The market for automotive brake systems is expected to rise significantly, owing to increased demand for passenger and commercial vehicles in countries such as India and China. In addition, factors such as strict safety standards, the adoption of luxury automobiles, and the increased adoption of disc brakes in commercial vehicles are further propelling market growth. Also, the lifespan of brake components is restricted to a specific number of kilometers, boosting the replacement market.In addition, concerns about road traffic collisions and the rising number of fatalities have prompted participants to incorporate robust safety systems. The automobile brake system market will continue to grow due to the stringent safety rules imposed by regulatory organizations and governments. Since 2022, the National Highway Traffic Safety Administration (NHTSA), a U.S. transportation department division, has planned to make automatic emergency braking mandatory in vehicles.
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Type Insights
The automotive brake system market, based on type, is segmented into drum brakes and disc brakes. The disc brake segment held the largest market share of 61.1% in 2022. In recent years, the application of disc brakes has grown significantly. The growth of disc brakes is attributed to their capacity to work in adverse weather conditions without overheating or fading. Additionally, its compatibility with other advanced systems is further propelling the growth of the disc brake segment.
The drum brake segment mainly comprises multiple gas extractors and is estimated to exhibit a significant CAGR of 3.5% over the forecast period. Drum brakes have an enclosed design and employ circular components (brake shoes) to provide the necessary friction for lowering speed. In contrast, disc brakes use a narrow rotor and caliper to stop wheel movement. 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.
Regional Insights
Asia Pacific dominated the market with the largest revenue share of 58.1% in 2022. Due to the availability of low-cost labor and raw materials, regional firms offer significant cost savings. Furthermore, countries such as China and India, among others, are the automotive manufacturing hub. The rising popularity of automotive brake systems and increased sales of luxury and premium automobiles are expected to drive market growth. Moreover, the increasing number of accidents and the surge in automobile sales contribute to the overall market growth.
Key Automotive Brake System Companies:
AKEBONO BRAKE INDUSTRY CO., LTD.
ZF Friedrichshafen AG
ADVICS CO.,LTD.
Hitachi Astemo, Ltd.
Brembo S.p.A
Robert Bosch GmbH
AISIN CORPORATION
Haldex
The Web Co
NISSIN KOGYO Co., Ltd
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