Automotive Braking System Market Overview:
The Global Market Size was valued at USD 29.3 Billion in 2022. The Automotive Braking System market industry is projected to grow from USD 30.9 Billion in 2023 to USD 47.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2023 - 2032). The increased popularity of road safety and rising investments in research & development by key players are the key market drivers enhancing the growth of market.
Source: Secondary & Primary Research, MRFR Database, and Analyst Review
Braking System Market Trends
The growing popularity of road safety is driving the market growth
Market CAGR for automotive braking systems is being driven by the rising popularity of road safety. Increasing concern about road traffic crashes and the rising number of deaths have caused the key players to include robust safety features. The government and regulation body's stringent safety regulations have boosted the growth of the market globally. The integration of smart braking systems in the automotive brake system market has appeared to be lessening the number of road accidents.
The recent advancements avert vehicles from skidding, reducing the risk of accidents. The swift increase in the production and sales of vehicles coupled with strict regulations concerning the stopping distance is expected to largely contribute to the growth of the market. The rising demand for the installation of passive and active safety in vehicles is anticipated to boost the automotive brake system market. The market companies are involved in the introduction of innovative and improved systems with the development of research and development focused on launching new technologies. The rising adoption of electric cars and the increasing emphasis on autonomous vehicles are anticipated to surge the commercial growth potential of manufacturing companies in the future. The NHTSA (National Highway Traffic System Administration) and Insurance Institute of Highway Safety, along with the leading 20 vehicle manufacturers, have pledged to make the AEB (Automatic Emergency Braking) a standard feature in all recent automobiles.
The use of electronic braking systems, like Anti-lock Brake Systems (ABS), Brake Assist (BA), and Electronic Brakeforce Distribution (EBD) can assist in minimizing the stopping distance. ABS allows vehicle stability and directional control and causes a reduction in stopping distance during hard breaks, which is one of the important advantages offered by ABS over conventional braking systems. ABS certifies the shortest distance in which a vehicle can be brought to rest is attained.
Automobile manufacturers are always innovating and developing new and much better products to make driving more fun while remaining safe. Leading companies such as ZF Friedrichshafen AG, Advics Co. Ltd, and many more are continuously designing anti and advanced anti-lock braking systems, and electronic stability control, to develop better and safer automobiles. Thus, driving the market revenue.
Automotive Braking System Market Segment Insights:
Automotive Braking System Brake Type Insights
The market segmentation, based on brake type, includes disc brakes and drum brakes. The disc brake segment dominated the market, accounting for the highest market revenue. The disc brake gives more excellent stopping power than the drum brakes, as they do not heat the rim, preventing tire blowouts and helping in precise braking.
Figure 1: Automotive Braking System Market, by Brake Type, 2022 & 2032 (USD Billion)
Source: Secondary & Primary Research, MRFR Database and Analyst Review
Automotive Braking System Brake System Insights
The Automotive Braking System market segmentation, based on the brake system, includes ABS, TCS, ESC, and Others. The ABS category dominated the market of automotive braking systems. ABS are safety anti-skid braking systems that are utilized in aircraft as well as in cars, motorcycles, and buses, as they prevent the wheels from locking up while braking by maintaining a tractive connection with the surface of the road and enhance steering control.
Automotive Braking System Vehicle Type Insights
The Automotive Braking System market segmentation, based on vehicle type, includes Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles. The passenger vehicles segment dominates the market owing to the increase in population, large purchasing power, and advantageous regulations.
Automotive Braking System Regional Insights
By region, the study gives market insights into Asia-Pacific, North America, Europe, and the Rest of the World. The North American Automotive Braking System market dominates this market due to the rising demand for better-performance of vehicles in extreme conditions, the major car manufacturers' availability, and the rise in the source of light commercial vehicles and passenger cars in this region. The US is the highest contributor to the market.
Further, the main countries studied in the market report are The US, Canada, German, Spain, France, the UK, Italy, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Automotive Braking System Market Share By Region 2022 (USD Billion)
Source: Secondary & Primary Research, MRFR Database, and Analyst Review
Europe's Automotive Braking System market accounts for the second-largest market share due to the high export of automobiles and related components and rising demand from international automotive manufacturers. Further, the German Automotive Braking System market was the largest contributor of market share, and the UK Automotive Braking System market was the fastest-growing market in the European region.
The Asia-Pacific Automotive Braking System Market is expected to rise at the fastest CAGR from 2023 to 2032. This is due to increasing auto component manufacturing hubs in this region and the growing population with low labor charges attracting the industry players to set up their production hubs in the region. Moreover, China’s Automotive Braking System market held the largest market share, and the Indian Automotive Braking System market was the fastest-growing market in the Asia-Pacific region.
Automotive Braking System Key Market Players & Competitive Insights
Leading market participants are investing largely in research and development in order to spread their product lines, which will help the Automotive Braking System market grow even more. Market participants are also undertaking a various strategic activities to enlarge their global footprint, with important market developments inclusive of new product launches, mergers and acquisitions, higher investments, contractual agreements, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the Automotive Braking System industry must offer cost-effective items.
Manufacturing locally to lessen the operational costs is one of the key business strategies used by manufacturers in the Automotive Braking System industry to benefit clients and rise the market sector. In recent years, the Automotive Braking System industry has provided some of the most significant advantages to the automobile industry. Major players in the Automotive Braking System market, including Bethel Automotive Safety Systems Co. Ltd., Akebono Brake Industry, Gold Phoenix, Brembo, Hyundai Groups, Robert Bosch GmbH, Continental AG, Delphi Technologies, Mando Corp., VULKAN Group, Valeo, and others, are attempting to grow the market demand by investing in research and development operations.
