Automotive Brake System Market To Reach $72.70 Billion By 2030

Automotive Brake System Market Growth & Trends

The global automotive brake system market size is expected to reach USD 72.70 billion by 2030, registering a CAGR of 5.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. Factors such as the increasing number of road accidents have led to the rising demand for the safety features such as traction control system, anti-lock braking system, advanced driver system, etc. Passengers are concerned about the rising fatality which is prompting automotive manufacturers to install more efficient automotive systems.

Furthermore, the demand for semi-luxury and luxury high-performance automobiles has increased significantly in recent years. As a result, the demand for effective brake systems in vehicles such as passenger cars, large and light commercial vehicles, and two-wheelers continue to increase. These factors are driving the growth of the automotive brake system market significantly, throughout the forecast period.

In addition, due to increased demand and the production of vehicles, Asia-Pacific has been the leading market for automotive brake systems and is expected to maintain its dominance during the forecast period. Factors actors such as government regulation in countries such as India, Japan, and China and measures to improve vehicle safety are likely to boost the growth of the automotive brake system market during the forecast period.

However, the advanced braking technology contains complex electronic and mechanical system. An anti-lock brake system has components such as controllers, valves, and sensors which makes ABS more expensive than a conventional brake system. Therefore, they have high development and maintenance costs.

Improvements in two-wheeler braking systems and augmentation in previously unexplored markets, within developing countries, present significant growth opportunities for the players. New technical advancements such as ABS and regenerative braking are expected to boost the global market for automotive brake systems. Furthermore, based on the technology type anti-lock braking system has gained the highest market share. Its growth can be attributed to the mandatory deployment of anti-lock brake systems in key automobile market regions.

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Automotive Brake System Market Report Highlights

• The disc brake segment held the largest market share of 61.1% in 2022. In recent years, the application of disc brakes has grown significantly. The growth of disc brakes is attributed to their capacity to work in adverse weather conditions without overheating or fading.

• Passenger cars dominated the market, with the highest revenue share of 72.5% in 2022. Passenger cars are increasing due to population growth, disposable income, and urbanization.

• Electronic Stability Control (ESC) dominated the market with the highest revenue share of 32.6% in 2022. Electronic stability control technology is becoming more widely adopted because of its perceived benefits in regaining vehicle control in an emergency. Therefore, it is expected to drive the growth of the market during the forecast period.

• Asia Pacific dominated the market with the largest revenue share of 58.1% in 2022. Due to the availability of low-cost labor and raw materials, regional firms offer significant cost savings. Furthermore, countries such as China and India, among others, are the automotive manufacturing hub.

• Factors such as government regulation and measures to improve vehicle safety are likely to boost the growth of the automotive brake system market during the forecast period

Automotive Brake System Market Segmentation

Grand View Research has segmented the global automotive brake system market on the basis of on type, vehicle type, technology, and region:

Automotive Brake System Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Disc Brakes

• Drum Brakes

Automotive Brake System Vehicle Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Passenger Cars

• Commercial Vehicles

Automotive Brake System Technology Outlook (Revenue, USD Billion, 2018 - 2030)

• Anti-lock Brake System (ABS)

• Traction Control System (TCS)

• Electronic Stability Control (ESC)

• Electronic Brake-force Distribution (EBD)

Automotive Brake System Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

List of Key Players in the Automotive Brake System Market

• AKEBONO BRAKE INDUSTRY CO., LTD.

• ZF Friedrichshafen AG

• ADVICS CO.,LTD.

• Hitachi Astemo, Ltd.

• Brembo S.p.A

• Robert Bosch GmbH

• AISIN CORPORATION

• Haldex

• The Web Co

• NISSIN KOGYO Co., Ltd