Projected Growth: Automotive Brake System & Components Market Expected to Reach USD 109,862.1 Million by 2033, with a CAGR of 4.7%

Posted on 2024-08-01 by Future Market Insights in Automotive // 0 Comments

The automotive brake system and components market is projected to be valued at USD 69,403.5 million in 2023 and is expected to rise to USD 109,862.1 million by 2033, with a significant CAGR of 4.7% during the forecast period.

The automotive brake system and components market is essential for ensuring vehicle safety and performance. As vehicles become more advanced and sophisticated, the demand for efficient and reliable braking systems continues to grow. These systems are crucial for controlled vehicle deceleration and stopping, converting kinetic energy into heat energy through friction. Key components of brake systems include brake pads, rotors, calipers, drums, shoes, and hydraulic systems.

The rising acceptance and demand for luxury vehicles are driving the need for advanced braking systems that offer enhanced safety and performance features. As consumers increasingly prioritize comfort and safety, the demand for high-quality brake systems in luxury vehicles is growing.

Stringent safety regulations imposed by governing bodies worldwide are also driving the adoption of advanced braking technologies, aiming to improve vehicle safety standards and reduce accidents on the roads.

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Additionally, the increasing use of disc brakes in commercial vehicles significantly contributes to the market’s expansion. Disc brakes offer improved braking performance, durability, and heat dissipation compared to traditional drum brakes. As commercial vehicles carry heavy loads and operate in demanding conditions, the adoption of disc brakes is gaining momentum, driving market growth.

The Original Equipment Manufacturer (OEM) segment dominates the automotive brake system and components market, holding over 35.2% of the market share. This is driven by increasing consumer demand for improved vehicle control and safety and the growing adoption of passenger cars. The OEM segment is expected to surpass revenues of USD 31,679.8 million by the end of 2022.

The passenger car segment is the most preferred type of vehicle in the market, with a value share of 43.5%. The rising adoption of braking systems and components in passenger cars, coupled with factors such as high disposable income and a growing focus on safety, fuels the demand for passenger cars.

The preference for advanced automotive systems, including safety features like ABS, is driving market growth. The United States market is estimated to surpass revenues of USD 12,751.6 million by the end of 2022.

Japanese automakers are focusing on research and development to introduce cutting-edge innovations in the automobile industry. Brake component manufacturers in Japan emphasize product innovation to meet high consumer demand and advance production techniques. The market is anticipated to be valued at around USD 8,633.9 million in 2022.

Key Takeaways for the Automotive Brake System and Components Market

Significant Market Growth: The market is projected to grow from USD 69,403.5 million in 2023 to USD 109,862.1 million by 2033, with a CAGR of 4.7%.
Essential for Vehicle Safety: Automotive brake systems are crucial for ensuring vehicle safety and performance, converting kinetic energy into heat energy through friction to enable controlled deceleration and stopping.
Luxury Vehicle Demand: The rising acceptance and demand for luxury vehicles are driving the need for advanced braking systems that offer enhanced safety and performance features.
Stringent Safety Regulations: Global safety regulations are pushing the adoption of advanced braking technologies to improve vehicle safety standards and reduce road accidents.
Disc Brakes in Commercial Vehicles: The increasing use of disc brakes in commercial vehicles is a significant growth driver, offering improved performance, durability, and heat dissipation.
Dominance of OEM Segment: The Original Equipment Manufacturer (OEM) segment holds over 35.2% market share, driven by consumer demand for better vehicle control and safety.

Competitive Landscape

Over the last few years, there has been an increase in acquisitions and growth efforts to surge the supply of automotive brake systems & components. Many leading firms are also working on technology development. Contracts & agreements, new product development, and partnerships are vital strategies renowned firms adopt to maintain their market positions.

Leading Key Players:

Continental AG
ZF Friedrichshafen AG
Delphi Automotive PLC
Valeo S.A
Federal-Mogul Holdings Corporation
Nissin Kogyo Co. Ltd
Hitachi Astemo, Ltd.
Akebono Brake Industry Co Ltd.
Magneti Marelli S.p.A
Mando Corporation
Brembo S.p.A.

Recent Developments:

In the third quarter of 2022, Continental AG obtained a substantial contract from a leading automobile manufacturer for the serial manufacturing of their semi-dry braking system (also known as Future braking System) valued at around EUR 1.5 billion (USD 1.56 billion). The system’s manufacturing is slated to begin in 2025.

ADVICS CO. LTD announced a deal in October 2022 to provide Mercedes AMG with more efficient aluminum 6-piston calipers.

Brembo SpA announced in September 2022 that it might reorganize its aftermarket goods into four divisions: Brembo Essential (entry-level products), Brembo Prime (premium products), Brembo Beyond (alternative mobility items), and Brembo Xtra (performance product line).

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Automotive Brake System & Components Market Segmentation:

By Sales Channel:

OEM
- Drum Brake
- Disc Brake
- Aftermarket
- Brake Booster
- Master Cylinder
- Drum Brake
Drum
Brake Shoe
Wheel Cylinder
- Disc Brake
Rotor
Caliper
Brake Pad

By Vehicle Type:

Passenger Car
LCV
HCV

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan (APEJ)
Japan
The Middle East & Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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