According to a recent report published by Allied Market Research, titled, " Automotive Brake System Market by Type, Technology, Vehicle Type, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global automotive brake system market size was valued at $22.03 billion in 2018, and is projected to reach $38.48 billion by 2026, registering a CAGR of 7.5% from 2019 to 2026.
Asia-Pacific dominates the market, followed by Europe, North America, and LAMEA. China dominated the Asia-Pacific automotive brake system market share in 2018, and is anticipated to maintain its lead during the market forecast.
Rise in demand for safety features in automobiles, technological advancements in safety features, and stringent government mandates for vehicle safety are the factors that significantly impact the market growth. However, according to the automotive brake system market analysis, high installation and maintenance costs restrain the growth of the market. In addition, development of advanced braking systems for two wheelers and expansion in untapped markets of developing countries possess remarkable growth opportunities for the global market players.
Expansion in the untapped market of developing countries like India, Indonesia, and Brazil can bring further opportunities to the players in the automotive brake system market. According to India Today Magazine, in India, over 147,913 people were killed in road accidents in 2017 alone, which made it mandatory for the Indian government to implement safety measures for vehicles. Safety systems like anti-lock braking system (ABS) and electronic stability control (ESC) are in urgent demand in these countries, owing to growing accident rate. India and Indonesia have the highest number of two wheelers in the world after China. These regions offer potential growth opportunities for market players for innovations in automotive brake system for automobiles.
The automotive brake system market was anticipated to grow significantly in this region due to continuous development in technologies and adoption of anti-lock braking system by the market. Introduction of new technologies has reduced loss of lives and rate of fatalities due to road accidents. It can record and track the performance of drivers. The addition of electronic stability control system and combined braking system is expected to pave way for automotive brakes system in North America. North America is a mature market, where almost every vehicle launched in the market is fitted with an ABS. This is due to the growth in laws and regulations concerning vehicle safety by legislations and growing public demand for safety features like ABS and ESC resulting in growth of automotive brake system. The automotive brake system market in North America is growing, as it is a mature market and due to strict regulations implemented by government for equipping ABS system in all vehicles. Anti-lock braking system for commercial vehicles have greater penetration in this region, owing to growth in number of light commercial vehicles in the region and is expected to remain the market leader in the future.
Europe is one of the major contributors in the automotive brake system market, owing to factors such as high demand for safer driving vehicles. With the regulations made by the European Union for the implementation of anti-lock braking system in vehicles, the anti-lock braking system is expected to gain prominence in Europe due to stringent government regulations in many countries of the region. Moreover, vehicle safety and driver comfort have piqued the interest of automotive manufacturers in Europe. Europe is expected to grow during the forecast period because of prevalent automotive safety protocols across the region. The European Union Parliament has voted in favor of mandatory installation of ABS for the bikes above 125cc from 2016. In addition, organizations like the IIHS and NHTSA have mandated use of ABS in the aftermarket from 2014. Further, the passenger car ABS segment is more popular in this region, owing to high population density.
Key Findings of the Study:
- By type, the drum segment is anticipated to grow at a lucrative growth rate.
- By technology, the traction control system (TCS) segment was the highest revenue contributor in 2018.
- By region, Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period of automotive brake system industry.
- By region, Asia-Pacific contributed highest market revenue in 2018, and is anticipated to maintain its lead during the automotive brake system market forecast period.
The key players analyzed in this report are Aisin Seiki Co., Ltd., Autoliv Inc., Continental AG, Delphi Technologies, Denso Corporation, Nissin Kogyo Co., Ltd, Robert Bosch GmbH, WABCO, ZF Friedrichshafen AG, and others.