Automotive Brake System Market Dynamics Influenced by Tech Upgrades

The global automotive brake system market size was valued at USD 47.75 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030.The market for automotive brake systems is expected to rise significantly, owing to increased demand for passenger and commercial vehicles in countries such as India and China. In addition, factors such as strict safety standards, the adoption of luxury automobiles, and the increased adoption of disc brakes in commercial vehicles are further propelling market growth. Also, the lifespan of brake components is restricted to a specific number of kilometers, boosting the replacement market.

In addition, concerns about road traffic collisions and the rising number of fatalities have prompted participants to incorporate robust safety systems. The automobile brake system market will continue to grow due to the stringent safety rules imposed by regulatory organizations and governments. Since 2022, the National Highway Traffic Safety Administration (NHTSA), a U.S. transportation department division, has planned to make automatic emergency braking mandatory in vehicles.

Moreover, market participants' involvement in introducing new and improved systems and developing R&D dedicated to launching new technologies contributes to market growth during the forecast period. On the other hand, the increasing adoption of electric cars and the rising focus on autonomous vehicles are expected to boost the commercial growth potential of manufacturing companies in the near future.

Type Insights

The automotive brake system market, based on type, is segmented into drum brakes and disc brakes. The disc brake segment held the largest market share of 61.1% in 2022. In recent years, the application of disc brakes has grown significantly. The growth of disc brakes is attributed to their capacity to work in adverse weather conditions without overheating or fading. Additionally, its compatibility with other advanced systems is further propelling the growth of the disc brake segment.

The drum brake segment mainly comprises multiple gas extractors and is estimated to exhibit a significant CAGR of 3.5% over the forecast period. Drum brakes have an enclosed design and employ circular components (brake shoes) to provide the necessary friction for lowering speed. In contrast, disc brakes use a narrow rotor and caliper to stop wheel movement. As a result, performance suffers. Although disc-based systems have more braking power than drum-based systems, automakers choose drums because they are more cost-effective.

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Vehicle Type Insights

The market based on the vehicle is segmented into commercial vehicles and passenger cars. Passenger cars dominated the market, with the highest revenue share of 72.5% in 2022. Passenger cars are increasing due to population growth, disposable income, and urbanization.

Technology Insights

The market based on technology is segmented into antilock brake systems (ABS), traction control systems, electronic stability control, and electronic brake-force distribution. Electronic Stability Control (ESC) dominated the market with the highest revenue share of 32.6% in 2022. Electronic stability control technology is becoming more widely adopted because of its perceived benefits in regaining vehicle control in an emergency. Therefore, it is expected to drive the growth of the market during the forecast period.

Regional Insights

Asia Pacific dominated the market with the largest revenue share of 58.1% in 2022. Due to the availability of low-cost labor and raw materials, regional firms offer significant cost savings. Furthermore, countries such as China and India, among others, are the automotive manufacturing hub. The rising popularity of automotive brake systems and increased sales of luxury and premium automobiles are expected to drive market growth. Moreover, the increasing number of accidents and the surge in automobile sales contribute to the overall market growth.

Key Automotive Brake System Companies: