The automotive brake system & components market size 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. The sales of the automotive brake system & components are expected to record a significant CAGR of 4.7% during the forecast period.
Automotive brake systems & components are emerging as a significant auto part for automobile safety. These are considered to be important components that can reduce the speed of the vehicle or stop the vehicle altogether.
Hence, the growth of the automotive sector is expected to create healthy opportunities for companies present in the market. In addition, increasing vehicle parc may lead to growth in the market.
Acceptance of luxury vehicles, enforcement of severe safety regulations, and increasing use of disc brakes in commercial vehicles are contributing to the expansion of the market. The automotive brake system & components industry contributes to about 12 to 15% of the global automotive parts and components market.
Increased demand for brake calipers in disc braking systems is due to the rising preference for aluminum automotive brake components. Brake calipers are anodized, so they can be used in high-quality vehicles. In addition to improving aesthetics and wear resistance, the anodizing process offers better corrosion protection.
Besides, anodized brake calipers are painted to boost their weather resistance. These factors are projected to drive the global automotive brake system & components market in the assessment period.
| Attribute | Details |
|---|---|
| Market Estimated Size (2023) | USD 69,403.5 million |
| Market CAGR (2023 to 2033) | 4.7% |
| Market Forecasted Size (2033) | USD 109,862.1 million |
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From 2018 to 2022, the automotive brake system & components market exhibited growth at 4.5% CAGR and is projected to showcase a CAGR of 4.7% in the forecast period (2023 to 2033).
This surge in YOY growth in 2022 is attributed to the rise in government initiatives in various countries to attract the attention of car owners toward vehicle safety. Government bodies are either promoting awareness regarding safety issues or enforcing stringent legislation.
These activities are anticipated to shift customer attention worldwide toward outfitting cars with reliable safety systems and continuing to update them throughout a car's operational life. As a result, sales of brake systems and related components may increase significantly, thereby propelling the expansion of the market.
Additionally, ongoing research & development (R&D) activities aimed at the introduction of new technologies, as well as the involvement of market participants in the launch of new & improved systems, are some other factors fueling the market expansion.
On the other hand, the growing popularity of electric vehicles and increased demand for autonomous vehicles are anticipated to push the potential of manufacturing businesses to enhance commercial growth in the next decade.
Emergence of Brake Assist and Anti-lock Brake Systems
Utilizing electronic braking systems like anti-lock brake systems (ABS), brake assist (BA), and electronic brake force distribution (EBD) can help shorten stopping distances. ABS helps shorten stopping distances when braking forcefully by enabling vehicle stability and directional control. This is among the key benefits that ABS has over traditional braking systems.
ABS ensures that a vehicle can come to a stop in the shortest possible distance, according to the Royal Society for the Prevention of Accidents (RoSPA).
BA is often used with ABS and depends on the vehicle's ABS technology. BA contributes to a 45% reduction in stopping distance. As a result, regulatory standards for vehicle safety are likely to lead to increasing deployment of ABS and BA in the upcoming decade.
EBD, which functions as an extension of the ABS, is in charge of applying the same amount of force to each wheel. EBD has benefits like increased stability, shorter stopping distances, better grip on the road, and increased braking effectiveness. Given these benefits, developing nations like India and Mexico have declared their aim to use electronic stability control (ESC) and enhanced braking systems (EBD) in their newest automobiles.
The Indian auto industry has already implemented ESC and may mandate EBD starting in 2023. The Mexican government declared in 2021 that it may install ESC and EBD in a few models starting in 2022.
With increasing sales of SUVs, luxury, and sports models, customers are not only looking for performance, but they want their vehicles to be equipped with advanced technologies to ensure the safety of passengers while driving. Growing demand for safety systems in luxury cars is driving sales of passenger cars in the global automotive brake system & components market.
Initiatives by Renowned Automakers to Enhance Vehicle Safety
Automobile manufacturers are constantly creating better and newer products to make driving more enjoyable while maintaining safety. Industry leaders, including ZF Friedrichshafen AG, Advics Co. Ltd., Haldex, and Web Co., are constantly designing electronic stability control, anti-collision technologies, and advanced anti-lock braking systems to make cars better and safer.
For instance, Continental AG created a third-generation anti-lock braking system (ABS) that optimizes braking performance while adjusting vehicle speeds.
Principal Consultant
Surging Demand for Car Hydraulic Brakes to Boost Sales among OEMs
With a market share of more than 35.2%, the OEM segment commands the automotive brake system & components market. This is due to rising consumer demand for improved vehicle control and safety, as well as the surging adoption of passenger cars.
Additionally, increasing automotive sales and expansion of manufacturing capacities by key players are projected to push the OEM segment in the automotive brake system & components market.
The rise in mergers and acquisitions among distributors and small-scale manufacturers is another vital factor that may spur the OEM segment. As per Future Market Insights, Inc, the OEM segment may surpass revenues worth USD 31,679.8 million by the end of 2022.
Increasing Production of Passenger Cars to Foster Demand for Hydraulic Brake Systems
By vehicle type, the passenger car segment is anticipated to remain at the forefront, with a value share of 43.5% in the automotive brake system & components market during the forthcoming years. The rising adoption of braking systems & components in passenger cars is projected to aid the growth of the segment.
Moreover, high disposable income and an increasing inclination towards safety are other factors may boost the demand for passenger cars. According to the Society of Indian Automobile Manufacturers, total domestic sales of passenger cars surged from 2,711,457 to 3,069,499 units in 2021.
