Source: Future Market Insights announcement
LONDON — The vacuum brake-booster market is expected to reach $346.8 million in 2032, up from the $289.1 million expected in 2022, according to a recently published report from Future Market Insights (FMI).
Countries, such as Mexico, Thailand, Indonesia, and China, having excessive traffic congestion are estimated to contribute the most to the adoption rate of vacuum brake-booster solutions. Continuous braking actuation is required due to the excessive traffic congestion. Vacuum brake booster solutions decrease the probability of braking system failure and ensure safety in occasional cases of panic braking.
Currently, vacuum brake-booster solutions for the light motor vehicle category hold the largest market share of the global automotive vacuum brake booster market. The sub-segment is estimated to register the highest growth rate in the global automotive vacuum brake booster market during the forecast period.
Regional Market Outlook
Strong funding sanctioned by vacuum brake booster integrators and initiatives undertaken by governments of developing countries to ensure road safety and enhance automotive standards are estimated to enable the vacuum brake booster market in South Asia to record the highest growth rate during the forecast period. Currently, the automotive vacuum brake booster market in Western Europe holds the largest market share of the global vacuum brake booster market.
This dominance may be owed to the constant supply and demand for enhanced automotive systems. The growing integration of technologies ensuring road safety is also estimated to propel the automotive vacuum brake booster market in the Western Europe region. The ever-rising demand for consumer comfort in the automotive industry is projected to boost the growth of the automotive vacuum brake booster market in the North American region during the forecast period. However, automotive design-related complexities are expected to restrict the growth of the automotive vacuum brake booster markets in all regions.
Some of the leading companies in the global automotive vacuum brake booster market include HELLA GmbH & Co. KGaA, Johnson Electric Holdings Limited, AISIN SEIKI Co., Ltd., WABCO, Bosch Limited, SHW AG, Continental AG, Rheinmetall Automotive AG, DENSO CORPORATION, and Delphi Technologies among others.
Key players present in the global market are increasingly focusing on developing cutting-edge products by conducting extensive research and development activities. They are also aiming to engage in mergers & acquisitions, collaborations, and contracts to co-develop novel products and strengthen their positions in the global market. Meanwhile, a few other key players are striving to expand their distribution networks by joining hands with renowned automakers worldwide.