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

Automotive Brake System MarketSize and Trends

The global automotive brake system market size was valued at USD 29.86 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 4.2 % from 2022 to 2030. The automotive brake system market is expected to experience a significant growth over the forecast period. Increasing adoption of braking system & components and technological advancements in vehicle safety features are projected to drive the market. The increased demand for commercial and passenger vehicles and increased usage of electric cars is also anticipated to propel the market in Europe.

Global Automotive Brake System Market Trends:

Increasing safety standards in automotive industry around the globe is a major trend in the global automotive brake system market. Several countries in emerging regions are following the footprints of developed regions by having ABS as a standard feature in all the new passenger vehicles. Moreover, Japan and EU support a United Nations plan that requires novel passenger as well as light commercial vehicles to have automatic emergency braking systems, starting from 2020. This trend is expected to grow in the market during the forecast period.

Furthermore, increasing adoption of ABS is passenger cars is another trend in the global automotive brake system market during the forecast period. The sales of passenger cars is increasing in Asia Pacific and Europe region, which is leading to rise in adoption ABS in passenger cars. For instance, in Europe, since 2004, all the newly manufactured passenger cars are required to be equipped with automotive brake system. This trend is likely to continue in the market over the forecast period.