The global Automotive Brakes Market is projected to reach USD 42.13 billion by 2028, growing at a CAGR of 6.5% during the forecast period. The main function of automotive brakes is to reduce vehicle speed and halt the vehicle. In recent years, the development of smart braking systems has resulted in a decrease in the number of accidents. These new technologies enable a driver to control the speed of the vehicle more safely and efficiently without vehicle skidding. Also, it has ensured better control of vehicles at higher speed limits.
One of the main factors to drive the automotive brakes market is the rapidly growing automobile industry worldwide. More advanced and powerful engines have higher torque, thereby making brakes an all-important component in controlling vehicles. This has increased their market demand.
Growing concerns over road traffic accidents and the rising number of fatalities have prompted major market players to incorporate safety features in their vehicles. Also, stringent government regulations on vehicle safety in many regions are expected to augment the automotive brakes market in the coming days. NHTSA (National Highway Traffic Safety Administration), an agency of the U.S. DOT (Department of Transportation), is planning to mandate the adoption of AEB (Automatic Emergency Braking) in vehicles from 2022.
New trends in Automotive Brake systems have led to a gradual shift, affecting even the car manufacturers. Standards are on the way to ensure that friction materialsreduce emissions. In cities, fine particulate emissions are becoming a major concern. Manufacturers are integrating regenerative brakesto reduce wear and emissions. Brake performance, safety, and functioning issues such as NVH (noise, vibration, and harshness) have made companies invest in developing cutting-edge designs and integrate a consistent manufacturing process with base material for the development of automotive brakes. All these changes in the Automotive Brakes Market are offering renewed impetus for the growth of the market.
Automotive Brakes Market, By Vehicle Type:
Based on vehicle type, the passenger vehicle segment is leading the automotive brakes market. The increasing demand for passenger vehicles worldwide has led to the growth of the automotive brakes market. According to the International Organization of Motor Vehicle Manufacturers (OICA), the sale of passenger cars worldwide increased from 49650336 in 2009 to 70849466 in 2017. This number is expected to increase further due to the increasing demand for braking systems in the aftermarket, as these components undergo wear and tear after a period of time.
Automotive Brakes Market, By Brake Type:
Based on the type of brake, the automotive brakes market segmentation includes disc and drum brakes, of which the disc brake segment shows high demand owing to the enhanced braking performance of disk brakes and their ability to function in adverse weather conditions without overheating or fading.
Automotive Brakes Market, By Region:
The Asia Pacific to hold the most prominent share of the global automotive brakes market over the forecast period. The Chinese automotive brakes market is one of the biggest in the world. The growing Chinese economy and rising disposable income of people in China have increased the demand for vehicles in the country. Moreover, China has low cost of production, which has supported the development of car manufacturing in the country.
Moreover, the increasing number of accidents in India has led to an increase in the inclusion of safety features in vehicles. To reduce vehicle accidents in India, the Indian government has made it compulsory for all automobile companies to install anti-lock braking systems in their vehicles by April 2019. These developments will boost the automotive brakes market in the Asia Pacific region.
Some Major Developments in Automotive Brakes Market:
Some Key Findings of the Global Automotive Brakes Market Report Include:
By Vehicle Type:
By Brake Type:
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