ROCKVILLE, Md. — The market for automobile brake calipers is expected to reach $13 billion in sales by the end of 2033 from its current estimated value of $9.3 billion in 2023, according to a recent market study by Fact.MR.
During the next 10 years, sales of vehicle brake calipers are expected to increase globally at a 3.4-percent compound annual growth rate (CAGR).
An additional key takeaway from the study: growing focus on vehicle safety, rising automotive production, and increasing sales of vehicles are key market drivers.
Surging Sales of Luxury Cars to Boost Demand for Automotive Brake Components
Due to rising car sales and expanding auto production, the United States is a very alluring market for automobile manufacturers. The country’s implementation of strict road and vehicle safety regulations is also anticipated to enhance sales of cutting-edge automotive braking systems and parts such lightweight brake calipers, brake rotors, brake boosters, etc.
American makers of automotive components are concentrating on enhancing their customer service and broadening the scope of their operations. Remanufacturing is another option that businesses are choosing to strengthen sustainability and boost their brand recognition.
In January 2023, Meritor, an American automotive component manufacturer, announced the extension of warranty on its remanufactured brake calipers to two years without a limit on the range.
In 2020, Motorcar Parts of America Inc., a leading provider of aftermarket components, announced that remanufacturing operations of brake calipers had started at its facilities located in Tijuana, Mexico. The company had plans to expand its operations through this new facility.
Key Companies Profiled in Automotive Brake Caliper Market Report
Akebono Brake Industry Co.
Brembo S.p.A
TRW Automotive
Continental AG
Mando Corp.
ZF Friedrichshafen
Apec Braking
Budweg
WABCO
Aisin Seiki Co. Ltd.
Key Drivers:
The increasing demand for vehicles, particularly in emerging markets, is driving the growth of the automotive brake caliper market. As more people buy cars, the demand for brake calipers also increases.
Governments and regulatory bodies across the globe are mandating strict safety regulations for vehicles, which includes requirements for braking systems. This is driving the demand for advanced brake calipers that can meet these regulations.
Customers are increasingly demanding better performance from their vehicles, which includes improved braking. This is driving the demand for high-performance brake calipers that can provide better stopping power and improved handling.
The automotive industry is constantly innovating and improving the technology used in vehicles, including braking systems. This is leading to the development of more advanced and efficient brake calipers that can improve overall vehicle performance and safety.
Latest Trends:
The automotive industry is increasingly using lightweight materials in vehicles, which includes brake calipers. This trend is driven by the need to improve fuel efficiency and reduce emissions while maintaining safety and performance.
With the increasing popularity of electric and hybrid vehicles, there is a need for specialized brake calipers that can meet the unique requirements of these vehicles. This includes regenerative braking systems and lightweight materials to improve efficiency.
The automotive industry is adopting more advanced braking systems, such as electronic stability control, anti-lock braking systems, and brake-by-wire systems. This is driving the development of more advanced brake calipers that can integrate with these systems.
There is a growing demand for high-performance vehicles, particularly in the luxury and sports car segments. This is driving the demand for advanced brake calipers that can provide better stopping power and improved handling.
Restraints:
The cost of brake calipers can be relatively high, particularly for advanced or specialized systems. This can make it difficult for manufacturers to offer competitive pricing for their vehicles and can also limit the adoption of advanced braking systems by consumers.
The aftermarket for brake calipers is relatively limited, as they are typically replaced as part of larger braking system repairs. This can limit the growth potential for companies that specialize in manufacturing brake calipers.
The demand for brake calipers is largely dependent on the overall health of the automotive industry. Economic downturns, shifts in consumer preferences, and other factors can all impact demand for vehicles and, in turn, demand for brake calipers.
The development and manufacturing of brake calipers must comply with strict safety and environmental regulations, which can create additional costs and delays. This can make it more difficult for manufacturers to innovate and introduce new products to the market.
Competitive Landscape:
Key players in the market are focusing on various strategies including new product launches. Also, market players are putting emphasis on reducing the weight of their products and making them more compliant with the recent sustainability goals.
For instance:
In 2022, Knorr-Bremse AG had introduced a new product (Active Caliper Release) in a show in Germany.
Moreover, In November 2022, Continental AG introduced that it is putting emphasis on the upgrade of Green Caliper brakes for electric vehicle applications.
In 2021, ZF Friedrichshafen launched the “ZF ProAI” brake caliper, which features integrated sensors and a compact design. The caliper is designed to provide real-time feedback on braking performance and reduce overall weight.
In 2021, Continental AG launched the “MK C1” brake caliper, which combines the brake booster and master cylinder into a single compact unit. The caliper is designed to improve braking performance and reduce weight.
