(MENAFN- GlobeNewsWire - Nasdaq) Speedy technological progressions are boosting the automotive brake systems market.New York, USA, Dec. 03, 2024 (GLOBE NEWSWIRE) -- market Overview:
The global automotive brake systems market size is projected to grow from USD 52.57 billion in 2024 to USD 88.02 billion by 2034, at a CAGR of 5.3%, according to a new report by Polaris Market Research.
Market Introduction:
The automotive brake systems are a crucial constituent of any vehicle. It plays an important part in sanctioning driver and passenger security. A brake system is comprised of many constituents that work cohesively to halt the vehicle when the brake pedal is pressed. That is why it needs appropriate sustenance. It permits the drivers to regulate the vehicle's momentum and bring it to a secure halt when needed, prohibiting mishaps and accidents. The braking system is outlined to transform the vehicle's kinetic energy into thermal energy. It consists of many constituents involving brake pads, brake rotors, calipers, and brake fluids.
Key Insights from Report:
The market for automotive brake systems is shaped by the approval of electronic braking systems and anti-lock braking systems, which are in high demand. The automotive brake systems market segmentation is mainly based on type, vehicle type, technology, and region. Based on type, the disc brake segment is expected to experience the highest CAGR during the forecast period. By region, the report provides market insights into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
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Automotive Brake Systems Market Scope:
| Report Attributes | Details |
| Market size value in 2024 | USD 52.57 billion |
| Market size value in 2025 | USD 55.30 billion |
| Revenue forecast in 2034 | USD 88.02 billion |
| CAGR | 5.3% from 2025 to 2034 |
| Base year | 2024 |
| Historical data | 2020-2023 |
| Forecast period | 2025-2034 |
Market's Growth Drivers:
Stringent Safety Directives : The market is driven by growing strict safety directives and caliber. Governments and administrative organizations are establishing elevated security standards, forcing manufacturers to invent and improve braking technology to meet these demands. For instance, in June 2023, the US Department of Transportation's National Highway Traffic Safety Administration (NHTSA) initiated a contemporary Federal Motor Vehicle Safety Standard (FMVSS) that commands all passenger cars and trucks to be armed with automatic emergency braking (AEB), including pedestrian AEB, by September 2029 contributing to the automotive brake systems market growth.
Surge in Electric Vehicles : The surge in the approval of electric vehicles involving passenger cars and electric vehicles is driving the market. The demand for EVs has surged as they exude zero tailpipe emissions causing decreased air contamination and greenhouse gas emissions as contrasted to conventional internal combustion engine vehicles.
Rise in Vehicles : The growing worldwide requirement for vehicles involving passenger cars, commercial vehicles, and electric vehicles is driving market growth. Further, the aggregating population has an approving influence on the market.
List of Automotive Brake Systems Market Key Players:
Brakes India Private Limited Robert Bosch GmbH ZF Friedrichshafen AG Advics Co., Ltd. Akebono Brake Hitachi Astemo, Ltd. Brembo S.p.A Aisin Corporation Haldex
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Geographical Analysis:
Asia Pacific accounted for the largest automotive brake systems market share. This is a result of the existence of automotive manufacturing fulcrum in nations such as China, Japan, South Korea, and India. Alternate elements causing growth involve the growing middle-class population, speedy urbanization, and elevated rates of vehicle possessions. For instance, as per the Society of Indian Automobile Manufacturers (SIAM), the automotive industry generated roughly 25.93 million vehicles between April 2022 to March 2023, which involves two-wheelers, three-wheelers, passenger vehicles, and commercial vehicles.
North America is also expected to grow at the highest CAGR during the forecast period. This is due to the speedy advancement and growing usage of electric vehicles. Further, government funding for research and development ventures is playing a notable part in the market for automotive brake systems in this region. For instance, as per the United States Department of Energy, in 2023, light-duty vehicle enrolment was considered for 12.26 million, which involves electric vehicles, plug-in hybrid vehicles, and hybrid electric vehicles.
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Market Segmentation:
By Type Outlook
By Vehicle Type Outlook
Passenger Cars Commercial Vehicles
By Technology Outlook
Anti-Lock Brake System (ABS) Traction Control System (TCS) Electronic Stability Control (ESC) Electronic Brake-Force Distribution (EBD)
By Region Outlook
North America Europe Germany France UK Italy Spain Netherlands Russia Rest of Europe
Asia Pacific China Japan India Malaysia South Korea Indonesia Australia Rest of Asia Pacific
Middle East & Africa Saudi Arabia UAE Israel South Africa Rest of the Middle East & Africa
Latin America Mexico Brazil Argentina Rest of Latin America
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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