Development of the smart braking systems in automotive brake system market resulted in decreasing number of accidents. Advancement of automotive brake system includes safety systems, which enables speed control as well as prevents vehicle from skidding. This in turn minimizes the risk of potential accidents, thereby driving the growth of automotive brake system market. Rapid increase in the production and sales of vehicles coupled with stringent regulations regarding stopping distances is anticipated to magnanimously contribute further towards growth of automotive brake system market. Growing demand for installation of passive and active safety in vehicles is expected to trend in automotive brake system market.
Growing concern over road traffic crashes and increasing number of deaths have influenced the key players in automotive brake system market to integrate robust safety features in developing vehicles. Stringent safety regulations by regulatory bodies and governments will continue to drive the growth of automotive brake system market. NHTSA (National Highway Traffic Safety Administration), agency of U.S. DOT (Department of Transportation) has planned to mandate adoption of AEB (Automatic Emergency Braking), nearly from 2022.
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Latest technologies in automotive brake system market are creating challenges for automakers owing to their inability to incorporate the high-cost technologies in low-priced vehicles. This in turn is expected to adversely affect the revenue growth of automotive brake system market in the forthcoming years.
The developing industry of automotive has largely emphasised on the development of the vehicles that are fast and safe. Brakes have become an important and crucial part of any vehicle so as to ensure the safety which becomes very essential when the demand of speed is increasing steadily. Being commonly used in different automobiles an automotive brake system comprises a brake device having different components (such as brake pads, brake shoes, brake drum, rotor, piston, calliper, master cylinder, and brake booster) which are used for decelerating a vehicle.
The growth in automotiveindustry is anticipated to fuel the growth of global automotive brake system market along with the increasing concerns over safety and resulting government pressures that have upturned the OEM’s towards the launching of higher technology content, thereby driving the demand for global automotive brake systems across the globe.
Automotive Brake System Market: Drivers & Restraints
Ever-increasing demand and succeeding vehicle production is considered as one of the biggest driver for the increasing demand of the automotive brakes and global automotive brake system market penetration. Also the increasing governmental mandates for improving the vehicle safety has strongly contributed to the demand of the global automotive brake system market. The major restraint in the global automotive brake system market implies to be the higher cost of the newer technology of Electronic Brake Systems (EBS) when compared to the commonly used Hydraulic Brakes.
Automotive Brake System Market: Segmentation
On the basis of product type, the global automotive brake system market is segmented as Disc Brakes and Drum Brakes.
On the basis of applications the global automotive brake system market is segmented as Two Wheeler Motor Vehicles, Passenger Car Vehicles, and Light Commercial Vehicles (LCV).
On the basis of technology the global automotive brake system market is segmented as Anti-lock Braking System (ABS), Traction Control System (TCS), and Electronic Stability Control (ESC) that comes under the electronic braking systems (EBS).
Automotive Brake System Market: Region-wise Outlook
The global automotive brake system market is expected to register a favourable growth for the forecast period, 2015?2025. Asia-Pacific is projected to endure its control on the global automotive brake system market. The key countries in the mentioned region are projected to be India, South Korea, and China as an outcome of the increasing demand for commercial vehicles and passenger cars. Japan also contributes to the global automotive brake system market remarkably. China is expected to be the largest opportunity in terms of revenue of the industry. Europe is expected to be the second largest market in global automotive brake system market followed by North America.
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Automotive Brake System: Key Players
Some of the key market participants in global automotive brake system market are TRW Automotive Holdings Corp., Aisin-Seiki Co. Ltd., Continental AG, Akebono Brake Industry Co. Ltd., Brembo S.P.A., Halla Mando Corp., and others.