July 20, 2024

The Growing Demand For Safety Features In Vehicles Projected To Boost The Growth Of Automotive Brake System Market

Market Overview:

An automotive brake system is used to slow or stop vehicles or hold them stationary and prevent rolling away. It is a combination of hydraulic drum brakes and disc brakes utilized on vehicles including passenger cars, light motor vehicles and heavy commercial vehicles. The brake system comprises brake pads, brake rotors, brake fluid, brake lines, master cylinder and brake booster which transfers the force from driver’s foot to brake pads to stop vehicles efficiently. It significantly improves safety and controls vehicle during operation.

Market key trends:

One of the key trends in the automotive brake system market is the growing adoption of electronic braking systems. Electronic braking systems integrate antilock braking system (ABS), electronic brake-force distribution (EBD), electronic stability control (ESC) and traction control system (TCS) which enhances safety during braking on slippery roads and prevents skidding. Another major trend is the incorporation of regenerative braking technology in hybrid and electric vehicles. It helps recover kinetic energy lost during braking and stores it in the battery, thereby improving driving range. Manufacturers are also focusing on lightweight brake components using aluminum and composite materials to increase fuel efficiency. Rising demand for autonomous and semi-autonomous vehicles is augmenting research on brake-by-wire technology as a potential replacement for conventional hydraulic brakes.

Porter’s Analysis
Threat of new entrants: High development and regulatory costs pose significant barriers to entry in this market. Established brands also enjoy strong customer loyalty.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of numerous product options from various manufacturers. However, compliance with strict safety regulations leaves limited scope for differentiation.
Bargaining power of suppliers: A small number of suppliers supply critical raw materials like cast iron, aluminum, and high carbon steel used in brake systems, giving them significant influence on prices.

Threat of new substitutes: There are no cost-effective substitutes for brake systems currently. Efforts are being made to develop advanced braking solutions like regenerative braking systems but widespread adoption may take time.
Competitive rivalry: Intense competition exists among key players leading to marginal differences in product design and quality. Price wars are common as manufacturers compete for market share.

Key Takeaways

The Global Automotive Brake System Market Demand is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing vehicle production and demand for improved safety features.

Regional analysis: Asia Pacific dominates the global automotive brake system market due to the large production of passenger cars in China and India. China accounts for over 30% of the global vehicle production and is the fastest growing market for brake systems. North America and Europe are also significant markets driven by strict regulations regarding braking efficiency and emission standards.

Key players operating in the automotive brake system market are ZF TRW Co., Akebono Brake Industry Co., TVS Brake Linings Co., Brembo SpA, Performance Friction Corporation (PFC) Brakes, Robert Bosch GmbH, Hella Pagid GmbH, Continental AG, Federal-Mogul Holding Co., Disc Brakes Australia (DBA), and Aptiv PLC (Delphi). Key players are focusing on organic and inorganic growth strategies like new product launches, partnerships, and mergers & acquisitions to gain a competitive advantage.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it