Also, passenger vehicle exports increased from 404,397 to 577,875 units from April 2021 to March 2022. These numbers are likely to surge in the upcoming decade across the globe, thereby fueling the segment.
Rising Preference for Advanced Automotive Systems to Push the United States by 2033
The United States is a matured automotive market and has high penetration for technologically advanced & high-cost products. Many passenger cars and commercial vehicles in the country are equipped with advanced brake technologies such as ABS and other safety systems.
Furthermore, significant sales of sports and luxury vehicles in the United States make market players more inclined toward the adoption of advanced safety systems.
As per Future Market Insights, Inc, the United States automotive brake system & components market is estimated to surpass revenues worth USD 12,751.6 million by the end of 2022.
Japanese Automakers Are Developing Unique Automotive Brake Pads
The market for automotive brake systems & components in Japan is anticipated to be valued at about USD 8,633.9 million in 2022, says Future Market Insights, Inc. The country's automotive market has some leading manufacturers headquartered locally.
These established firms are increasingly concentrating on Research and Development to introduce cutting-edge innovations in the automobile industry.
Japanese brake component manufacturers are concentrating on innovation to create new and advanced products to meet the high demand from various end-use consumers. Some of the other companies are striving to bring advancements in production techniques.
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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.
For Instance,
In March 2022, Nisshinbo Holdings Inc. announced to establish a joint venture company with Continental AG (Continental) in Gurgaon, Haryana, India. The newly established company may produce and sell valve blocks, which are the main component of electronic brake systems (EBS). The joint venture may be capitalized at around JPY 1.9 billion, 60% of which may be owned by Nisshinbo HD and 40% by Continental. They are planning to begin operation in April 2023.
Continental and Delphi Strive to Enhance Braking Capabilities and Provide Extra Protection to Automotive Brake Systems & Components
Automotive brake system & components manufacturers are aligning themselves with massive changes in their field. These manufacturers may nowadays have to comply with changing requirements with the ongoing electrification of vehicles. They are focusing on launching innovative products to become a leader in this space.
Further, merging with other companies and ensuring their processes comply with the guidelines set by governments are some key areas manufacturers are increasingly focusing on. For instance, Continental, a manufacturing leader in automotive brake systems & components, launched the ATE MK60 Hydraulic Control Unit (HCU).
The MK60 provides greater control to drivers as it repeatedly lowers and raises the brake pressure. Additionally, it offers agility, directional stability, and reduced braking distances during difficult driving conditions. Continental is focusing on improving braking capabilities through research & development (R&D) and the launch of new products.
Continental is also working towards joint ventures with leading companies to consolidate its position. For instance, it announced the creation of a joint venture (JV) with the Japanese company Nisshinbo Holdings to strengthen its braking systems portfolio in India.
The JV may focus on manufacturing electronic brake systems (EBS), anti-lock brake systems (ABS), and electronic stability control (ESC) for passenger cars.
Delphi Technologies, another leading player in the automotive brake system & components domain, is strengthening its position as a leader through innovative products. For instance, the company has added eight more first-to-market brake pads to its aftermarket braking program.
The company's brake pad lineup now offers more than 98.5 percent coverage for the European automobile parc, building on a tradition of introducing first-to-market solutions. It also offers its clients a significant benefit by enabling workshops to earn more money by taking on the repair work on these newer vehicles earlier, hence improving profitability and client retention.
Delphi is also launching innovative coated brakes to offer end users more safety and comfort. For instance, in independent tests, the company's coated brake discs outperformed the products of many leading competitors, thereby outlasting the plain original equipment (OE) and a premium black-painted disc by more than 720 hours of salt spray corrosion resistance.
These coated brakes offer extra protection, which guarantees a high-quality, durable disc. These are also significantly quicker and simpler to install because there is no oil to remove, which reduces labor costs and servicing time for garages.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.7% from 2023 to 2033 |
| Base Year of Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and Volume in Units and F-CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | Sales Channel, Vehicle Type, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania |
| Key Countries Profiled | The USA, Canada, Brazil, Mexico, Germany, Italy, France, The UK, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | 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. |
| Customization & Pricing | Available upon Request |
The growing popularity of electric vehicles drives sales.
The United States is anticipated to be the market with the high potential.
The market is forecast to register a CAGR of 4.7% through 2033.
The market is estimated to secure a valuation of USD 69,403.5 million in 2023.
A diverse OEM presence creates growth opportunities in the market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 5.1. OEM 5.1.1. Drum Brake 5.1.2. Disc Brake 5.2. Aftermarket 5.2.1. Brake Booster 5.2.2. Master Cylinder 5.2.3. Drum 5.2.4. Brake Shoe 5.2.5. Wheel Cylinder 5.2.6. Rotor 5.2.7. Caliper 5.2.8. Brake Pad 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type 6.1. Passenger Car 6.2. LCV 6.3. HCV 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Continental AG 17.2. ZF Friedrichshafen AG 17.3. Delphi Automotive PLC 17.4. Valeo S.A 17.5. Federal-Mogul Holdings Corporation 17.6. Nissin Kogyo Co. Ltd 17.7. Hitachi Astemo, Ltd. 17.8. Akebono Brake Industry Co Ltd. 17.9. Magneti Marelli S.p.A 17.10. Mando Corporation 17.11. Brembo S.p.A. 18. Assumptions & Acronyms Used 19. Research Methodology
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Automotive Brake System & Components Market
