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Source: Reportlinker announcement
NEW YORK — The global automotive brake-system market is expected to grow from $30.16 billion in 2021 to $32.83 billion in 2022 at a compound annual growth rate (CAGR) of 8.8 percent, according to a study by Reportlinker.
The brake-system market is expected to reach $41.78 billion in 2026 at a CAGR of 6.2 percent, the report Automotive Brake-systems Global Market Report 2022 detailed.
The automotive brake-systems market consists of sales of automotive brake system products by entities (organizations, sole proprietors, and partnerships) that refers to a system that focuses on slowing down or bringing a vehicle to a halt. It works based on friction as they create resistance to the movement by exerting two objects against each other.
Automatic braking systems prevent a vehicle from skidding and help restore traction tires; they also prevent the vehicle’s wheels from locking up and avoid accidents.
The main types of automotive brake-systems are disc brakes and drum brakes. The disc brakes are used in automotive for less brake fade to offer better performance in wet conditions.
These brakes use a brake caliper, metal rotor, and brake pads to stop the vehicle. The various types of technologies in automotive brake-systems include antilock braking systems (ABS), electronic stability control (ESC), traction stability control (TCS), and electronic brakeforce distribution (EBD) that are sold or distributed through original equipment manufacturers (OEM) and aftermarket.
The automotive brake-systems are suitable for passenger cars, light commercial vehicles (LCV), trucks, and buses.
Asia-Pacific was the largest region for this market in 2021. The regions covered in the automotive brake-system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market research report is one of a series of new reports that provides Automotive brake-systems market statistics, including automotive brake-systems industry global market size, regional shares, competitors with an automotive brake-systems market share, detailed automotive brake-systems market segments, market trends and opportunities, and any further data you may need to thrive in the automotive brake-systems industry.
This market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The rising demand for passenger and commercial vehicles is expected to drive the automotive brake-systems market.
Rapid growth in disposable income among individuals in both developing and developed countries and growing demand for a personal vehicle for daily commute to work has contributed to rapid growth in demand for passenger and commercial vehicles.
To view the entire announcement, click HERE.
