April 20, 2024

Automotive Brake System Market is gaining traction driven by increasing demand for Safety features

 

 

The automotive brake system market consists of disc brakes and drum brakes that are fitted in the wheels of vehicles for efficient braking. Disc brakes are more commonly used as they offer better braking performance compared to drum brakes. The increasing demand for safety features like anti-lock braking systems (ABS) and electronic stability control (ESC) in vehicles has boosted the adoption of sophisticated brake systems. Moreover, stricter emission norms necessitate the integration of brake energy recuperation systems to recover braking energy and reduce fuel consumption, thereby pushing the demand for brake systems market.

The Global Automotive Brake System Market is estimated to be valued at US$29.9 million in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the automotive brake system market:
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). ZF TRW Co. and Akebono Brake Industry Co. hold a prominent market share in brake components manufacturing.

Growing demand:
The growing demand for efficient, lightweight and affordable vehicles is fueling the demand for advanced brake systems. Features like anti-lock braking, traction control, electronic brake-force distribution are being increasingly adopted, pushing the automotive brake system market.

Global expansion:
Key manufacturers are investing in developing economies in Asia and Latin America to tap the growth opportunities. Regional preferences and regulations are prompting companies to customize brake systems and establish local manufacturing plants. Collaboration with OEMs has also boosted the global footprint of brake system manufacturers.

Market key trends
Electric vehicles are driving innovations in brake design with the integration of regenerative braking systems. Disc brakes are increasingly replacing drum brakes across all vehicle categories offering better performance. The trend of brake-by-wire technologies is gaining traction to enable advanced driver-assistance systems through electronic control of braking. Material advancements are leading to affordable, lightweight, and durable brake components.

Porter’s Analysis

Threat of new entrants: The automotive brake system market requires high level of R&D investments and manufacturing capabilities which makes it difficult for new players to enter the market.

Bargaining power of buyers: Large automotive OEMs have strong bargaining power against suppliers due to their huge demand. However, stringent regulations help limit this bargaining power.

Bargaining power of suppliers: The market has few large suppliers with specialized manufacturing facilities and technologies. This gives them strong bargaining power against automotive OEMs.

Threat of new substitutes: There are no cost-effective substitutes for brake systems currently available. Hybrid and electric vehicles may provide alternative braking options in future.

Competitive rivalry: The market has few large global players competing intensely on innovation, pricing and aftermarket services.

Geographical regions with market concentration: Asia Pacific accounts for the largest share currently due to high vehicle production in China, India, Japan and South Korea. Growing vehicle parc and regulations are driving the APAC market growth.

Fastest growing region: The market in Asia Pacific is expected to exhibit the highest growth during the forecast period driven by increasing vehicle usage, stringent safety norms and shifting of vehicle production from developed markets.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it