Automotive Brake System Market 2019 Global Analysis By Size, Growth, Share, Trends, Manufacturers, Region and Industry Forecast To 2023

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Automotive Brake System Market to reach $30.95 billion at CAGR of 6.89% by 2023. Automotive Brake System Market is boosted by High Adoption Rate of Advanced Technologies. Global Automotive Brake System Market categorized by Brake Type, Brake System, Vehicle Type and Region Forecast to 2023.

Automotive Brake System Market is expected to touch the valuation of $30.95 billion with CAGR of 6.89% during the forecast period 2019-2023. Automotive Brake System Market is boosted by High Adoption Rate of Advanced Technologies and Rising Need for Vehicle Safety. Global Automotive Brake System Market categorized by Brake Type (Disc and Drum), Brake System (ABS, TCS, ESC, and Others), Vehicle Type (Passenger Cars and Commercial Vehicles) and Region Forecast to 2023.

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Key Players Analysis in This Report:

Top players in the worldwide Automotive Brake System market include ZF Friedrichshafen AG (Germany), Akebono Brake Industry Co. Ltd. (Japan), Robert Bosch GmbH (Germany), Halla Mando Corp. (South Korea), Knorr-Bremse AG (Germany), Valeo (France), Wabco Holdings, Inc. (U.S.), Continental AG (Germany), Aisin Seiki Co, Ltd. (Japan), TRW Automotive Holdings Corp (U.S.), to name a few.

Global Automotive Brake System Market Overview:

Market Research Future (MRFR) reveals that the global Automotive Brake System market can touch the valuation of USD 30.95 billion by 2023. It can also achieve a lucrative CAGR of 6.89% during the forecast period (2018-2023).

Growth Drivers and Key Barriers

Extensive use of electronic components stands as a significant factor stimulating growth of the Automotive Brake System market. Use of electronic components has given way to the development of various technologies like Traction Control System (TCS), Antilock Braking System (ABS), Electronic Brake-Force Distribution (EBD) and Electronic Stability Control (ESC). With the high adoption rate of these advanced technologies along with rising popularity of vehicle safety among consumers can work in favor of the market in the years ahead.

But, high cost of integration can retard the sale of advanced braking systems soon. However, the automotive brake systems market growth is definite in the coming years, given the growing stringency in vehicle safety norms. Additionally, automotive associations all over the world are striving to improve vehicle safety. Case in point, the U.S. