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Saturday 10 September 2022

Automotive Brake System Market is Expected to Reach $90.4 billion By 2032



According to a market report, published by Sheer Analytics and Insights, the global automotive brake system market was valued at $49.2 billion in 2021 and it is expected to reach $90.4 billion at a CAGR of 5.4% between 2022 and 2032. The demand for safety features including traction control systems, anti-lock brake systems, and advanced driver systems has increased as a result of factors like the rising frequency of traffic accidents. The growing number of fatalities worries passengers, which is motivating automakers to install more effective auto systems. However, the stopping distance can be decreased by using electronic braking systems such as Anti-lock Brake Systems (ABS), Brake Assist (BA), and Electronic Brake force Distribution (EBD). ABS helps shorten stopping distances when braking forcefully by enabling vehicle stability and directional control. This is only one of the many benefits ABS has over traditional braking systems. Furthermore, the desire for luxury and semi-luxury high-performance cars has grown dramatically during the past few years. Because of this, there is an increasing need for efficient braking systems in automobiles, large and light trucks, and two-wheelers. Throughout the forecast period, these factors will continue to considerably fuel the expansion of the automotive braking system market. These major factors are estimated to drive the market in the future.

Europe is the second-largest essential player in the market after Asia-Pacific. Due to strict government rules and safety standards, Japan and South Korea are anticipated to considerably contribute to the growth in revenue for the worldwide anti-lock braking system. Asia-Pacific is predicted to have the highest growth rate. China is anticipated to become one of the primary markets, which is anticipated to contribute to company growth, as a result of an increase in the frequency of significant accidents and an expanded fleet. These would create more growth opportunities for the market over the upcoming years. 

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However sophisticated braking technology has intricate electronic and mechanical components. Anti-lock brake systems are more expensive than standard brake systems because they contain controllers, valves, and sensors. As a result, they are expensive to build and maintain. Due to the increase in traffic accidents worldwide, there is a growing demand for safety features such as antilock brakes (ABS), traction control, electronic stability control, tire pressure monitors, airbags, and telematics. Automobile manufacturers are creating safety measures that are integrated into automobiles as a result of all these current circumstances. These variables are what drive the demand for vehicle brake systems. These rising factors are projected to create growth opportunities for the market in the upcoming years. 

The cost of routine brake system maintenance includes replacing brake fluid, brake shoes, and brake pads, resurfacing rotors, cleaning, adjusting, and lubricating other costly braking components, as well as performing general brake system maintenance. Furthermore, in heavy-duty vehicles, such as trucks and trailers, the air brakes might freeze. Moisture in the brake shoes or lines is the most frequent reason for trailer brakes to freeze. Winter is when air brake freeze-ups most frequently happen, and fixing them requires serious work. Additionally, moisture may pose a greater threat to the brake system's functionality if the car has ABS. In the presence of moisture, the ABS valves may collect moisture, freeze, and result in brake problems. Managing moisture in the trailer brake lines is crucial because stability control is now a requirement for new trucks in developed Europe and North America. As a result, air brake freeze-ups in the winter can be a pain, especially for heavy-duty automobiles.

Some new developments in the global automotive brake system market:

  • In 2021, Brembo intends to introduce a "breakthrough" active-braking technology by 2024. sensify may be the first use of an active-braking system because it can work independently on each of a car's four wheels.
  • On 24th May, 2022, ZF Aftermarket introduces additional options for brake fluid. This brake fluid has a high water tolerance feature in addition to better pedal feel and braking comfort, which enhance safety in all ABS disc and drum brake vehicles.
  • On 5th July, 2022, the debut of Orbis Brakes' Periodic wave disc brake line, developed in collaboration with NASA, was announced. The collaboration led to the development of the patented Periodic Wave disc brake, which combines cutting-edge aerodynamics to improve surface cooling, lessen harmful brake fade, and increase fuel economy and range.                                                           

According to the study, key players dominating the global automotive brake system market are Aisin (Japan), Akebono Brake Industry (Japan), Continental AG (Germany), Hitachi (Japan), Haldex (Sweden), Knorr-Bremse (Germany), Mando Corporation (South Korea), Nissin Kogyo (Japan), Nuova Fourb SRL (Italy), Newfold Digital (U.S), Robert Bosch (Germany), TRW Automotive (U.S), Wabco (U.S), Zeppelin-Stiftung (Germany), among others. 

The Global Automotive Brake System Market Has Been Segmented Into:

The Global Automotive Brake System Market – by Brake Type:

  • Disc
  • Drum

The Global Automotive Brake System Market – by Vehicle Type:

  • Commercial Cars
  • Passenger Car

The Global Automotive Brake System Market – by Technology Type:

  • Antilock Braking System
  • Electrical Stability Control
  • Traction Stability Control
  • Electronic Brake-force Distribution

The Global Automotive Brake System Market – by Regions:

North America

  • U.S.
  • Canada
  • Mexico

Europe

  • Germany
  • France
  • Italy
  • U.K.
  • Russia
  • Rest of Europe Countries

Asia-Pacific

  • India
  • China
  • Japan
  • South Korea
  • Australia
  • Rest of Asian Countries

 LAMEA

  • Brazil
  • Saudi Arabia
  • Rest of LAMEA

Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/automotive-brake-system-market-21

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