Press release
Automotive Braking Component Market Size, Share, Trends And Forecast To 2032
The automotive braking component market [https://www.acutemarketreports.com/report/automotive-braking-component-market] is anticipated to expand at a CAGR of 4.3% during the forecast period of 2024 to 2032. This growth will be propelled by the increasing demand for electric and hybrid vehicles, developments in safety technologies, and a focus on fuel efficiency and sustainability. However, disruptions in the supply chain significantly impede market expansion. Distinct trends are evident in the market segmentation according to brake type, technology, actuation, component, vehicle type, and sales channel, wherein various segments exhibit leadership in terms of revenue and CAGR. The market is dominated by the Asia-Pacific region on a geographical level, as evidenced by its maximum CAGR and revenue percentage. Within the realm of competition, prominent entities such as Bosch, Continental, and Akebono Brake Industry uphold their market positions through the implementation of strategic initiatives. The trajectory of the automotive braking component market in the coming years is contingent on the ongoing progress of safety technologies, the implementation of sustainable practices, and the ever-changing environment of the automotive sector.
Key Market Drivers
Key market drivers include the progressions made in automotive safety technologies.
The automotive braking component market is driven by ongoing safety technology advancements. Vehicle safety is enhanced through the incorporation of advanced systems such as Automatic Emergency Braking (AEB), Electronic Stability Control (ESC), Traction Control System (TSC), and Electronic Brakeforce Distribution (EBD). Illustrative instances from prominent automotive manufacturers such as Bosch, Continental, and ZF serve to underscore the incorporation of these technologies as conventional amenities in contemporary automobiles. The proliferation of these systems results in a heightened need for braking components, thereby providing validation for the driver.
Placing a Greater Emphasis on Sustainability and Fuel Efficiency
The transition toward fuel efficiency and sustainability in the automotive industry is a factor propelling the braking component market. Brake materials that are both lightweight and high-performing are currently being developed by manufacturers to improve fuel economy without sacrificing safety. Brembo, Federal-Mogul Motorparts, Akebono Brake Industry, and Brembo are leading the way in the development of environmentally favorable braking solutions. These advancements coincide with the worldwide automotive sector's dedication to diminishing carbon emissions, thereby stimulating the expansion of the braking component industry.
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Increasing Hybrid and Electric Vehicle Demand
The increased market demand for electric and hybrid vehicles has a substantial impact on the automotive braking component industry. Hybrids and electric vehicles (EVs) possess distinct braking demands that have prompted the creation of regenerative braking systems and specialized components. Continental and Aisin Seiki Co., among others, are currently involved in the development of braking solutions that are specifically designed to meet the unique requirements of electric and hybrid vehicles. The expanding market share of these environmentally sustainable automobiles is a factor in the escalating need for sophisticated braking components.
The market for automotive braking components is substantially hampered by disruptions in the supply chain. The provision of components throughout the supply chain has been disrupted by various global events, including geopolitical tensions, natural disasters, and the recent challenges presented by the COVID-19 pandemic. The market is significantly affected by these disruptions, as evidenced by supply shortages, production delays, and logistical complexities. Supply chain disruptions present formidable obstacles, as exemplified by prominent automotive component manufacturers in the real world.
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Key Market Segmentation Analysis
The segmentation according to brake type is distinguished by the functions of the disc brake and drum brake segments. The disc brake segment dominated revenue in 2023, owing to the extensive implementation of disc brakes in both passenger cars and commercial vehicles. Concurrently, the drum brake sector demonstrated the most substantial compound annual growth rate (CAGR) from 2024 to 2032, owing to its widespread application in heavy-duty vehicles and buses. Illustrative instances of industries and applications that have contributed to the success of each form of brake provide support for these conclusions.
The technological segmentation unveils a dynamic environment that includes ABS, ESC, TSC, EBD, and AEB. ABS and AEB achieved the highest revenue in 2023, whereas TSC exhibited the most substantial CAGR over the projected timeframe. These findings are substantiated by real-world illustrations of industries and applications that propel the demand for each technology, thereby furnishing a holistic comprehension of the market dynamics.
Actuation-based market segmentation emphasizes the option between pneumatic and hydraulic systems. Revenue-wise, hydraulic actuation dominated in 2023, owing to its extensive application in passenger vehicles. Concurrently, through the period of forecast, pneumatic actuation demonstrated the highest CAGR, primarily due to its widespread use in heavy-duty commercial vehicles. These findings are supported by real-world illustrations of industries and applications that drive the demand for each form of actuator.
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The breakdown of the system into component segments reveals a varied terrain, including master cylinders, brake pads, brake shoes, brake calipers, and brake disc rotors, among other elements. Brake pads and brake disc rotors generated the most revenue in 2023, whereas brake shoes exhibited the most rapid compound annual growth rate (CAGR) over the projected timeframe. These findings are substantiated by real-world illustrations of industries and applications that propel the demand for each component, thereby furnishing a holistic comprehension of the market dynamics.
Demand fluctuations for passenger automobiles, light commercial vehicles (LCVs), trucks, and buses are highlighted by the segmentation by vehicle type. Passenger vehicles (cars and trucks) surpassed trucks as the leading revenue generators in 2023, with buses demonstrating the most substantial CAGR over the projected timeframe. The market trends are effectively highlighted through specific instances and initiatives within each vehicle type category. This provides a comprehensive understanding of the demand for braking components across different automotive segments.
The examination of the distribution channels utilized by original equipment manufacturers (OEMs) and the aftermarket constitutes the market segmentation by sales channel. Revenue leadership was attributed to the OEM channel in 2023, where braking component integration occurred during vehicle manufacturing. Concurrently, the aftermarket sector demonstrated the most substantial CAGR throughout the projected timeframe, propelled by the need to replace and enhance current vehicle fleets. These findings are supported by real-world illustrations of industries and applications that propel demand through each sales channel.
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A crucial player emerges in the Asia-Pacific region, which demonstrates the highest CAGR and the preponderance of revenue percentage. The market prominence of the region can be attributed to several factors, including its considerable increase in automotive production, swift urbanization, and robust economic growth. Particular regional advancements, such as the expanding vehicle fleet in India and the prosperous automotive sector in China, highlight the factors contributing to Asia-Pacific's revenue and CAGR dominance.
Key participants in the competitive environment utilize a variety of strategies to attain a competitive advantage. The market is dominated by notable corporations including Bosch, Continental, Akebono Brake Industry, Aisin Corporation, American Axle & Manufacturing, Inc., ams-Osram AG, Exedy Globalparts Corporation, JMT Auto Limited, Lavacast, Linamar Corporation, LMB Euroseals (PTY) LTD, Platinum Driveline, Schaeffler AG, Tilton Engineering, Valeo, and ZF Friedrichshafen AG as of 2023. These titans of their respective industries expand their market presence through mergers and acquisitions, product innovations, and strategic partnerships. The revenue projections for the years 2024 to 2032 and 2023 offer a thorough analysis of the competitive landscape, enabling interested parties to assess the future course of the market. Bosch, by its vast portfolio and worldwide presence, attains a substantial portion of the market revenue. Continental, a company renowned for its groundbreaking braking technologies, sustains a robust presence in the industry. The Akebono Brake Industry fortifies its standing in the competitive market by maintaining a steadfast dedication to producing braking solutions of the utmost quality. Due to the dynamic nature of the automotive braking component market, the anticipated revenue growth of these firms from 2024 to 2032 collectively influences the industry.
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