Automotive Braking System Market Size, Share, Opportunities, And Trends By Brake Type (Disc Brakes, Drum Brakes), By System Type (Hydraulic, Electromagnetic, Air/Pneumatic), By Vehicle Type (Passenger Vehicles, Commercial Vehicles), And By Geography - Forecasts From 2024 To 2029

The automotive braking system market is expected to grow at a CAGR of 3.49%, reaching a market size of US$44.173 billion in 2029, up from US$34.741 billion in 2022.

It is expected that developing countries, such as China and India, will witness a significant growth in the need for passenger and commercial cars; hence, automotive brake systems will be in higher demand here. Additionally, the market is being pushed by drivers, such as strict safety rules and the increasing use of disc brakes on cars used by the wealthy and commercial trucks. Moreover, the life of a brake is restricted to a definite length of distance covered, giving rise to an enormous demand for substitutes.

With the rising fatality rates and concerns about road crashes, participants are increasingly incorporating intensive safety strategies. Mechanisms for the stoppage of cars are predicted to witness more growth due to the strict safety standards set by governments and regulatory agencies. The United States Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) made it obligatory for cars to have auto braking systems starting in 2022.

Automotive Braking System Market Drivers

• Rising demand for advanced technology

Automotive braking systems have recently become very popular because of the increasing need for advanced technology brakes in commercial and passenger vehicles. There has been a rising number of worldwide traffic accidents, forcing countries and the international community to come up with stringent safety regulations. This created a high demand for modern braking technologies such as Anti-lock Braking Systems (ABS). Automobile manufacturers are rapidly implementing ABS due to government mandates. Furthermore, by the end of 2020, 40 members of the United Nations Economic Commission for Europe (UNECE) agreed to make Automatic Emergency Braking (AEB) systems mandatory for automobiles. The previously mentioned elements are anticipated to fuel market expansion.

• High demand for disc brakes

Disc brake applications have increased dramatically in recent years. The ability of disc brakes to function in inclement weather without overheating or fading is credited with their growth. This segment is growing faster due to its compatibility with other advanced systems. Drum brakes use circular parts called brake shoes and an enclosed design to generate the friction required to reduce speed. On the other hand, disc brakes halt wheel movement with a caliper and a narrow rotor. Thus, performance is negatively impacted. Automakers prefer to use drums because they are more economical, even though disc-based systems have greater stopping power than drum-based systems.

• The rising number of passenger cars

The number of passenger cars is rising due to urbanization, disposable income, and population growth. Manufacturers typically design more safety features into braking systems to increase their efficiency. The primary market share and growth of passenger cars are primarily influenced by the Advanced Driver Assistance System (ADAS). Additionally, rising ADAS costs are anticipated to impact the brake systems market because, throughout the forecast period, more cars, motorcycles, and other vehicles will need electromagnetic induction braking systems. Similarly, numerous manufacturers are creating braking system iterations to provide more stopping power across various terrains. Due to the manufacturers' emphasis on minimizing the brake system's weight, high-performance, lighter braking systems are now available.

• High demand for road safety

Strict safety regulations enforced by the government and regulatory bodies have spurred the market's global expansion. The number of traffic accidents appears to be declining as smart braking systems become more prevalent in the automotive brake system market. The latest developments, which prevent cars from skidding, decrease the risk of accidents. The market is anticipated to grow significantly due to the rapid increase in vehicle production and sales and the stringent laws governing stopping distance.

The market for automotive brake systems is projected to grow due to the demand for passive and active safety features installed in cars. Market companies are engaged in the development of research and development aimed at introducing new technologies, along with the introduction of innovative and improved systems. The growing popularity of electric vehicles and the growing focus on autonomous vehicles are expected to boost manufacturing companies' potential for commercial growth. The top 20 automakers have committed to ensuring that all new cars come equipped with automatic emergency braking (AEB), as have the NHTSA (National Highway Traffic System Administration) and Insurance Institute of Highway Safety.

Automotive Braking System Market Geographical Outlook

• Asia Pacific is witnessing exponential growth during the forecast period.

The Asia-Pacific market for automotive braking systems and vision processors is anticipated to present lucrative development opportunities. The demand in this region is ascribed to the existence of several AI processor start-ups, which will probably present VPU companies with substantial growth opportunities in the forecast period. Major drone manufacturers reside in this area together with intelligent camera suppliers who integrate VPUs into their products. Growth in machine vision systems usage and numerous vertical industries driven by consumer electronics and automotive have propelled the automotive braking system/ vision processor markets. Additionally, AI and machine learning technologies, which are fundamental to system programming, will most likely contribute to business growth.

Automotive Braking System Market key launches

• In June 2023, EBC Brakes Racing debuted its newest product, fully-floating, two-piece disc high-performance brake pad options made specifically for the new G87 BMW M2. EBC Brakes Racing takes the lead with this release, being among the first manufacturers to offer aftermarket performance parts for this eagerly awaited car. Introducing these state-of-the-art braking solutions demonstrates EBC Brakes Racing's commitment to providing premium products to enthusiasts and performance-driven drivers to improve their driving experience.

• In March 2023, the automotive industry achieved a major milestone when SSAB and MENETA jointly introduced the world's first automotive brake components and sealing materials made from steel free of fossil fuels. The partnership between MENETA, a top provider of braking solutions, and SSAB, a world leader in the production of high-strength steel, shows their dedication to lowering carbon emissions and switching to more environment-friendly materials. These companies can cut the carbon footprint of manufacturing brake components and sealing materials significantly by using fossil-free steel, which is produced using renewable energy sources.

Segmentation:

• By Brake Type
  • Disc Brakes
  • Drum Brakes
• By System Type
  • Hydraulic
  • Electromagnetic
  • Air/Pneumatic
• By Vehicle Type
  • Passenger Vehicles
  • Commercial Vehicles
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Iran
    • Turkey
    • South Africa
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Others