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Automotive Brake System Market Size

Report ID: GMI8291
Published Date: Feb 2024
Report Format: PDF

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Automotive Brake System Market Size

Automotive Brake System Market size was valued at USD 24 billion in 2023 and is anticipated to grow at a CAGR of over 5.5% between 2024 and 2032. Ongoing advancements in brake system technologies including the development of electronic braking systems, regenerative braking systems, and brake-by-wire systems, stimulate market growth. These innovations enhance braking performance, reduce stopping distances, and improve overall vehicle safety, driving consumer preference & market expansion.

Automotive Brake System Market

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For instance, in November 2021, Continental AG unveiled its latest advancement in automotive braking technology, further enhancing its pioneering electro-hydraulic brake system, the MK C1. This new iteration represents a significant leap forward in performance, compactness, and integration capabilities.

Automotive Brake System Market Report Attributes
Report Attribute	Details
Base Year:	2023
Automotive Brake System Market Size in 2023:	USD 24 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5.5%
2032 Value Projection:	USD 39 Billion
Historical Data for:	2018 - 2023
No. of Pages:	220
Tables, Charts & Figures:	395
Segments covered:	Product, Brake Pad Material, Technology, Vehicle, and Sales Channel
Growth Drivers:	Growing focus on technological advancements Rising demand for electric & hybrid vehicles Focus on fuel efficiency and emission reduction Rising consumer awareness and demand for safety features Urbanization and traffic congestion
Pitfalls & Challenges:	Integration with advanced technologies Quality and reliability

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The increasing adoption of Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) globally is driving the demand for specialized braking systems tailored to these platforms. Regenerative braking systems, which capture and convert kinetic energy into electrical energy during deceleration, are a key feature in EVs and HEVs, contributing to automotive brake systems market growth in this segment.

The integration of brake systems with advanced technologies such as electronic stability control, anti-lock braking systems, regenerative braking systems, and autonomous driving features presents technical challenges. Ensuring seamless integration, compatibility, and interoperability with other vehicle systems is essential for optimal performance & safety. Advanced brake systems rely on a variety of sensors including wheel speed sensors, yaw sensors, accelerometers & pressure sensors to monitor vehicle dynamics and driver inputs. Integrating data from these sensors and performing real-time data processing to make rapid braking decisions & adjust braking force accordingly is a significant technical challenge.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of automotive brake system surpassed USD 24 billion in revenue in 2023 and is set to witness 5.5% CAGR from 2024 to 2032, owing to the ongoing advancements in brake system technologies like the development of electronic braking systems, regenerative braking systems, and brake-by-wire systems.

The disc brakes segment accounted for over 55% revenue share in 2023, owing to advancements in materials, design & manufacturing processes.

Asia Pacific market is poised to expand at 6% CAGR from 2024 and 2032, driven by the surging demand for automobiles, including passenger cars and commercial vehicles in the region.

Some of the top companies operating in the industry are Robert Bosch GmbH, Continental AG, ADVICS CO., LTD., AKEBONO BRAKE INDUSTRY CO., LTD., Hitachi Astemo Ltd., AISIN CORPORATION, and Syensqo.