Automotive Brake Components Aftermarket Market Size was valued at USD 49.1 Billion in 2022. The Global Automotive Brake Components Aftermarket market industry is projected to grow from USD 51.3 Billion in 2023 to USD 73.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.50% during the forecast period (2023 - 2032). Adoption of luxury vehicles, the enforcement of stringent safety regulations, and a rise in the use of disc brakes in commercial vehicles, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
To make driving cars more enjoyable and safe, automakers are continually developing new features. Companies offer electronic stability control (ESC) and anti-lock braking systems that work together to avoid skidding and keep vehicles under control. As a result, improvements in vehicle safety technology may spur the market for automobile brake systems to expand. Players regularly create anti-lock braking systems, electronic stability control, brake-by-wire, and anti-collision gadgets to make safer and better cars. For instance, Brembo launched ENESYS ENERGY SAVING SYSTEM for Light Commercial Vehicles (LCVs) in the Aftermarket category in September 2022. It is asserted that this new technology will reduce brake disc and pad wear and tear. The first new structure brake caliper was introduced in the globe by Akebono Brake Industry Co. Ltd in Japan in May 2022. For Toyota Vellfire and Alphard luxury vans, the new brake caliper will be offered at GR Garage Urawa Misono, the company's official dealership.
Many major companies and automakers are leaning toward integrating high-quality brake systems in their vehicles because brakes have become an essential component of any vehicle to ensure safety when the demand for speed is increasing steadily. As a result, OEMs for automotive braking systems have contracts in place to supply brake systems to automakers. For instance, Brembo was named the primary supplier of the entire brake caliper assembly for Faraday Future Intelligent Electric Inc.'s ultra-high-tech, opulent FF 91 EV in April 2022. For the FF 91, Brembo will supply a unique caliper assembly. This contains the electronic parking brake as well as the assembly, pistons, calipers, and pads. Following the aforementioned developments and incidents, rising R&D activities are anticipated to worsen the demand for automotive brake systems over the course of the forecast period. Thus, driving the Automotive Brake Components Aftermarket market revenue.
The Automotive Brake Components Aftermarket Market segmentation, based on Product Type, includes disc brakes and drum brakes. The disc brake category share was the greatest in 2022, and it is predicted that it would grow at a significant CAGR over the course of the forecast period. Disc brakes have seen a significant increase in use recently. The ability of disc brakes to operate in bad weather without overheating or fading is credited with their expansion. The disc brake market is growing even faster thanks to its connectivity with other cutting-edge systems.
The Automotive Brake Components Aftermarket Market segmentation, based on Vehicle, includes passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles segment, which accounted for the largest market share in 2022, is anticipated to grow at a strong CAGR throughout the projected period. Because of rising populations, more disposable income, and urbanization, the number of passenger cars is rising.
The Automotive Brake Components Aftermarket Market segmentation, based on Sales Channel, includes OEM and aftermarket. In 2022, the OEM segment dominated the market, and it is anticipated that it would continue to dominate during the forecast period. OEMs are spending money on research and development in an effort to create cutting-edge brake components. Sales are anticipated to stay high as OEMs keep putting a priority on providing effective automotive brake components with high-durability designs, which in turn fuels market demand for these components.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Automotive Brake Components Aftermarket market dominated this market in 2022. This is because businesses in the area offer significant cost reductions due to the accessibility of cheap labor and raw supplies. Additionally, the center of the automotive manufacturing industry is located in nations like China and India, among others. The market is anticipated to develop as a result of the increased popularity of automotive brake systems and an increase in sales of luxury and premium vehicles. Additionally, the rise in automobile ownership and the rising accident rate both contribute to the market's expansion. Moreover, China’s Automotive Brake Components Aftermarket market held the largest market share, and the Indian Automotive Brake Components Aftermarket market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Automotive Brake Components Aftermarket market accounted for the healthy market share in 2022. This is explained by the rising acceptance of active braking systems, which has increased demand for luxury and high-end vehicles. Further, the German Automotive Brake Components Aftermarket market held the largest market share, and the UK Automotive Brake Components Aftermarket market was the fastest growing market in the European region
The North America Automotive Brake Components Aftermarket Market is expected to register significant growth from 2023 to 2032. The market in this area has grown as a result of rising consumer demand for vehicles that perform better in bad weather, the presence of major automakers, and an increase in the production of both passenger cars and light commercial vehicles. Additionally, the mandated installation of ESC technology in all light cars starting in 2018 has fueled the expansion of the regional market. Further, the U.S. Automotive Brake Components Aftermarket market held the largest market share, and the Canada Automotive Brake Components Aftermarket market was the fastest growing market in the North America region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Automotive Brake Components Aftermarket market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Automotive Brake Components Aftermarket industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Automotive Brake Components Aftermarket industry to benefit clients and increase the market sector. In recent years, the Automotive Brake Components Aftermarket industry has offered some of the most significant advantages to medicine. Major players in the Automotive Brake Components Aftermarket market, including Hyundai Motor Co., Meritor Inc., Nisshinbo Holdings Inc., Robert Bosch GmbH, Disc, Brakes Australia Pty. Ltd., Carlisle Companies Inc., Continental AG, Baer Inc., BorgWarner Inc., Brembo SpA, First Brands Group, Freeman Automotive UK Ltd., Haldex AB, and Akebono Brake Industry Co., are attempting to increase market demand by investing in research and development operations.
