by The automotive braking system market size accounted for USD 53.40 billion in 2024 and it is expected to attain around USD 92.97 billion by 2034 at a CAGR of 5.7%.
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Key Points
- Asia Pacific emerged as the leading region in the global market, capturing a 58% market share in 2023.
- The disc segment accounted for the largest revenue share by part type in 2023.
- The passenger vehicles segment was the dominant segment in the global market in 2023.
Market Insights
Drivers
The increasing emphasis on vehicle safety, along with rising consumer preference for enhanced braking performance, is propelling the automotive braking system market. Regulatory bodies worldwide have mandated the inclusion of safety systems like ABS and electronic stability control (ESC), further accelerating market growth. The expansion of the global automotive industry, especially in emerging economies, is also driving demand for advanced braking solutions.
Opportunities
Technological advancements in braking systems, including the development of autonomous emergency braking (AEB) and regenerative braking in electric vehicles, are creating new opportunities. The rise in demand for electric and hybrid vehicles presents a lucrative market for next-generation braking technologies. Moreover, the increasing integration of IoT and AI in automotive safety systems is expected to enhance the capabilities of braking solutions.
Challenges
The high cost of developing and implementing advanced braking systems remains a challenge, particularly in cost-sensitive markets. Additionally, technical challenges related to system failures, overheating, and wear-and-tear can impact performance and safety. The complexity of retrofitting advanced braking technologies in older vehicles also poses a hurdle for widespread adoption.
Regional Insights
North America and Europe continue to lead the market due to stringent safety regulations and high vehicle safety awareness. The Asia Pacific region is growing rapidly, driven by rising automobile production, increasing sales of electric vehicles, and growing investments in automotive technology. Latin America and the Middle East are also witnessing steady growth due to improved transportation infrastructure and rising vehicle ownership.
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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