The automotive brake system is a critical component that ensures the safety of vehicles and their occupants. The automotive brake system market encompasses a wide range of products, from traditional hydraulic brakes to advanced electronic braking systems. As the automotive industry continues to grow, the demand for efficient and reliable brake systems is on the rise.
The primary function of the automotive brake system is to slow down or stop the vehicle when necessary, preventing accidents and ensuring safe driving. Over the years, advancements in technology have led to the development of more sophisticated brake systems, such as anti-lock braking systems (ABS), electronic brake systems (EBS), and regenerative braking systems for electric vehicles.
The global Automotive Brake System Market is expected to witness high growth, exhibiting CAGR of 4.2 % over the forecast period, due to increasing investments and rising business expansions by key players
One of the key factors driving the growth of the automotive brake system market is the increasing focus on vehicle safety and stringent government regulations. Automakers are continuously investing in research and development to improve the braking performance of their vehicles, making it a competitive market for brake system manufacturers.
The market is also witnessing a rise in demand for brake systems from emerging economies, where rapid urbanization and increasing disposable income have led to an expansion in the automotive industry. Additionally, the growing popularity of electric and hybrid vehicles has created new opportunities for brake system manufacturers to develop specialized braking solutions for these vehicles.
The Automotive Brake System Market plays a crucial role in ensuring vehicle safety and is witnessing growth due to advancements in technology, government regulations, and the increasing demand for vehicles worldwide.
Hydraulic Brake Systems: Traditional hydraulic brake systems use brake fluid to transfer force from the brake pedal to the brake calipers, pressing the brake pads against the rotors. These systems are reliable and cost-effective, making them prevalent in many vehicles. They offer good braking performance and are suitable for most everyday driving situations.
The global automotive brake system market is anticipated to witnessing a substantial growth due to fresh prospects of the automotive industry in emerging along with developing economies and increased safety concerns by the government.
It was stated in the report that the overall growth of the market is expected to reach a market value of above US$ 25 Billion through 2022, exhibiting a strong 5.7% of CAGR throughout 2017-2022.In modern cars mostly two kinds of brakes are used which are drum brakes and disc brakes.
Every new car has disc brakes on the front wheels, whereas the rear wheels may possibly use whichever drum or disc brakes.
Of these, the disc brakes category has a comparatively bigger share in the overall market during 2017 and will account for a market evaluation of US$14 Billion for the duration of the forecast 2017 to 2022.
On the other hand, the expansion rate for the drum brakes segment will be on the climb in the approaching years.In terms of the sales channel, the worldwide market is categorized into aftermarket and OEM.
The OEM category reflects a revenue share of about fourth-fifth and will foresee a remarkable 5.5% CAGR for the duration of the assessment, 2017-2022.