Environmental and Energy Company Nisshinbo Holdings Inc. (Nisshinbo) creates, produces, and distributes a variety of goods. It sells electronic components, brake friction materials, brake parts, tissue, printing paper, processed paper goods, machine tools, and environmental goods. It also sells wireless communication equipment and electronic parts. Nisshinbo Holdings Inc. announced in March 2022 that it would create a joint venture firm in Gurgaon, Haryana, India, with Continental AG (Continental). The newly founded business will manufacture and market valve blocks, which are essential to electronic brake systems (EBS).
Hyundai Motor Co. is a manufacturer of automobiles. The business creates, develops, produces, and distributes automobiles, including chassis, engines, and parts, as well as cars, lorries, buses, SUVs, MPVs, and hydrogen-powered vehicles. Hyundai also offers services for processing credit cards and financing vehicles. Hyundai sells its goods under a number of different brand names, including Veloster, Venue, Azera, i40, Elantra, Tucson, Accent, Kona, Creta, Sonata, i20, and ix20. The business works to create cutting-edge technologies like Advanced Air Mobility (AAM) and robotics. It operates in Europe, Asia Pacific, North and South America, and other continents. The business has production sites in the US, Brazil, Russia, China, Korea, Turkey, India, and the Czech Republic. The headquarters of Hyundai are in Seoul, South Korea. Hyundai declared in 2022 that it would soon add ADAS safety features to its top-of-the-line Creta model in order to stay competitive.
January 2022 The GS8 Hybrid from the GAC Group has been chosen to use Advics Co. Ltd.'s regenerative coordinated braking system and electric parking brake (EPB).
November 2021 Brembo revealed that it is developing an active braking system, which is anticipated to be available by 2024.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 49.1 Billion |
| Market Size 2023 | USD 51.3 Billion |
| Market Size 2032 | USD 73.0 Billion |
| Compound Annual Growth Rate (CAGR) | 4.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Vehicle, Sales Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Akebono Brake Industry Co. Ltd., ABS Friction Inc., Baer Inc., BorgWarner Inc., Brembo SpA, Carlisle Companies Inc., Continental AG, Disc, Brakes Australia Pty. Ltd., First Brands Group, Freeman Automotive UK Ltd., Haldex AB, Hyundai Motor Co., Meritor Inc., Nisshinbo Holdings Inc., and Robert Bosch GmbH |
| Key Market Opportunities | Technological advancements in braking systems |
| Key Market Dynamics | Implementation of strict safety standards, the adoption of luxury automobiles, and increased adoption of the disc brakes in commercial vehicles |
Frequently Asked Questions (FAQ) :
The Automotive Brake Components Aftermarket Market size was valued at USD 49.1 Billion in 2022.
The global market is projected to grow at a CAGR of 4.50% during the forecast period, 2023-2032.
Asia Pacific had the largest share in the global market
The key players in the market are Akebono Brake Industry Co. Ltd., ABS Friction Inc., Baer Inc., BorgWarner Inc., Brembo SpA, Carlisle Companies Inc., Continental AG, Disc, Brakes Australia Pty. Ltd., First Brands Group, Freeman Automotive UK Ltd., Haldex AB, Hyundai Motor Co., Meritor Inc., Nisshinbo Holdings Inc., and Robert Bosch GmbH
The Disc Product Type dominated the market in 2022.
The Passenger Vehicles had the largest share in the global market.
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