Automotive Brake System Market Size, Share & Trends Analysis Report By Type (Disc Brake & Drum Brake), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Technology, By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global automotive brake system market size was exhibited at USD 47.77 billion in 2023 and is projected to hit around USD 83.16 billion by 2033, growing at a CAGR of 5.7% during the forecast period of 2024 to 2033.

Key Takeaways:

• Asia Pacific dominated the market with the largest revenue share of 59.0% in 2023.
• The disc brake segment held the largest market share of 61.1% in 2023. 
• Passenger cars dominated the market, with the highest revenue share of 73.0% in 2023.
• Electronic Stability Control (ESC) dominated the market with the highest revenue share of 32.6% in 2023.

Automotive Brake System Market by Overview

In the rapidly evolving landscape of the automotive industry, the brake system stands as a pivotal component, ensuring both safety and performance. This comprehensive overview dives into the intricate dynamics of the automotive brake system market, providing insights into its current state and future trajectories.

Automotive Brake System Market Growth

In the ever-evolving landscape of the automotive brake system market, several key growth factors are steering the industry towards new horizons. One paramount driver is the heightened awareness and emphasis on road safety, compelling manufacturers to invest in advanced brake technologies. Technological innovations, another significant growth catalyst, are shaping the landscape with intelligent braking systems and automation, enhancing overall vehicle safety and performance. Stringent government regulations, particularly those mandating elevated vehicle safety standards, act as a catalyst for the adoption of sophisticated brake systems. Despite the challenges posed by cost pressures and complexities in integrating advanced technologies, the market is experiencing sustained growth.

Automotive Brake System Market Report Scope

Automotive Brake System Market Dynamics

• Evolving Safety Standards:

One of the dynamic forces propelling the automotive brake system market is the continual evolution of safety standards. Increasing awareness and a growing emphasis on road safety have prompted regulatory bodies worldwide to enforce stringent requirements for vehicle safety. These standards act as a driving force for automotive manufacturers to continually innovate and implement advanced brake technologies.

• Technological Advancements:

Technological innovation stands as a pivotal dynamic shaping the automotive brake system market. The industry is experiencing a paradigm shift with ongoing advancements in brake system technologies. The integration of smart sensors, anti-lock braking systems (ABS), and electronic stability control (ESC) has become commonplace, enhancing the precision and responsiveness of braking systems.

Automotive Brake System Market Restraint

• Cost pressures on manufacturers:

A significant restraint affecting the automotive brake system market is the persistent cost pressures on manufacturers. As the industry strives to incorporate advanced technologies and meet stringent safety standards, the associated production costs inevitably rise. Manufacturers face the challenge of striking a delicate balance between incorporating cutting-edge brake technologies and maintaining competitive pricing.

• Integration Complexity of Advanced Technologies:

The integration complexity of advanced technologies represents another noteworthy restraint in the automotive brake system market. As vehicles become more technologically sophisticated, incorporating features such as regenerative braking, brake-by-wire systems, and autonomous braking, the engineering and integration challenges intensify. 

Automotive Brake System Market Opportunity

• Rising Demand for Electric Vehicles (EVs):

An unparalleled opportunity in the automotive brake system market lies in the escalating demand for electric vehicles (EVs). As the automotive industry undergoes a transformative shift towards sustainable mobility, electric vehicles are gaining widespread acceptance. The unique characteristics of EVs, such as regenerative braking capabilities, open avenues for innovation in brake system technologies. 

• Advancements in Material Technologies:

Another key opportunity in the automotive brake system market arises from continuous advancements in material technologies. The exploration of novel materials with enhanced durability, thermal stability, and frictional characteristics opens doors for innovation in brake system components. 

Automotive Brake System Market Challenges

• Complex Regulatory Landscape:

A predominant challenge in the automotive brake system market is navigating the complex regulatory landscape. Global markets are subject to varying safety standards and regulations, and compliance can be a demanding task for manufacturers. Adhering to divergent requirements across regions necessitates continuous adjustments to brake system designs and functionalities. 

• Market Saturation in Mature Economies:

Market saturation in mature economies represents a formidable challenge for the automotive brake system market. In regions where automotive penetration is high and vehicle ownership is already widespread, the scope for substantial growth diminishes. Manufacturers face the hurdle of intense competition and the need for product differentiation to capture market share.

Segments Insights:

Type Insights

The automotive brake system market, based on type, is segmented into drum brakes and disc brakes. The disc brake segment held the largest market share of 61.1% in 2023. In recent years, the application of disc brakes has grown significantly. The growth of disc brakes is attributed to their capacity to work in adverse weather conditions without overheating or fading. Additionally, its compatibility with other advanced systems is further propelling the growth of the disc brake segment.

The drum brake segment mainly comprises multiple gas extractors and is estimated to exhibit a significant CAGR of 3.5% over the forecast period. Drum brakes have an enclosed design and employ circular components (brake shoes) to provide the necessary friction for lowering speed. In contrast, 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 Type Insights

The market, based on the vehicle, is segmented into commercial vehicles and passenger cars. Passenger cars dominated the market, with the highest revenue share of 73.0% in 2023. Passenger cars are increasing due to population growth, disposable income, and urbanization.

