Automotive Brakes Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Brakes are central in the safe operation of a motor vehicle. Without the ability to stop or slow down our vehicles, accidents would be a fairly common phenomena across the world. The design of the automotive braking system has evolved overtime, and modern day automobiles feature emergency brakes, parking brakes, and service brakes. A typical automobile braking system includes a piston, rotor, brake pads, caliper, brake shoes, brake drum, vacuum servo or brake booster, and master cylinder. Proper maintenance of these components is essential for the efficient working of the automobile brakes. Brake failure can be avoided by the prevention of corrosion, sticking, and piston failure.
As the hydraulic and mechanical systems are increasingly being replaced by electronic systems in automobiles, the global market for automotive brakes is slated for a sturdy growth over the oncoming period. The rapid expansion of the automotive industry across Asia Pacific in particular has been another key growth driver of the global automotive brakes market. Several leading car manufacturers are focusing on superior consumer experience via improved safety and comfort facilities. Therefore, they have been developing and installing highly efficient automotive brakes.
Several automotive brake manufacturers are also addressing the control of noise, vibration, and harshness (NVH) in their braking technologies. They have been creating friction formulations that are top-of-the-line as well as shim technology in order to soften the frequencies of vibration and sound arising from braking. The leading companies operating in the global market for automotive brakes have been assessed in detail in the report, wherein their key product portfolios and business strategies have been discussed.
The global automotive brakes market is anticipated to grow at a rapid rate with the augmenting concern of vehicle safety. The functions of automotive brakes are chiefly related to causing a vehicle to come to a complete stop and helping it to slow down. During the process, the design of automotive brakes allows the transformation from kinetic energy to heat energy to take place. The two main functions of automotive brakes are evident in the usage of parking brakes and service brakes. While service brakes are used to stop a vehicle when in motion, parking brakes can hold the vehicle when it is parked. With a range of sophisticated, economical, and present-day brake system technologies prevailing in the automotive brake system market, the automotive sector has emerged as a vital contributor to the world economy.
Besides the worldwide worry about safety of vehicles and passengers, the constant dwindling of automobile maintenance lifecycle is expected to add to the growth of the global automotive brakes market. One of the reasons that the vehicle maintenance lifecycle is witnessing a low globally is the rising length of trips in both intra-city and inter-city applications. The market is also predicted to take massive leaps on the back of the unplanned growth rates of M&HCVs, LCVs, two-wheeled and three-wheeled vehicles, and passenger automobiles. Moreover, strict policies of governments regarding safety and emissions could help the market to advance significantly.
The international automotive brakes market could be challenged by the growing concern about the effects of the automobile sector on the environment with technologies such as heavy braking systems which hold an augmented level of carbon dioxide emission. Another major hurdle in the growth path could be the peculiar type of maintenance required by electronically assisted brakes and unsettling prices of raw materials.
In this regard, the adoption of regenerative brakes and compact and light braking systems is envisaged to compensate for the challenges of the global automotive brakes market. The bright future of the global market is foreseen to be in the hands of vendors adopting the escalating evolution of the brake energy recuperation system. The demand for lighter and efficient designs and elevating number of vehicle safety regulations are also foretold to lift up the market growth.
Manufacturers leveraging the lucrative benefits of e-retailing of automotive brakes through e-commerce giants such as Amazon and eBay are making customers happy with the providence of low cost and convenience. Advancement in technologies such as electronic stability control (ESC) has been a key opportunity for marketers in the automotive brakes industry.
With the availability of a good amount of manpower, the Asia Pacific segment is envisaged to exhibit strong growth in the global automotive brakes market. North America, however, continues as the leading segment on the manufacturing basis. Among others, the important companies studied in the report are Akebono Brake Industry Co., Ltd., Robert Bosch GmbH, Accuride Corporation, Hyundai Mobis Co., Ltd., Aisin Seiki Co., Automotive Components Europe S.A., Nissin Kogyo Co., Ltd., Continental AG, Zhejiang Asia-Pacific Mechanical & Electronical Co., Ltd., TMD Friction Group S.A, Knorr - Bremse AG, Halla Mando Corporation, and Federal-Mogul Corporation.
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Latest Trends and Cardinal Growth Prospects
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Ascensions in Technology
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The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
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