Global Automotive Brake System Market 2024-2031

Global Automotive Brake System Market 2024-2031

Global Automotive Brake System Market Size, Share & Trends Analysis Report by Brake Type (Drum Brakes and Disc Brakes), by Technology (Anti-Lock Braking System (ABS), Electronic Stability Control (ESC), Electronic Brake-Force Distribution (EBD), and Others), and by Vehicle Type (Commercial Vehicles and Passenger Vehicles) Forecast Period (2024-2031)

The global automotive brake system market is anticipated to grow at a CAGR of 5.3% during the forecast period (2024-2031). Automotive braking system refers to the components required to stop a motor vehicle including the braking pedal, brake rotors, calipers, master cylinder, brake fluid, and brake lines. The increasing demand for advanced safety features is one of the key drivers for the market growth. Some of the features include blind spot detection, lane assist, ABS, ESC, and others. These technologies helps in minimizing stopping distances.

Segmental Outlook

The global automotive brake system market is segmented on the brake type, technology, and vehicle type. Based on the brake type, the market is sub-segmented into drum brakes and disc brakes. Based on the technology, the market is sub-segmented into ABS, ESC, EBD, and others. Further, based on vehicle type the market is sub-segmented into commercial and passenger vehicles.

The Disc Brakes Sub-Segment is Anticipated to Hold a Considerable Share of the Global Automotive Brake System Market

Among the brake types, the Disc Brakes sub-segment is expected to hold a considerable share of the global Automotive Brake System market. The domination of this segment is due to various factors such as its incredible stopping, the developed heat dissipation technology, reduced wear and tear, compatibility with advanced technology, and many more. Comparing these brakes with normal drum brakes, the disc brakes stop very easily as compared to the drum brakes, as it contain a brake fluid that flows into the brake pad to keep it long-lasting and also to make it do less wear and tear. Disc brakes are compatible with various advanced technological braking systems such asABS, ESC, and EBD. These types of brakes are being fitted into both cars and bikes, which makes them widely available in the market and hence dominating the market share.

Regional Outlook

The global automotive brake system market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, Asia-Pacific holds the largest market and this is due to various reasons. One of the reasons is the great amount of population in the region as it contains two countries with the world’s largest population size India and China, and one more reason is that it is a cost-conscious market. The growing middle class of the two most populated countries in is leading to a rise in car ownership across the region, which ultimately is boosting up the demand for brakes. In this price-conscious market, drum brakes, while as not advanced as the other brakes option have remained popular for many years because of their lower cost, which in turn ultimately makes it a common choice for budget-friendly vehicles in the area.

The European Region is Expected to Grow at a Significant CAGR in the Global Automotive Brake System Market

Among all regions, the European region is anticipated to grow at a considerable CAGR over the forecast period. The European region's growth in the Automotive Brake System market is attributed to several factors. Talking about one of the factors for this consistent growth of this region is that the region focuses on high-performance and luxurious vehicles. This region is been known for its high demand for premium and luxury vehicles, which are known for their sophisticated braking system with great stopping power and some more functionalities. Discussing of one more factor for the region’s growth is the strict regulations and policies. Europe is known for its strict policies and regulations, and the same goes for our market. The region has kept it mandatory to implement advanced braking systems like ABS, ESC, and many other emergency braking features and also in the introduction of new standards in their safety measurement standards called the Euro (New Car Assessment Programme) NCAP.

Market Players Outlook

The major companies serving the Automotive Brake System market include Aisin Corp., Ltd., Continental AG, Knorr-Bremse AG, Robert Bosch GmbH, ZF Friedrichshafen AG, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in December 2023, HELLA acquired TMD Friction. According to the agreement, TMD Friction agreed to sell its 50% share to HELLA, in the brake joint venture Hella Pagid.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global automotive brake system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.