by The automotive braking system market size accounted for USD 53.40 billion in 2024 and it is projected to reach around USD 92.97 billion by 2034 at a CAGR of 5.7%.
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Key Points
- In 2023, Asia Pacific dominated the global market with the highest market share of 58%.
- The disc segment recorded the highest revenue share by part type in 2023.
- The passenger vehicles segment led the global market in 2023 by vehicle type.
Market Insights
Drivers
The automotive braking system market is driven by the rising demand for vehicle safety, stringent government regulations on road safety, and increasing adoption of advanced driver-assistance systems (ADAS). The growing number of vehicles on the road, along with the rising awareness about the importance of braking efficiency, has further fueled market growth. Additionally, advancements in braking technologies such as regenerative braking and electronic stability control are enhancing the market’s expansion.
Opportunities
The integration of smart braking technologies, including anti-lock braking systems (ABS) and electronic brake-force distribution (EBD), presents significant opportunities for market growth. The increasing adoption of electric and hybrid vehicles is also creating new demand for advanced braking systems. Additionally, ongoing research and development in autonomous vehicles and connected car technologies are expected to drive innovations in braking systems.
Challenges
Despite its growth potential, the market faces challenges such as high costs associated with advanced braking systems, complexity in system integration, and concerns related to maintenance and repair. The presence of counterfeit braking components in the market also poses risks to consumer safety. Furthermore, limited infrastructure for electric vehicles in some regions could impact the adoption of regenerative braking systems.
Regional Insights
North America and Europe dominate the automotive braking system market due to strict vehicle safety regulations and high consumer demand for technologically advanced vehicles. The Asia Pacific region is witnessing rapid growth due to the expansion of the automotive sector, increasing urbanization, and rising disposable incomes. Emerging markets such as India and China are expected to be key contributors to future market expansion.
Automotive Braking System Market Companies
- ZF Friedrichshafen AG
- Akebono Brake Industry Co., Ltd.
- Continental AG
- Brembo S.p.A
- Robert Bosch GmbH
- AISIN SEIKI
- Hyundai Mobis
- WABCO
- Hitachi Ltd.
Key Companies Share Insights
The global automotive braking system market is highly competitive and fragmented with the presence of numerous global and regional players in the market. These players adopt several inorganic strategies to support their growth in the years to come along with strengthening their market position. For instance, in May 2016, Robert Bosch GmbH and Pagani’s Huayra BC, based in Italy, have been technology partners for several years and have agreed to jointly develop and test the brake control system of Pagani’s Huayra BC. The motive of companies is to test the brake control system under adverse environmental condition such as on the extreme ice and snow terrain.
Similarly, in February 2016, ZF Friedrichshafen AG together with its joint venture company Brakes India Limited announced to launch the new electric park brake (EPB) technology in India.
Segments Covered in the Report
By Vehicle
- Commercial Vehicles
- Passenger Vehicles
By Part Type
- Disc
- Drum
By System Type
- Pneumatic
- Hydraulic
By Sales Channel
- Aftermarket
- Original Equipment Manufacturer (OEM)
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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