Source: Fact.MR announcement
LONDON – According to a recently published analysis by Fact.MR, the automotive brake components are valued at $49.9 billion at present. The global automotive brake components market is forecast to expand at a compound annual growth rate of 4.2 percent to reach a valuation $75.6 billion by 2032.
Advancements in braking systems coupled with mandates by regulatory bodies is likely to influence the adoption of advanced automotive brake components over the coming years.
Demand for automotive brake parts accounted for around 20 percent share of the global automotive components industry in 2021.
Demand Analysis of Automotive Brake Components (2017-2021) Vs. Market Outlook (2022-2032)
Advancements in braking systems along with non-uniformity in road infrastructure is likely to influence the automotive brake components market over the coming years. Demand for efficient automotive brake components such as brake liners, brake shoes, brake pads, and brake calipers is growing owing to rising need for the active and passive safety of automobiles.
Rules by regulatory bodies are likely to drive adoption of advanced brake systems over the coming years.
For instance, the United States Department of Transportation (DOT) and National Highway Traffic Safety Administration (NHTSA) have mandated the use of automatic emergency braking, offering dynamic braking, thereby pushing demand for efficient automotive brake components.
Fact.MR projects the automotive brake components market to witness 4.2-percent CAGR during 2022 and 2032 in comparison to 2.8-percent CAGR from 2017 and 2021.
Top Companies in Automotive Brake Components Market
The global market for these components is extremely fragmented and competitive due to the presence of numerous regional players. Mergers and acquisitions, expansions, collaborations, and partnerships are the way to move ahead.
New product development is also being adopted by major companies to expand their market presence.
• NRS Brakes Company, in 2019, launched the galvanized-based brake pads product line, which provides protection from rust to all brake parts, including the automotive brake rotors and calipers.
• ZF Friedrichshafen AG, in 2020, launched an electric park brake, wherein, car manufacturers can perform interior designing, and advanced braking system can be installed in small vehicles.
• Veoneer, in 2020, announced an agreement to divert its U.S. brake control business to ZF Friedrichshafen AG under its market expansion plan.