Automotive Brake System Market Size & Trend Report, 2022-2030
The global Automotive Brake System market size was valued at US$ 45.65 billion in 2021 and it is projected to be worth around US$ 72.82 billion by 2030, poised to grow at a CAGR 5.10% during the forecast period 2022 to 2030.
Key Takeaways:
Growth Factors:
Factors such as the increasing number of road accidents have led to the rising demand for the safety features such as traction control system, anti-lock braking system, advanced driver system, etc. Passengers are concerned about the rising fatality which is prompting automotive manufacturers to install more efficient automotive systems.
Furthermore, the demand for semi-luxury and luxury high-performance automobiles has increased significantly in recent years. As a result, the demand for effective brake systems in vehicles such as passenger cars, large and light commercial vehicles, and two-wheelers continue to increase. These factors are driving the growth of the automotive brake system market significantly, throughout the forecast period.
In addition, due to increased demand and the production of vehicles, Asia-Pacific has been the leading market for automotive brake systems and is expected to maintain its dominance during the forecast period. Factors actors such as government regulation in countries such as India, Japan, and China and measures to improve vehicle safety are likely to boost the growth of the automotive brake system market during the forecast period.
However, the advanced braking technology contains complex electronic and mechanical system. An anti-lock brake system has components such as controllers, valves, and sensors which makes ABS more expensive than a conventional brake system. Therefore, they have high development and maintenance costs.
Improvements in two-wheeler braking systems and augmentation in previously unexplored markets, within developing countries, present significant growth opportunities for the players. New technical advancements such as ABS and regenerative braking are expected to boost the global market for automotive brake systems. Furthermore, based on the technology type anti-lock braking system has gained the highest market share. Its growth can be attributed to the mandatory deployment of anti-lock brake systems in key automobile market regions.
Report Scope of the Automotive Brake System Market
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Report Coverage |
Details |
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Market Size |
US$ 72.82 Billion by 2030 |
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Growth Rate |
CAGR of 5.10% from 2022 to 2030 |
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Largest Market |
Asia Pacific |
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Fastest Growing Market |
North America |
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Base Year |
2021 |
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Forecast Period |
2022 to 2030 |
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Segments Covered |
Product type, vehicle, technology and Region, |
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Companies Mentioned |
Advics Co. Ltd.; ZF Friedrichshafen AG; Akebono Brake Industry Co.; Hitachi Automotive System; Brembo SpA ;Robert Bosch GmbH ;Aisin Seiki Co.Ltd.;Haldex; Web co; Nissin Kogyo Co. Ltd. |
Product Type Insights
The automotive brake system market based on type is segmented into drum brakes and disc brakes. The disc brake segment held the highest market share of 60.49% in 2021 and is anticipated to develop by a CAGR of 6.8% during the forecast period.
In recent years, the application of disc brakes has grown largely. The growth of disc brakes is attributed to their capacity to work in adverse weather without overheating or fading. Additionally, its compatibility with other advanced systems is further propelling the growth of the disc brake segment.
Drum brakes have an enclosed design and employ circular components (brake shoe) to provide the necessary friction for lowering speed, whereas disc brakes use a narrow rotor and caliper to stop wheel movement. As a result, performance suffers. Although disc-based systems have more braking power than drum-based systems, automakers choose drums because they are more cost-effective.
Vehicle Insights
The automotive brake system market based on the vehicle is segmented into commercial vehicles and passenger cars. Passenger car holds the major market share and is expected to expand by a 5.9% CAGR during the forecast period. Passenger cars are increasing owing to the increase in population, disposable income, and urbanization.
For more safety features, the manufacturers tend to develop a braking system with more efficiency. The ADAS is the most important element influencing the passenger car's primary market share and growth. Furthermore, growing expenditures in ADAS are expected to have an influence on the brake systems market due to an increase in the requirement for electromagnetic induction braking systems in automobiles, motorcycles, and other vehicles during the forecast period.
Similarly, many manufacturers are developing different variants of the braking system aimed at offering increased braking power in multiple terrain types. The manufacturers are prioritizing reducing the weight of the brake system which has led to the development of high-performance, lighter braking systems in the market.
Technology Insight
The automotive brake system market based on technology is segmented into antilock brake systems (ABS), traction control systems, electronic stability control, and electronic brake-force distribution. The ABS segment held the highest market share of 32.8% in 2021. The growth of ABS technology is due to the aggressive efforts of several automobile groups toward the mandated deployment of ABS in key regions. Similarly, because of its perceived benefits in regaining vehicle control in an emergency, electronic stability control technology is becoming more widely adopted. Therefore, it is expected to drive the growth of the automotive brake system market during the forecast period.
The Traction Control System segment is expected to expand at a CAGR of 6.10% during the forecast period. The TCS technology provides added safety by ensuring traction in difficult driving conditions. TCS are generally used with an anti-lock braking system for efficient working. Traction control stops the wheel spin by applying brake pressure by ABS and controlling the throttle. These systems are mandatory in U.S. consumer vehicles since 2012. As a result, automakers would be able to acquire a better new car assessment program (NCAP) rating for a car by including advanced braking systems.
Regional Insights
In the automotive brake system market, Asia- Pacific held the highest market share in 2021 owing to the availability of low-cost labor and raw materials, firms in the region offer significant cost savings. Furthermore, countries such as China, and India, among others are the automotive manufacturing hub. The rising popularity of automotive brake systems, as well as an increase in the sales of luxury and premium automobiles is expected to drive the market growth. Moreover, the increasing number of accidents and the surge in the number of automobiles is contributing to the overall market growth.
North America is expected to increase at a CAGR of 5.7% due to the growing desire for better performance of vehicles in adverse weather, the presence of major car manufacturers, and growth in the supply of light commercial vehicles and passenger cars has driven the expansion of the market in this region. Furthermore, since 2018, the mandated installation of ESC technology in all light cars has driven the regional market growth.
Key Companies & Market Share Insights
The firms are largely concerned with producing environmentally friendly, dependable, and durable braking systems. These players invest heavily in research and development to innovate new technologies for the braking systems.
To increase their market share and ensure healthy growth, the major companies have made significant expenditures in research and development. Furthermore, they are aggressively working to expand its geographical footprint and increase its production capabilities. For instance, In April 2020, Veoneer announced an initial agreement to transfer its braking control business in the United States to ZF Friedrichshafen AG for global market development.
Many players are also entering the aftermarket of the automotive brake system. The brake system aftermarket has opened lucrative avenues for market growth around the world. For instance, Ferdinand Bilstein GmbH Co. KG is a renowned aftermarket part supplier in more than 170 countries, worldwide. The company offers top-quality commercial vehicle brake components based on various requirements and loads of the vehicles. The company is boosting the highest coverage of brake disc and brake pads holding a market share of 97.0% of the independent aftermarket.
Some of the prominent players in the global automotive brake system market include:
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Points Covered in Automotive Brake System Market Study:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers