by The automotive brake system is an integral part of modern vehicles and plays a key role in ensuring passenger safety. Braking systems help in decelerating or stopping a moving vehicle with precision and control. Disc brakes and anti-lock braking systems (ABS) are some of the most common types of braking systems used in automobiles today. Disc brakes provide better braking performance compared to drum brakes, especially during wet conditions. On the other hand, ABS prevents wheels from locking up during heavy braking, allowing the driver to maintain steering control. With stricter safety and emission norms globally, brake systems with superior braking capabilities and lower stopping distances have become essential. The growing demand for electric vehicles is also fueling innovation in brake-by-wire and regenerative braking technologies.
The global Automotive Brake System Market is estimated to be valued at US$ 32.42 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Global Automotive Brake System Market Size is the rise of electric parking brakes. Electric parking brakes replace the conventional handbrake lever with an electric switch and accompanying actuator. They offer benefits like automated braking for safety and convenience. Another major trend is the integration of braking functions with advanced driver assistance systems (ADAS). Features like automatic emergency braking use sensors and automated inputs to apply brakes if an imminent collision is detected. Such systems play a vital role in preventing accidents. Connected braking systems that receive real-time updates and communicate with external devices are also emerging. This enables remote monitoring of brake performance and predictive maintenance capabilities. Overall, innovations focused on driver safety, autonomous functionality, connectivity and regenerative braking from hybrid/electric vehicles will heavily influence future designs of automotive braking systems.
Porter’s Analysis
Threat of new entrants: The automotive brake system market requires high R&D investment and time to develop new technologies, setting barriers for new companies. Regulations also require safety certifications, limiting threats of new entrants.
Bargaining power of buyers: Large automotive manufacturers have significant bargaining power over suppliers due to their global presence and purchasing power. However, expertise in brake systems limits alternatives for buyers.
Bargaining power of suppliers: The market has a concentration of Tier 1 suppliers with specialized engineering skills and resources. This provides suppliers with stronger bargaining positions over OEMs and smaller suppliers.
Threat of new substitutes: Alternatives such as regenerative braking provide some substitution threat. However, the function of braking systems in ensuring vehicle safety sets high adoption barriers for new substitutes.
Competitive rivalry: The market has numerous global players and regional suppliers competing on product innovation, pricing, and integrated services. Competition is intense with participants differentiating through new materials, electronic components, and smart connectivity.
Key Takeaways
The global automotive brake system market is expected to witness high growth. The global Automotive Brake System Market is estimated to be valued at US$ 32.42 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market owing to presence of emerging economies like India and China with high vehicle production. Stringent emission norms have increased adoption of advanced braking technologies in the region. Europe is another major region in the automotive brake system market fueled by strictvehicle safety rules. Technologies such as ABS and ESC see high penetration coupled with rising demand for premium and luxury vehicles incorporating sophisticated brake systems.
Key players operating in the automotive brake system market include Givaudan SA, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation. Major players are focusing on development of electric park brakes, integrated braking control modules, and regenerative braking to comply with emission and fuel efficiency targets. Partnerships with OEMs have also increased for customized product development.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
