Automotive Braking System Market Overview -
The global Automotive Braking System Market is expected to exhibit a strong 5.55% CAGR over the forecast period, according to the latest research report from Market Research Future (MRFR). The global automotive braking system market is expected to reach a valuation of USD 35.9 billion by the Forecast Period, according to the report. The report presents a detailed evaluation of the global automotive braking system market by presenting a detailed analysis of the market’s historical growth trajectory. Past figures from the global Automotive Braking System Market history are analyzed in the report to give context to the market’s present condition.
The information about the market’s present and past growth trajectory is used to further provide accurate projections about the market’s future growth trajectory over the forecast period. The major drivers and restraints affecting the global automotive braking system market are profiled in the report. The report also examines the impact of the COVID-19 pandemic on the global automotive braking system market.
Competitive Leaderboard:
Leading players in the automotive braking system market include Valeo, Mando Corp., Delphi Technologies, ZF Friedrichshafen AG, Continental AG, and Robert Bosch GmbH.
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Growing Demand for Commercial, Passenger Vehicles to Drive Automotive Braking System Market -
Automotive braking systems are used to reduce the speed of vehicles by applying friction to the wheels of vehicles. Braking systems are an essential component in automotive systems, as they allow vehicles to maneuver at speed with safety. The growing automotive industry has been the major driver for the global automotive braking system market. Growing demand for passenger cars has driven the demand for automotive braking systems in recent years.
Growing purchasing power of consumers in emerging countries has driven the automotive industry at a robust growth rate in recent years, as more and more consumers have purchased automobiles in recent years. The growing demand for the convenience offered by passenger cars, which allow the user to protect themselves from rain and other environmental factors, is likely to drive the passenger car industry in the coming years, thus leading to a growing demand for automotive braking systems.
The commercial vehicles industry has also rapidly expanded in the last few years, as growing urbanization and industrialization in emerging regions has driven the demand for commercial vehicles such as lorries and tractors. The growing demand for long-distance shipping of various commodities through roadways has led to a growing demand for lorries and other commercial vehicles. Technological advancement in commercial vehicles has led to a new generation of commercial vehicles equipped with the latest in safety and entertainment features, enabling a smooth, hassle-free ride for the driver.
The growing demand for agricultural vehicles is also likely to be a major driver for the global automotive braking system market over the forecast period. Growing mechanization in the agriculture industry in developing regions such as Asia Pacific and Latin America has been a major driver for the demand for agricultural vehicles. This is likely to be a major driver for the automotive braking system market over the forecast period.
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Automotive Braking System Market Segmentation:
The global automotive braking system market is segmented on the basis of brake type, brake system, component, vehicle type, and region.
By brake type, the global automotive braking system market is segmented into disc brake and drum brake.
By brake system, the global automotive braking system market is segmented into ABS, ESC, TCS, and others.
By component, the global automotive braking system market is segmented into master cylinder, brake pad, calipers, disc, vacuum servo brake, brake drums, and others.
By vehicle type, the global automotive braking system market is segmented into PCV, LCV, and HCV.
Regional Analysis:
The Asia Pacific holds the largest share in the global automotive braking system market due to the growing automotive industry in the region. In addition to the traditional automotive heavyweight of Japan, China and India have emerged as major manufacturers of automobiles in recent years due to the growing manufacturing sector in these countries. This has been a major driver for the automotive braking system market in the Asia Pacific.
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