Global Automotive Braking System Market: Snapshot
The global automotive braking system market is expected to grow significantly in coming years due to increasing safety concerns of passengers as well as drivers and formation of stricter rules by the government f various nations. Growing technological advancements that has grown the efficiency of brakes and have introduced different types of automotive brakes for automotive vehicles has also grown the demand for automotive braking system. In addition, growing number of young costumers who prefer to drive high speed vehicles have also influenced manufactures to introduce and use innovative technology in the automotive braking system market globally.
The global automotive braking system market is prophesied to rise at 4% of CAGR during the forecast period between 2018 and 2026. The valuation for the market is expected to reach US$107 bn by the end of 2026.
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High Efficiency of Disc Brakes to Lead the Brake Type Category
The global automotive braking system market is categorized on the basis of design, brake type, sales channel, vehicles, and by region. Based on brake type the market is segmented into the drum brakes, disc brakes, and others. Of these, disc brakes are expected to have higher demand as compared to other types of brakes available in the market. The demand for disc brakes is high as it provides shorter stopping distance and is more efficient during emergency braking. In addition, these brakes require less external casing and allow cooler running. Disc brakes are also used in most of the heavy –duty trucks. Moreover, the introduction of front-disc/rear-drum setup, which can be mounted on low and medium-priced vehicles, is projected to drive the demand for the market in coming years.
Based on types of vehicles, the global automotive braking system market is bifurcated into passengers and commercial vehicles. As brakes are an integral system required in every vehicles, the growing production of vehicles and its rising demand will have a direct effect on the market. For instance, demand for SUVs has grown in North America mainly for its use in off-terrain activities, thus, it has created various opportunities for the automotive braking system market in region. Moreover, the government’s investment in developing logistics and infrastructure mainly in the U.S. have increased the demand for commercial vehicles in the country. The use of automotive braking system in buses and coaches and heavy commercial vehicles due to better brake response and high efficiency. Considering these factors, the commercial vehicle segment is projected to rise during the forecast period.
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Low Cost of Production to Drive the Demand for this Market in Asia Pacific
On the regional front, the report on the global automotive braking system market is segmented into Europe, South America, North America, Asia Pacific, and the Middle East and Africa. Among these regions, Asia Pacific is dominating as compared to the other regions in the market. Attributing to low production cost and increasing demand in countries like India and China is responsible for the dominance of this region. The growing entrance of foreign automakers and auto parts manufacturers in this region has create lucrative opportunities in this region. In addition, there is huge participation from BRICS nations in trade affairs in India and China thus, growing them significantly in the automotive braking system market. However, Europe and North America are leading the market in various other segments, adding to it, strict safety regulations and competitive dynamic of the trucking industry are expected to drive pneumatic segment in the automotive braking system in North America.
The report has also analyzed some of the prominent players and their contribution to the global automotive braking system market. Some of the leading players are Akebono Brake Industry Co., Ltd., ZF Friedrichshafen AG, Brembo S.p.A, Continental AG, AISIN SEIKI, Robert Bosch GmbH, WABCO, Hyundai Mobis, and Hitachi Ltd.,
