power. As a result of the implementation of legislation requiring a shorter stopping distance for increased safety, disc brake adoption is predicted to skyrocket. High Repairing costs: Restraining factor for the market: Electronic and mechanical systems are intricately linked with advanced braking technology. ABS systems are more expensive than traditional braking systems because they require additional components like sensors, pumps, valves, and controllers. As ESC and EBD become more integrated with ABS, the cost of installation has increased. According to the Transportation Research Board (TRB) of the National Academies of Sciences, Engineering, and Medicine, the cost of adopting ESC on vehicles with anti-lock braking systems can be as much as USD 50 per vehicle. The sensors on each wheel can cost hundreds of dollars, making an ABS system expensive to maintain. According to Repair Smith, the average cost of replacing an ABS module is between $300 and $1,000. The design of vehicles is evolving: To begin with, brakes remain the single most critical part of active driving safety, independent of vehicle architecture or future brake technologies. Here, reliability is the name of the game, and brake makers do not make sacrifices. When it comes to equipping brakes for future requirements and preserving absolute trust in them, this mindset among professionals and the know-how that has accumulated over decades will become even more crucial in the future: the importance and appreciation of braking as a function will remain unchanged. Everything else, on the other hand, is starting to shift. Taking a Systems-Based Approach: An industry survey conducted by the AASA/ASA Warranty Task Force in 2015 indicated that 97.5 percent of system-related warranty repairs, not merely the replacement of damaged parts, could have been avoided with earlier routine system maintenance. Participating manufacturers have sent a clear message: We are no longer just in the business of "no questions asked" component replacement warranties; manufacturers and service providers must be "system savvy" and more accountable for wasteful warranty repairs.

Automotive Brake Components Market Segment Analysis:

The automotive brake system market is dominated by the OEM segment: In the automotive braking system market, the OEM segment has a revenue share of around the fourth-fifth by sales channel segment and is positioned to acquire market share in the future. As a result, it is a crucial section in the automotive brake system market that firms cannot afford to overlook. From 2021-2027, the OEM segment is expected to grow at a rate of more than 5.5%. In comparison, the aftermarket segment accounts for the remaining revenue share of the automobile braking system market by sales channel segment. Companies could aim to target North America or APEJ in addition to Europe, as both regions are estimated to have a market worth of more than a billion dollars. Automotive Brake Components Market Disc Brakes Segment: Trending Case in Automotive Industry: The NCAP grade for cars with safety features is a major driver of industry expansion. The high expenses of new technology, on the other hand, provide a challenge for manufacturers, as they are unable to incorporate them into low-cost automobiles. Another significant issue that manufacturers face is counterfeit parts, which can compromise vehicle performance and safety. Counterfeiting can be thwarted by increasing public knowledge of the negative consequences of using counterfeit parts and lowering the cost of real vehicle components. The market is divided into two categories: disc and drum. Drum brakes have an enclosed design and use circular components (brake shoes) to provide the necessary friction for reducing speed, whereas disc brakes use a narrow rotor and caliper to stop wheel movement. While operational, the drum's enclosed construction absorbs heat. As a result, performance suffers. Although disc-based systems have more braking power than drum-based systems, automakers choose drums because they are more cost-effective. Over the projected period, the disc brakes segment is expected to increase at the fastest rate. Disc brakes have seen an increase in popularity in recent years, owing to their ability to perform in inclement weather without overheating or fading. Their demand is projected to be fueled by their capacity to integrate with other modern systems. Furthermore, the introduction of a front-disc/rear-drum system that can be installed on low- and mid-priced vehicles is expected to boost the market growth.

