Automotive Brakes Market
Notwithstanding the novel coronavirus's profound effect on the automobile sector, there has been an increase in the sale of online cars and launch of new products, indicating long-term growth. Other factors expected to drive development of the global Automotive Brakes market include rising awareness regarding smooth and safe driving in the backdrop of rising road traffic accidents and sophisticated technology that reduces vehicle friction and weight. There have been increased research and development efforts carried out by key companies of this industry.
A brake refers to a mechanical device that absorbs energy from a moving system, generally by friction, to stop a vehicle from moving. By turning kinetic energy into heat energy, an automobile braking system can bring a vehicle to a complete stop in the shortest amount of time.
The demand for passenger as well as commercial vehicles is closely related to the rapid development of the global Automotive Brakes Market in the years to come. In addition to that, new technical advances like regenerative braking and anti-lock braking system (ABS) have grown more popular. Automobile manufacturers are continuously developing new and improved items to make driving more relaxed yet safe. Market players are regularly designing anti-collision technologies, electronic stability control, and advanced anti-lock braking systems in order to create better and safer automobiles.
Current advancements in automotive technology and developments in aerodynamic design have enabled us to utilize engine power efficiently and helped us achieve more speeds. Driving automobiles at high speeds demands effective vehicle stability. Automobile manufacturers have largely focused on the development of vehicles that are fast and safe. Brakes have become an important and crucial part of any vehicle to ensure safety, which becomes highly essential when the demand for speed is increasing consistently. An automotive brake system is commonly employed in different automobiles. It includes a brake device comprising different components such as brake pads, brake shoes, brake drum, rotor, piston, caliper, master cylinder, and brake booster, which are utilized for decelerating a vehicle.
Expansion of the automotive industry is projected to drive the global automotive brake system market along with the increasing concerns over safety and resulting government pressures that have up turned the automotive manufacturer towards the launching of higher technology content, thereby driving the demand for global automotive brake systems across the globe.
The global automotive brake system market can be segmented based on product, operation, technology, vehicle, and region. In terms of product, the automotive brake system market can be divided into disk brake and drum brake. The disk brake segment is estimated to expand significantly during the forecast period due to the efficient and quick response of disc brakes than drum brakes. Based on operation, the automotive brake system market can be classified into electronics, hydraulic, flywheel, and spring. In terms of value, the electronics segment is likely to hold a major share of the automotive brake system market in the near future. Increasing mandates by the government for improving vehicle safety has strongly contributed to the demand of the global automotive brake system market. The major restraint in the global automotive brake system market is the higher cost of the newer technology of electronic systems as compared to the commonly used hydraulic systems. Based on technology, the automotive brake system market can be segregated into antilock braking system, traction control system, and electronic stability control.
Automotive electronic stability control segment is expanding at a significant pace due to multiple benefits over the conventional systems such as reduction in number of brake system component, predictive braking controls, lower maintenance, and enhanced diagnostic of the complete system. In terms of vehicle, the automotive valve market can be classified into passenger vehicle, light commercial vehicle, heavy commercial vehicle, and electric vehicle (BEVs, HEVs, and PHEVs). Continuous promotion and support by the government toward the usage of green energy is expected to drive the market for electrical vehicle during the forecast period. Hybrid electric vehicles segment constitute larger share of the global market than battery electric vehicle or plug hybrid electric vehicle segment.
Base on region, the global automotive brake system market can be segmented based on North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific constitutes significant share of the automotive brake system market. The key countries in the Asia Pacific are projected to be India, South Korea, and China as an outcome of the increasing demand for commercial vehicle and passenger vehicle. Japan also contributes to the global automotive brake system market remarkably. China is expected to be the largest opportunity in terms of revenue of the industry. Europe is expected to be the second largest market in global automotive brake system market followed by North America.
Key players are operating in the global market are Continental AG, AKEBONO BRAKE INDUSTRY CO., LTD., Robert Bosch GmbH, ZF Friedrichshafen AG, AISIN SEIKI Co., Ltd., DENSO CORPORATION, Wabco Holdings, Inc., and Knorr-Bremse AG