A new study conducted by Future Market Insights (FMI) reveals that
demand for automotive brake system and components will be driven by
innovation in automotive ingenuity over the next couple of years.
Electronics has over time evolved as the most crucial part in
automotive. Integration of electronics has provided new growth
dimensions to the automotive safety system. With the arrival of
advanced electronic brake technology, companies are now looking
forward to channelizing resource on further research and product
development. The automation sector is always under the radar of
regulatory authorities and is required to comply with various rules
that are incessantly enforced in the interest of both passenger
safety and environmental preservation.
FMI’s report titled “Automotive Brake System & Components
Market: Global Industry Analysis and Opportunity Assessment,
2017-2027” projects that the global sales of automotive brake
component will garner US$ 61,744 Mn by 2017-end. This is primarily
attributed to the growing safety awareness among customers, which is
prompting automotive manufacturers to use advanced braking systems in
their vehicles. The global automotive
brake system & component market is expected to reach a
valuation of US$ 92,500 Mn by 2027 end, reflecting a CAGR of 4.1%
during the forecast period (2017–2027).
In addition, around 2,122.9 Mn units are expected to be sold towards
the end of 2027. Also, the market is anticipated to witness a steady
growth over the forecast period due to the rise in vehicle production
worldwide. Continental AG, ZF Friedrichshaf en AG, Delphi Automotive
PLC, Valeo S.A, Federal Mogul Holdings Corporation, Robert Bosch
GmbH, Mando Corporation, and Akebono Brake Industry Co Ltd. are
amongst some of prominent manufacturers of automotive brake systems &
components with operations in several parts of the globe.
On the basis of sales channel, aftermarket sales are expected to
account for 51.1% value share of the market in 2017, which is
expected to increase to around 54.3% by 2027.
Among vehicle type, demand for brake components in passenger cars is
expected to remain robust throughout the forecast period. Passenger
cars are expected to account for nearly 73.9% value share of the
market over 2027.
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The disc brake is expected to emerge as the most preferred brake type
and is expected to witness a considerable rise in its demand during
the forecast period.
The growth of high-performance cars and requirement for better
friction materials to meet vehicle braking standards are observed as
two of the major factors responsible for the market’s growth.
Amongst regions, North America and Western Europe are currently
exhibiting significant market potentials owing to the existence of
well-established automobile manufacturers in these regions.
Meanwhile, the market in Asia Pacific excluding Japan (APEJ)
continues to expand at an impressive rate, which is attributed to the
emergence of countries such as China and India as major manufacturing
hubs.
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