Automotive Brake Components Market Regional Insights:

Asia Pacific Region is expected to dominate the market owing to Demographic Demands: In 2021, Asia Pacific dominated the market, and it is predicted to rise at a CAGR of 6.7% over the forecast period. Due to the availability of low-cost labor and raw materials, firms in the region can offer significant cost savings. In addition, the area includes countries like China and India, which together accounted for over 34% of total automobile production in 2021. The market is expected to be driven by the rising popularity of active braking systems, as well as an increase in sales of luxury and premium automobiles. Over the projection period, the North American region is expected to increase at a CAGR of 4.7%. This can be related to the growing desire for better performance in inclement weather. Furthermore, since 2021, the mandated installation of ESC technology in all light vehicles has driven the regional market. The market in the Asia Pacific is predicted to expand as more modern safety electronic braking systems, such as ABS, ESC, and TCS, are used. The region's manufacturing of air disc brakes is being driven by a rising partnership between local and worldwide players. For example, Haldex and FAST Group announced in April 2021 that they will form a joint venture to manufacture and distribute air disc brakes and aftermarket services for trucks and buses, with a major focus on the Chinese market. In addition, the market for brake systems is being driven by rising sales of premium and luxury vehicles in the region. Electronic braking systems are currently only found in a small percentage of vehicles in the Rest of Asia Pacific, and they are not required. Thailand has a greater ABS and ESC penetration rate than Indonesia and Malaysia. However, the adoption of modern electronic braking systems is being fueled by collaborations between local and global NCAPs. In June 2018, the Malaysian government stated that ESC would be required in all new passenger cars. As a result of the aforementioned factors, the braking system market in the Rest of Asia Pacific is predicted to develop. The objective of the report is to present a comprehensive analysis of the global Automotive Brake Components Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Automotive Brake Components Market dynamic, structure by analyzing the market segments and projecting the Automotive Brake Components Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Automotive Brake Components Market make the report investor’s guide.

Automotive Brake Components Market Scope: Inquiry Before Buying

Automotive Brake Components Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2017 to 2022 Market Size in 2022: US $ 84.43 Bn.
Forecast Period 2023 to 2029 CAGR: 3.88 % Market Size in 2029: US $ 110.21 Bn.
Segments Covered: by Product Type • Brake Caliper • Brake Shoe • Brake Line • Others
by Technology • ABS • TCS • ESC • EBD
by Vehicle Type • Passenger Car • Light Commercial Vehicle • Medium & Heavy Commercial Vehicle5

Automotive Brake Components Market, by Region

North America (United States, Canada and Mexico) • Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) • Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) • Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) • South America (Brazil, Argentina Rest of South America)

Automotive Brake Components Market Key Players

Robert Bosch GmbH (Germany) • ZF Friedrichshafen AG (Germany) • Continental AG (Germany) • Aisin Seiki Co, Ltd. (Japan) • Knorr-Bremse AG (Germany) • Brembo S.p,A (Italy) • Hitachi Astemo Ltd. (Japan) • Mando Corporation (South Korea) • Haldex AB (Sweden) • Akebono Brake Corporation (Japan) • Federal-Mogul Holdings LLC (USA) • Aisin Seiki Co. Ltd (Japan) • Wabco Holdings Inc. (France) • ADVICS CO., LTD. (Japan) Frequently Asked Questions: 1] What segments are covered in the Global Automotive Brake Components Market report? Ans. The segments covered in the Automotive Brake Components Market report are based on Product Type, Technology, and Vehicle Type 2] Which region is expected to hold the highest share in the Global Automotive Brake Components Market? Ans. The Asia Pacific region is expected to hold the highest share in the Automotive Brake Components Market. 3] What is the market size of the Global Automotive Brake Components Market by 2029? Ans. The market size of the Automotive Brake Components Market by 2029 is expected to reach US$ 110.21 Bn. 4] What is the forecast period for the Global Automotive Brake Components Market? Ans. The forecast period for the Automotive Brake Components Market is 2022-2029. 5] What was the market size of the Global Automotive Brake Components Market in 2022? Ans. The market size of the Automotive Brake Components Market in 2022 was valued at US$ 84.43 Bn.