The automotive braking system market is expected to grow at a CAGR of 1.62% to reach a market size of US$38.738 billion in 2024 from US$35.180 billion in 2018. The automotive braking system market will witness a sharp rise during the forecast period owing to therapidly growing demand for automobiles on account ofan increase in disposable income. Furthermore, the increasing number of road accidents has led the manufacturers to spend heavily in R&D to bring out the state-of-art technology for advanced and safe braking systems which is also expected to anticipate the market growth opportunities during the forecast period. In addition, the decreasing life span of braking components is another prime factor to drive the market on account of growing needs for component replacement. The government regulations regarding mandatory requirements of advanced braking systems in vehicles along with the technological advancements in the new braking systems are further expected to augment the demand. The regions of Europe and North America will witness considerable share in the market owing to their early adoption of the technology and high investment in the automotive industry. Additionally, the Asia Pacific region is also poised to witness good growth during the coming years.
By brake type, the automotive braking system market is segmented as disc brakes and drum. The disc brakes segment is expected to have a significant market share on account of more durability and braking power, in addition, due to more application in sports cars and heavy vehicles. The segment of drum brakes is expected to grow at a faster rate on account of fewer costs and application in light motor vehicles, furthermore, the fewer maintenance costs of drum brakes are expected to drive the market share.
On the basis of System Type, the global automotive braking system market is segmented into Air/Pneumatic, Hydraulic, and Electromagnetic. The growing construction industry, growing automotive industry leading to car sales, growing logistics industry, and growing tourism industry is propelling the market demand for pneumatic braking system, hydraulic and electromagnetic braking system, further driving the growth of the global automotive braking system market during the forecast period. Furthermore, growing R&D expenditure leading to innovations and technological advancements in air brakes, hydraulic, and electromagnetic brakes are providing an opportunity for market growth during the forecast period and beyond. Out of the three types, air/pneumatic braking system is expected to hold a larger market share during the forecast period followed by the hydraulic braking system and is expected to grow by 1.15% by 2024.
By geography, Automotive Braking System market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. APAC dominates the automotive braking system and holds a market share of 56.03% owing to the large automobile manufacturing base in countries like China, India, and Japan. Rising investments in terms of expansion of production facilities and implementation of new and stricter regulations to reduce road accidents will further contribute to the growth of APAC Automotive Braking System market during the forecast period. North America and Europe also witness a significant CAGR on account of stricter regulations and supportive government policies to boost domestic automobile production.
The major players profiled in the Automotive braking systeminclude Akebono Brake Industry Co., Continental AG, Federal-Mogul Holding Co, Disc Brakes Australia, HellaPagid GmbH, ZF Friedrichshafen AG, Carlisle Brakes and Friction, PFC brakes, andBrembo S.P.A.
The Automotive braking system market has been analyzed through the following segments:
By System Type
By Vehicle Type