According to the global automotive brake system market report by IMARC Group, the market reached a value of US$ 47.0 Billion in 2022, and it is projected to reach a value of US$ 63.4 Billion by 2028, exhibiting a CAGR of 4.85% during 2023-2028.
Automotive brake system represents mechanical control devices designed to restrain the motion of vehicles and ensure the safety of the passengers and driver. They can be categorized into disc brakes and drum brakes and comprise of calipers, brake pedals, rotors, master cylinders, hoses, fluid lines, brake pads, etc.
These automotive brake system components help stop or slow down the motion of an automobile by creating friction between two surfaces.They also assist drivers in parking their vehicles with stability either on a slope or flat surface. Consequently, automotive brake system technologies are extensively integrated into passenger cars and commercial vehicles across countries.
The rising sales of automobiles, on account of the growing population, and the elevating occurrences of road accidents are primarily driving the automotive brake system market. In line with this, the expanding concerns among individuals about road traffic collisions and fatalities that are compelling automotive manufacturers to integrate robust safety systems in vehicles are acting as another significant growth-inducing factor.
In addition to this, the implementation of numerous stringent regulations by the government bodies aimed at preventing road accidents and the development of regenerative braking technology and anti-lock braking systems (ABS) that assist drivers in having maximum control and facilitate shorter stopping distances are further stimulating the market growth. Apart from this, the introduction of a new car assessment program (NCAP) that promotes the use of electronic brake systems and the escalating adoption of electric cars are expected to propel the automotive brake system market over the forecasted period.
The report has been segmented the market into following categories:
Breakup by Type:
- Disc Brakes
- Drum Brakes
Breakup by Component:
- Master Cylinder
- Brake Pad
- Vacuum Servo Brake
- Brake Drums
Breakup by Technology:
- Anti-Lock Braking System (ABS)
- Traction Control System (TCS)
- Electronic Stability Control (ESC)
- Electronic Brake Force Distribution (EBD)
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Breakup by Sales Channel:
- Original Equipment Manufacturers (OEMs)
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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