Global Automotive Brake System Market - Segmented by Product, Brake Pad Material, Sales Channel, Vehicle and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global automotive brake system market is expected to record a CAGR 6.25% during the forecast period. The market will grow due to the rising demand for vehicles across the globe. Increasing purchasing power of people in many countries has created a need for quality life which has a direct impact on the demand for vehicles thereby driving the dependent automotive brakes market.
Increased awareness regarding safety has created a demand for advanced safety features in vehicles and technological advancements like the ABS, CBS etc. have been the major drivers behind the growth of brake industry. As brakes are continuously subjected to heat, friction etc., wear and tear is inevitable. To increase the life of brake pads, advancements in materials have also played a vital role in the growth of the market.
Drum brakes have become obsolete in passenger cars as they were earlier used for the rear wheels for cost reduction. But now, drum brakes have completely moved to only commercial vehicles and the demand for drum brakes is completely related to the commercial vehicle sales. European countries were the fastest to grow in terms of commercial vehicles sales around the world of which Iceland, Ireland, Denmark, Netherlands, Portugal and UK registered double digits growth rate since 2012. US also registered a healthy CAGR of 9.9% accounting to about 45% of the global commercial vehicle sales. Mexico is the fastest growing country in North America in terms of CV sales due to the increase in logistic services in the country.
The presence of major players and high initial investment cost are expected to restrict the entry of new market players. Automobile manufacturers enter long term service agreements (Ex: BMW-Federal Mogul) with component vendors, hence, it may be difficult for new players to become partners and win new agreements. Automobile manufacturers ought not to shift to new players due to quality, reliability, cost, and lead-time concerns.
Key Developments in the Market
March 2018: Continental AG has introduced the third generation of the anti-lock braking system (ABS3) now responds with even greater speed and precision thanks to enhanced brake pressure control.
July 2017: Continental acquired Singapore based mobility intelligence provider Quantum Inventions, to improve its sales through mobility services by 2022.
Major Players – BREMBO BRAKES, CARLISLE BRAKES AND FRICTION, CONTINENTAL AG, DELPHI, D HELLA, TVS BRAKE LININGS CO., amongst others
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Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Detailed analysis on the product type that is expected to dominate the market
Detailed analysis on the regions that are expected to witness fastest growth during the forecast period
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