ID: MRFR/AM/2822-CR | August 2020 | Region: Global | 154 pages
Market Research Future (MRFR) presumes the Global Automotive Braking System Market size to reach a value of USD 35.9 Billion at a 5.55% CAGR from 2018 to 2025 (projected period). The automotive braking system is a mechanism that controls motion. It is one of the most critical control systems of a vehicle. It's an amalgamation of interactive parts. The braking system absorbs energy from the moving parts and slows down the vehicle through friction. The market for automotive braking systems is driven by factors such as road accident deaths and a rising automotive aftermarket.
The automotive and transportation sector is among the most vulnerable verticals to the ongoing outbreak of COVID-19 and is currently in the midst of unparalleled uncertainty. COVID-19 is projected to have a major effect on the supply chain and demand for products in the automotive industry. The industry's concern has changed from being focused on supply chain disruption from China to the overall downturn in demand for automotive products. In addition, shifts in consumer buying behavior due to the uncertainty surrounding the pandemic may have significant consequences on the near future growth of the industry.
Rising Demand for Safety Features in Automobiles
The demand for safety features such as the anti-lock braking system (ABS), traction control, tire pressure monitors, electronic stability control, airbags, and telematics is on the rise due to the growing number of road accidents worldwide. As per the Association of Safe International Road Travel (ASIRT), almost 1.3 million people die each year worldwide in road accidents, with an average of 3.287 deaths per day. In addition, traffic accidents are the ninth leading cause of death and account for 2.2% of all deaths worldwide. People are worried about these conditions and the demand for safety features to be integrated into their vehicles.
Technological Advancements in Safety Features
Automobile companies are continuously developing new and improved products for comfortable and safe driving of vehicles. Players often develop products such as the anti-lock braking system, electronic stability control, and anti-collision devices to produce safer and better vehicles. For example, Continental AG developed third generation of anti-lock braking system (ABS) in February 2018, which responds to vehicle speeding and provides safer, controllable, and optimum brake performance while driving. In November 2017, Bosch released an anti-lock braking system for eBikes, which prevents the front wheel, along with controlling the lifting of the rear wheel of these bikes. In addition, anti-lock braking systems are now available with electronic stability control (ESC) to avoid skidding and thereby bring vehicles under control. As a result, technical developments in vehicle safety features are a potential driver in the growth of the automotive brake system market.
Global Automotive Braking Systems in has been segmented based on Brake Type, Brake System, Component, and Vehicle Type.
By brake type, the disc brake segment to earn the highest market share
In 2019, the disc brake segment had the highest market share of 71.8%, with a valuation of USD 18.968.2 million. It is predicted to register a 5.91% CAGR during the projected timeframe.
By brake system, the ABS segment to capture the highest market share
In 2019, the ABS segment had the highest market share of 61.6%, with a market value of USD 16.280.9 million. It is predicted to register a 5.88% CAGR over the forecast period.
By component, the master cylinder segment to garner the largest market share
In 2019, the master cylinder segment earned the largest market share of 25.4%, with a valuation of USD 6,701.5 million. It is predicted to register a 7.78% CAGR during the projected timeframe.
By vehicle type, the PCV segment to achieve the largest market share
The PCV segment accounted for a large market share of 67.1% in 2019, with a valuation of USD 17.733.3 million. It is predicted to register a 5.88% CAGR over the forecast period.
APAC to foster the global market
In the automotive braking system market, growth in the Asia Pacific region is expected to increase during the forecast period. China is one of the largest automotive market in the world. The growing Chinese economy and the increasing disposable income of people in China have increased the demand for vehicles in the country. Moreover, the low production costs in China have benefited the growth of vehicle manufacturing in China. In 2018, China produced 27.8 million vehicles.
Furthermore, the increasing number of accidents in India has resulted in an increase in safety features, especially in mid-level vehicles. In order to reduce such accidents, the Indian Government made it obligatory for all automobile companies to install anti-lock braking systems in their vehicles in April 2019. 2-wheeler models like Hero Karizma, Bajaj V15, and car models such as Hyundai Eon, Honda Brio, Fiat Punto, Tata Bolt, etc., have been discontinued due to lack of ABS and strict government emission and safety standards. India is also one of the biggest automotive manufacturers in the Asia Pacific.
The automotive braking system industry is fragmented, with numerous players in the market. The market is driven by a trend in vehicle production, aftermarket replacement, and acquisition activities among key players.
Robert Bosch GmbH, Continental AG, Mando Corp., ZF Friedrichshafen AG, Delphi Technologies, and Valeo are a few of the main players operating in the global market.
Continental's new wheel concept is designed to assist electric vehicles in regenerative braking. This concept improves comfort by lowering corner weights and ensures safety through a larger friction radius and increased braking functions. It also reduces the overall cost of ownership.
This research report estimates revenue growth at global, regional, and national levels and offers insight into new updates in each sub-sector from 2018 to 2025. For this report, MRFR divided the automotive braking system market report by brake type, brake system, component, vehicle type, and region.
By Brake Type
By Brake System
By Vehicle Type
Frequently Asked Questions (FAQ) :
The automotive braking system market is presumed to thrive on account of rising implementation of stricter safety regulations.
The automotive braking system market participants are resorting to product launches and developments leveraging advanced technologies. This, in turn, is assumed to boost growth of the market.
The automotive braking system market is presumed to strike 5.55% CAGR.
The automotive braking system market size is poised to be USD 35.9 Billion by 2025.
Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), Wabco Holdings, Inc. (U.S.), Aisin Seiki Co, Ltd. (Japan), Knorr-Bremse AG (Germany), TRW Automotive Holdings Corp (U.S.), Akebono Brake Industry Co. Ltd.(Japan), Halla Mando Corp. (South Korea), and Valeo (France) are the key players of the automotive braking system market.