Hyundai Motor Group is a widespread corporation that creates a value chain based on automobiles, steel, and construction and consists of logistics, finance, IT, and service. Hyundai Groups includes Hyundai, HIA, Genesis, and more affiliates in other industries like construction, steel, finance, etc. It is a company with 250,000 employees globally. In 2022, Hyundai came up with plans to continue with competition by providing the ADAS safety functions in its premium lineup Hyundai Creta. The ADAS kit will consist of Level 2 Autonomous driving assists aids inclusive of Automatic Emergency Braking to put the car to a halt on obstacle detection and other ADAS functions like Adaptive Cruise Control, Lane Keeping Assist, blind-spot monitoring system, etc.
Brembo is a worldwide leader in the design, development, and production of braking systems that provides cars, motorcycles, commercial vehicles, and racing cars. Brembo includes Brembo, breccia, byre, and Marchesini brands and provides products under the AP Racing brand. Brembo runs on three continents and has production facilities in 15 nations. In September 2022, Brembo launched ENESSYS ENERGY SAVING SYSTEM for light commercial vehicles in the aftermarket segment, which claims to minimize the wear and tear on brake pads and discs. In November 2021, Brembo started working on the development of an active brake system, anticipated to be launched in 2024. This system is different from other braking systems used in automotive.
Key Companies in the Automotive Braking System market include
- Bethel Automotive Safety Systems Co. Ltd.
- Akebono Brake Industry
- Gold Phoenix
- Hyundai Groups
- Robert Bosch GmbH
- Continental AG
- Delphi Technologies
- Mando Corp.
- VULKAN Group
Automotive Braking System Industry Developments
October 2022: A Chinese automotive supplier, Bethel Automotive Safety Systems Co., Ltd., introduced an agreement with the management committee of Taizhou Bay New Area to develop an automotive chassis Wire-Controlled Brake System.
June 2018: The world's first 'new construction brake caliper' was developed by the Akebono Brake Industry Co., Ltd. It is based on the construction of the existing product, the AD-Type disc brake, which has been altered extensively to reach specific requirements for automobiles that utilize electric power sources and be eco-friendly globally.
July 2022: Gold Phoenix and Brembo announced a joint venture agreement to start a new company, Shandong BRGP Friction Technology Co., Ltd., to develop the first large-scale Brembo manufacturing facility fully in concern of producing innovative aftermarket pads.
Braking System Market Segmentation:
Automotive Braking System Brake Type Outlook
Automotive Braking System Brake System Outlook
Automotive Braking System Vehicle Type Outlook
Automotive Braking System Regional Outlook
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Latin America
|Market Size 2022
|USD 29.3 Billion
|Market Size 2023
|USD 30.9 Billion
|Market Size 2032
|USD 47.4 Billion
|Compound Annual Growth Rate (CAGR)
|Market Forecast Period
|Market Forecast Units
|Value (USD Billion)
|Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
|Brake Type, Brake System, Vehicle Type, and Region
|Europe, North America, Asia Pacific, and the Rest of the World
|The US, Canada, German, France, the UK, Italy, Spain, China, South Korea, Japan, India, Australia, and Brazil
|Key Companies Profiled
|Bethel Automotive Safety Systems Co. Ltd., Akebono Brake Industry, Gold Phoenix, Brembo, Hyundai Groups, Robert Bosch GmbH, Continental AG, Delphi Technologies, Mando Corp., VULKAN Group, Valeo
|Key Market Opportunities
|Growing demand for lightweight products
|Key Market Dynamics
|Rise in road accident deaths and increasing automotive aftermarket.
Frequently Asked Questions (FAQ) :
The Automotive Braking System market size was valued at USD 29.3 Billion in 2022.
The global market is projected to rise at a CAGR of 5.50% during the forecast period of 2023-2032.
North America holds the largest share of global market.
The key players in the market are Bethel Automotive Safety Systems Co. Ltd., Akebono Brake Industry, Gold Phoenix, Brembo, Hyundai Groups, Robert Bosch GmbH, Continental AG, Delphi Technologies, Mando Corp., VULKAN Group, Valeo.
The disc brake category dominated the market in 2022.
Passenger vehicles category had the largest share of the global market.
Key Questions Answered
Request Free Sample
- ✅Global Market Outlook
- ✅In-depth analysis of global and regional trends
- ✅Analyze and identify the major players in the market, their market share, key developments, etc.
- ✅To understand the capability of the major players based on products offered, financials, and strategies.
- ✅Identify disrupting products, companies, and trends.
- ✅To identify opportunities in the market.
- ✅Analyze the key challenges in the market.
- ✅Analyze the regional penetration of players, products, and services in the market.
- ✅Comparison of major players’ financial performance.
- ✅Evaluate strategies adopted by major players.
Why Choose Market Research Future?
Speak to Analyst
- ✅Vigorous research methodologies for specific market.
- ✅Knowledge partners across the globe
- ✅Large network of partner consultants.
- ✅Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- ✅Trusted by fortune 500 companies/startups/universities/organizations
- ✅Large database of 5000+ markets reports.
- ✅Effective and prompt pre- and post-sales support.