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The automotive brake system market comprises brake pads, brake shoes, brake rotors, brake drums, brake calipers, parking brakes, brake hoses, brake fluids, and brake power boosters. Automotive brake systems help slow or stop the motion of motor vehicles by converting kinetic vehicle energy into heat energy via friction. Brake pads are situated on both sides of a brake disc rotor and they rub against the rotor to generate friction when the brakes are applied. Advancements in brake design and materials aid in optimizing brake performance, comfort, and safety.
The Global Automotive Brake System Market is estimated to be valued at US$29.9 billion in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Enhanced automobile safety standards mandated by governments globally have increased the adoption of advanced brake technologies such as anti-lock braking systems (ABS), electronic stability control (ESC), and regenerative braking systems. Growing demand for premium vehicles equipped with sophisticated drive-assist functionalities is also driving innovation in brake technologies.
Key Takeaways
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. holds a prominent market share owing to its extensive product portfolio and global distribution network.
Growing demand for premium and luxury vehicles equipped with advanced driver-assistance systems (ADAS) is promoting R&D in regenerative braking systems and electronic braking technologies. Stringent fuel efficiency and emission norms enforced by governments worldwide are also driving automakers to integrate regenerative braking into hybrid electric vehicles.
The automotive brake system market is witnessing increasing globalization with major players expanding their manufacturing and distribution footprint in emerging economies of Asia Pacific, Latin America, and Middle East & Africa. Local production helps lower costs and address custom compliance requirements of regional automakers.
Market Key Trends
One of the key trends in the automotive brake system market is the rising popularity of electric parking brakes. Compared to conventional handbrake lever systems, electric parking brakes offer increased convenience and safety. They are electronically activated via a switch and automatically engage when the vehicle is stopped. This eliminates the need to manually pull up the parking brake lever. The global trend towards vehicle electrification and automation is promoting innovations in brake-by-wire technology as well.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. The automotive brake system industry requires high capital investments for production facilities and strong distribution networks. Bargaining power of buyers: Buyer bargaining power is moderate. There are many buyers in the automotive OEM industry and they can negotiate on pricing and demand better services.
Bargaining power of suppliers: Supplier bargaining power is low to moderate. There are numerous suppliers for brake system components.
Threat of new substitutes: The threat of new substitutes is low as there are no close substitutes available for brake systems used in vehicles.
Competitive rivalry: Rivalry in the industry is high given the global presence of major brake systems manufacturers competing for market share.
Geographical Regions
North America leads the global market in terms of value share as several major automotive manufacturers have production facilities in this region.
Asia Pacific is expected to grow at the fastest rate during the forecast period due to increasing vehicle production and sales in major economies like China and India.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