Manufacturers tend to develop braking systems more efficiently for more safety features. 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 influence 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.

On the other hand, the commercial vehicle segment is expected to grow at a significant CAGR of 4.5% over the forecast period. The global demand for commercial vehicles, such as trucks, buses, and vans, has steadily increased. This growth can be attributed to expanding e-commerce, rising logistics and transportation needs, and growth in industries like construction and mining. As the commercial vehicle fleet expands, the demand for reliable and efficient braking systems also grows.

Technology Insights

The market based on technology is segmented into antilock brake systems (ABS), traction control systems, electronic stability control, and electronic brake-force distribution. Electronic Stability Control (ESC) dominated the market with the highest revenue share of 32.6% in 2023. Electronic stability control technology is becoming more widely adopted because of its perceived benefits in regaining vehicle control in an emergency. Therefore, it is expected to drive the growth of the market during the forecast period.

The ABS segment held a significant CAGR of 32.3% over the forecast period. The growth of ABS technology is due to the aggressive efforts of several automobile groups toward the mandated deployment of ABS in key regions.

The Traction Control System (TCS) segment is expected to witness significant growth at a CAGR of 6.6%. The TCS technology provides added safety by ensuring traction in difficult driving conditions. TCS is generally used with an anti-lock braking system for efficient work. Traction control stops the wheel spin by applying brake pressure by ABS and controlling the throttle. As a result, automakers could acquire a better New Car Assessment Program (NCAP) rating for a car by including advanced braking systems.

Regional Insights

Asia Pacific dominated the market with the largest revenue share of 59.0% in 2023. Due to the availability of low-cost labor and raw materials, regional firms offer significant cost savings. Furthermore, countries such as China and India, among others, are automotive manufacturing hub. The rising popularity of automotive brake systems and increased sales of luxury and premium automobiles are expected to drive market growth. Moreover, the increasing number of accidents and the surge in automobile sales contribute to the overall market growth.

North America is expected to grow at the fastest CAGR of 5.7% during the forecast period. 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 have driven the expansion of the market in this region. Furthermore, since 2018, the mandated installation of ESC technology in all light cars has driven regional market growth.

Recent Developments

• In June 2023, EBC Brakes Racing unveiled its latest offering, fully-floating two-piece discs high-performance brake pad options, custom-designed for the new G87 BMW M2. With this release, EBC Brakes Racing takes the lead as one of the first companies to provide aftermarket performance components for this much-anticipated vehicle. Introducing these cutting-edge braking solutions showcases EBC Brakes Racing's dedication to catering to enthusiasts and performance-oriented drivers, offering top-of-the-line products to enhance their driving experience.
• In March 2023, SSAB and MENETA have jointly announced a significant milestone in the automotive industry by introducing the world's first automotive brake components and sealing materials manufactured using fossil-free steel. The collaboration between SSAB, a global leader in high-strength steel production, and MENETA, a leading supplier of braking solutions, demonstrates their commitment to reducing carbon emissions and transitioning to more sustainable materials. By utilizing fossil-free steel, which is produced using renewable energy sources, the companies can significantly reduce the carbon footprint associated with the manufacturing of brake components and sealing materials.
• In September 2023, Brembo introduced the ENESYS Energy Saving System, designed specifically for Light Commercial Vehicles (LCVs), in the Aftermarket segment. This innovative system aims to reduce wear and tear on brake pads and discs, offering enhanced durability and longevity. With the introduction of the ENESYS Energy Saving System, Brembo addresses the specific needs of LCVs, providing a solution that helps optimize brake performance and reduce maintenance costs.
• In July 2023, Gold Phoenix and Brembo entered into a joint venture agreement to launch a new company called Shandong BRGP Friction Technology Co., Ltd., subject to local and antitrust requirements. The new facility will focus on developing advanced brake pads that cater to the needs of next-generation vehicles, ensuring exceptional performance, comfort, and durability. By collaborating, Brembo and Gold Phoenix aim to provide cutting-edge braking solutions for the automotive aftermarket.
• In April 2023, Faraday Future Intelligent Electric Inc. revealed Brembo as the primary supplier of the complete brake caliper assembly for its highly advanced FF 91 electric vehicle (EV). By partnering with Brembo, Faraday Future emphasizes its commitment to integrating top-tier braking systems into its luxury FF 91 EV. Brembo's expertise in braking technology ensures that the FF 91 will benefit from high-performance and reliable braking capabilities.

Some of the prominent players in the automotive brake system market include:

• AKEBONO BRAKE INDUSTRY CO., LTD.
• ZF Friedrichshafen AG
• ADVICS CO.,LTD.
• Hitachi Astemo, Ltd.
• Brembo S.p.A
• Robert Bosch GmbH
• AISIN CORPORATION
• Haldex
• The Web Co
• NISSIN KOGYO Co., Ltd

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global automotive brake system market.

Type

• Disc Brakes
• Drum Brakes

Vehicle Type

• Passenger Cars
• Commercial Vehicles

Technology

• Anti-Lock Brake System (ABS)
• Traction Control System (TCS)
• Electronic Stability Control (ESC)
• Electronic Brake-Force Distribution (EBD)

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)