Automotive Brake System Market, By Product Type (Disc Brakes and Drum Brakes), By Brake Pad Material Type (Organic, Metallic, and Ceramic), By Sales Channel (OEMs and Aftermarket), By Vehicle Type (Passenger Cars and Commercial Vehicles), and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published In : Jan 2023

Code : CMI5463

Pages :169

Formats :

Excel and PDF

Industry : Automotive and Transportation

Market Challenges And Opportunities

Global Automotive Brake System Market Drivers:

Increasing emphasis on safety solutions is expected to propel growth of the global automotive brake system market over the forecast period. The major factor of development of advanced automobile safety systems is the search for vehicle safety. The growing awareness among consumers regarding advanced safety technologies and features is leading to increased interest in improvement of safety systems of their vehicles. Thus, this factor is expected to boost the market growth over the forecast future.

Increase in demand as well as growing sales for commercial vehicles is expected to augment growth of the global automotive brake system market over the forecast period. As per Eurostat, nearly 75% of inland cargo transports are carried out by road travel, which is nearly 1,750 billion metric ton-kilometer. As a result of this, the commercial vehicles are highly in demand in Europe as the logistics industry is growing along with the use of light commercial vehicles. Thus, growing demand for commercial vehicles is driving the market growth across all the regions.

Global Automotive Brake System Market Opportunities:

Increase in technological developments in automotive brake systems is expected to create several growth opportunities in the global automotive brake system market during the forecast period. Due to growing safety standards, manufacturers are focusing on development of advanced and innovative brake systems for vehicles to offer more safety. This in turn is creating various lucrative opportunities for market players in the global automotive brake system market.

Rise in sales of hybrid and battery electric vehicles is also anticipated to provide market players with several growth opportunities in the global automotive brake system market during the forecast period. The increase in sales of hybrid and electric vehicles is creating significant demand for brake-by-wire technology, along other various innovative brake systems for vehicles. Due to this manufacturers are shifting from electro-hydraulic to brake-by-wire technology. Thus, this is likely to offer various growth opportunities in the market.

Global Automotive Brake System Market Restraints:

Factors such as brake failure rate are likely to impede growth of the global automotive brake system market during the forecast period. Braking systems are important factor of an automobile. With increasing technological developments, the brake systems in vehicles are advancing; however, due to improper maintenance of these automotive components, they show technical failures. Thus, the market growth of Automotive Brake Systems is impacted negatively by such factors.

Furthermore, high cost of development and maintenance of advanced braking technology is also expected to hinder growth of the global automotive brake system market during the forecast period. Normal maintenance of a brake system can be expensive, for instance, a periodic brake system service is included of replacing brake shoes, brake fluids, brake pads, adjusting, cleaning, and lubricating braking mechanisms. The cost of such service is expensive. Moreover, as per Repair Smith, the average cost required for replacement of ABS sensors is US$ 150-400 and for brake fluid replacement US$ 90-200.