by The automotive braking system market size accounted for USD 53.40 billion in 2024 and it is anticipated to cross around USD 92.97 billion by 2034 at a CAGR of 5.7%.
Get Sample Copy of Report@ https://www.precedenceresearch.com/sample/1086
Key Points
- The Asia Pacific region secured the largest market share of 58% globally in 2023.
- Among part types, the disc segment generated the highest revenue in 2023.
- By vehicle type, the passenger vehicles segment had the most significant market presence 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 leads the market due to well-established automotive safety standards and a high adoption rate of new vehicle technologies. Asia Pacific is emerging as a key player, with China, India, and Japan contributing significantly to market growth due to increasing vehicle production and rising disposable incomes. Europe continues to be a strong market with a focus on sustainability and innovation in automotive technologies.
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
Ready for more? Dive into the full experience on our website@ https://www.precedenceresearch.com/
