The global automotive brake systems market was valued at $20.8 billion in 2017 and is anticipated to grow at a CAGR of 6.2% during the forecast period.
Automotive braking system is a group of mechanical, electronic and hydraulically activated components, whose primary function is to halt the movement of a vehicle using friction. The different components of automotive brake systems include disc brakes, drum brakes, and brake fluid. Automotive brake systems can be categorized into mechanical brakes, hydraulic brakes, and air brakes among others. Mechanical brakes are used in hand brakes, which is connected to brakes at the rear of the vehicle through steel wire connections. Air brake system comprises air compressor, air reserve tank, check valves, and safety valves to transfer mechanical force to wheel ends through air pressure.
The significant growth in the global automotive industry, along with increasing production of motor vehicles drives the growth of the automotive brake systems market. Consumers are increasingly purchasing passenger vehicles worldwide owing to growing disposable incomes and improving living standards. Additionally, several safety regulations have been introduced by governments to improve road safety and reduce road accidents, thereby increasing the implementation of advanced brake systems. The implementation of advanced technologies for automotive brake systems, and increasing modernization of vehicles has accelerated the adoption of automotive brake systems. However, high costs associated with electronic brake systems, and counterfeit products hamper the market growth. The increasing use of brake-by-wire systems and regenerative brakes, technological advancements, and rising demand from emerging economies would provide numerous growth opportunities during the forecast period.
Asia-Pacific Automotive Brake Systems Market Share By Type, 2017 - 2026
Note: Inside circle depicts data for 2017 & outside circle depicts data for 2026
The global automotive brake systems market is segmented on the basis of type, vehicle type, technology, sales channel, and geography.
Based on the type, the market is segmented into disc brake systems, and drum brake systems. In 2017, the disc brake systems accounted for the highest market share in the global automotive brake systems market. The high demand for disc brake systems is due to the advantages offered such as enhanced stopping performance, no adjustments or maintenance required, fade free braking in all weather conditions, and easy replacement among others.
The vehicle types in the global automotive brake systems market include passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars dominated the global market in 2017 owing to increasing demand for passenger cars from emerging economies, and technological advancements. Rising disposable income, changing lifestyles, and increasing advancements and modernization of vehicles would support the growth of brake systems market in this segment.
The technology segment is divided into antilock braking system, traction control system, electronic stability control, and electronic brake-force distribution. The antilock braking system accounted for the highest share in the global automotive brake systems market owing to increased safety concerns, and stringent government regulations.
The sales channel segment is categorized into OEM, and aftermarket. OEM accounted for the dominant share in the global automotive brake systems market in 2017.
Regionally, the automotive brake systems market is distributed across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Asia-Pacific accounted for the largest share in the global market in 2017. The rising demand for automobiles, and significant growth in the automotive sector accelerates the adoption of automotive brake systems in the region. The growing disposable income, and improving living standards have increased the demand for passenger cars in the region. The introduction of stringent government regulations regarding vehicular safety, and technological advancements are factors expected to provide growth opportunities in the region during the forecast period.
Asia-Pacific Automotive Brake systems Market, By Type, 2017 - 2026 (USD Billion)
The vendors in the automotive brake systems market are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. The market is highly competitive with the presence of a large number of small and large vendors. The leading players in the market include ZF Friedrichshafen AG, Wabco Holdings Inc, Continental AG, Delphi Automotive PLC, Robert Bosch GmbH, Hitachi Automotive Systems, Ltd., Aisin Seiki Co., Ltd., Knorr-Bremse AG, Akebono Brake Industry Co., Ltd., and Autoliv, Inc. among others.