Automotive Braking System Market

Global Automotive Braking System Market Size (2024 to 2029)

The global automotive braking system market is expected to be valued at USD 34.94 billion in 2024 and USD 42.30 billion by 2029 and grow at a CAGR of 3.90% from 2024 to 2029.

Brakes are the essential mechanical fixtures in automotive & machine equipment to reduce the speed of the system. The typical lifecycle of brakes is less; thus, the introduction of enhanced brakes drives the market. This eventually boosts the expansion of the sectors like automotive, oil & gas industry, industry, et al. Within recent years, rapid urbanization and demand for a convenient lifestyle have propelled the market. These factors are anticipated to form a way for growth opportunities during the foreseen period.

The marketplace for brake systems is primarily driven by the rise in vehicle production due to growing demand. Furthermore, the market is additionally influenced by government regulations reducing the stopping distance and environmental regulations surrounding brake pads and shoe residue. The global automotive brakes market is often the segmented supported product, operation, technology, vehicle, and region. In terms of product, the disc brake segment is estimated to expand significantly during the foreseen period.

Global Automotive Braking System Market Drivers:

Regulatory authorities around the world are getting to improve active safety systems. One of the indications is the implementation of regulations for stopping distance and pedestrian protection. Regulations with reduced stopping distance are introduced, which successively has impacted the brake also because of the automotive industry as an entire. Thus, brake manufacturers specialize in disk brake solutions to satisfy the new regulations regarding stopping distance.

Global Automotive Braking System Market Restraints:

Electronic brake systems are among the widely used active safety systems. They provide advantages like the shortest distance and enhanced durability. Companies are aiming for innovative and affordable solutions for vehicles of all classes. However, the event and commercialization of the latest braking technologies require high costs. Thus, the milestones in braking technologies are achieved by only a couple of major automotive companies. Moreover, duplicate & low-quality brake systems restrain the growth of the market.

REPORT COVERAGE:

This research report on the global automotive braking system market has been segmented and sub-segmented into the following categories.  

Global Automotive Braking System Market - By Brake Type:

• Disc Brake 
• Drum Brake 

There are two main brake types within the automotive braking system market, namely disc brakes and drum brakes. The disk brake segment features a slightly larger revenue share within the market at the end of 2017 and is projected to close a worth of USD 14 billion over the forecast period. Nonetheless, a better CAGR is predicted to be within the drum brakes segment, and key stakeholders within the automotive brakes market are advised to take this into consideration while devising long-term strategies. Europe accounts for the most crucial regional contribution within the drum brakes segment, and corporations should focus their attention on this affluent continent for maximum returns on investment.

Global Automotive Braking System Market - By Vehicle Type:

• Passenger Cars 
• Light Commercial Vehicles 
• Heavy Commercial Vehicles 

The passenger car segment is likely to rule the braking system market. Consistent with the organization Internationale des Constructeurs d'Automobiles (OICA), worldwide new coach sales increased from 55.8 million units in 2010 to 69.4 million units in 2016. The rise in the number of passenger cars, combined with the growing adoption of disc brakes, makes passenger cars the fastest-growing vehicle type within the brakes market. The rapid increase in the adoption of safety systems in passenger cars plays a significant role in the increasing need for brake systems in passenger vehicles. The braking function, along with other active and passive safety systems, supports a driver in avoiding crashes and protects passengers during mishaps.

Global Automotive Braking System Market - By Technology:

• Anti-Lock Braking System (ABS) 
• Electronic Stability Control (ESC) 
• Traction Control System (TCS) 
• Electronic Brake-Force Distribution (EBD)

Based on technology, the automotive brakes market is often segregated into the antilock braking system, traction system, and electronic stability control. The automotive electronic stability control segment is expanding at a high pace thanks to multiple benefits over traditional methods, such as reduction in the number of brake components, predictive braking controls, lower maintenance, and enhanced diagnostics of the entire system. 

Global Automotive Braking System Market - By Application:

• Agricultural Tractor 
• Construction Equipment

Global Automotive Braking System Market – By Region:

• North America 
• Europe 
• Asia Pacific
• Latin America
• Middle East and Africa  

Europe is projected to be the second biggest market all over the global automotive braking system market. Asia Pacific, with the nations of India, South Korea, and China, is increasing as an outcome of the rising demand for commercial vehicles and passenger vehicles. Japan also contributes to the worldwide market remarkably. China is predicted to be the most important opportunity in terms of the revenue of the industry.

KEY MARKET PLAYERS:

Tenneco Inc., Federal-Mogul LLC., AISIN SEIKI Co., Ltd., Miba AG, Robert Bosch GmbH, Nisshinbo Holdings Inc., Brembo S.p.A., SGL Group, Akebono Brake Corporation, Delphi Automotive LLP. Some of the key market players are involved in the global automotive braking system market.

RECENT HAPPENINGS IN THE MARKET:

• Japan's Nissan Motor Co Ltd has said it recalls 394,025 cars within the US over a braking system defect, causing concerns that a brake fluid leak could potentially cause a fireplace. 
• Hyundai Mobis announced a new braking system that it had succeeded in developing the 'redundancy brake system' during which the hand brake system is activated by itself albeit the brakes don't usually work thanks to the failure of electrical devices or external shock. 
• After a few years of shift in emission norms - from BS-III to BS-IV model - the 2 -2-wheeler industry is now gearing up for brand spanking new safety norms, the ABS (Anti-lock Braking System) and, therefore, the CBS (Combined Brake System) for brand spanking new models.

• A new polymer-based brake pad technology could improve standard braking equipment in cars and trains by making them more efficient and cost-effective.