LONDON — The global automotive brake system components market is expected to show growth over the forecast period from 2022 to 2032 by generating a stable compound annual growth rate (CAGR) of 4.7 percent. The global market is estimated to be valued at $66 billion in 2022 and is expected to reach $105 billion by 2032, as revealed in a recently published study Automotive Brake System & Components Market by Future Market Insights, Inc.
As per the historical analysis, from 2017 to 2021, the automotive brake system and components market registered a stagnant growth at 1.0-percent CAGR but over the years, the market exhibited phenomenal growth at the rate quoted above.
This year-on-year growth in 2022 is attributed to the surging number of government initiatives in various countries in order to attract the attention of car owners toward vehicle safety. Government bodies are either promoting awareness regarding safety issues or enforcing stringent legislation.
Widespread acceptance of luxury hybrid vehicles, along with enforcement of several safety regulations and surging utilization of disc brakes in commercial vehicles are contributing to the expansion of the automotive brake system and components market. The automotive brake system and components market contributes to about ~12 to 15 percent of the global automotive parts and components market.
• Being a significant auto part for automobile safety, automotive brake systems are considered to be crucial components that can assist in reducing the speed of the vehicle or stop the vehicle altogether. Therefore, the growth of the automotive sector is predicted to create healthy opportunities for the companies present in the automotive brake system & components market. Furthermore, the surging vehicle parc would lead to growth in the automotive brake system & components market.
• The utilization of electronic braking systems such as anti-lock brake systems (ABS), brake assist (BA), and electronic brake force distribution (EBD) assists in stopping. By enabling vehicle stability and directional control, ABS helps in stopping when brakes are forcefully applied. This is one of the major benefits that ABS has over traditional braking systems. ABS ensures that a vehicle can come to a stop in the shortest possible distance, according to the Royal Society for the Prevention of Accidents (RoSPA).
• BA is often utilized in conjunction with ABS and is largely dependent on the vehicle’s ABS technology. BA consumes approximately 45 percent aiding in the reduction in stopping distance. Owing to this, regulatory standards for vehicle safety are likely to lead to increasing deployment of ABS and BA in the upcoming decade.
• EBD, which functions as an extension of the ABS, is the head of applying a similar amount of force to each wheel. There are several benefits to EBD such as increased stability, shorter stopping distances, better grip on the road, and increased braking effectiveness. Owing to these benefits, developing nations like India and Mexico have declared their aim to use electronic stability control (ESC) and enhanced braking systems (EBD) in their newest automobiles.
• Attributing to the rising sales of sport-utility vehicles (SUVs), luxury, and sports models, customers have not just limited their search to performance, but they also want their vehicles to be equipped with advanced technologies to ensure the safety of passengers while driving. Searching demand for safety systems in luxury cars is driving sales of passenger cars in the global automotive brake system & components market.
In recent years, there has been a surging number of acquisitions and growth efforts in order to surge the supply of automotive brake systems & components. Several leading forms in the market are also working on technological developments. Contracts & agreements, new product development, and partnerships are some of the vital strategies adopted by renowned firms to maintain their market positions.
Moreover, ongoing research & development (R&D) activities focusing on introducing new technologies, along with the involvement of market participants in the launch of new & improved systems are some of the other factors fueling the automotive brake system & components market expansion. In addition to that, there is growing popularity witnessed in electrical vehicles, and accelerated demand for autonomous vehicles is expected to push the sales further.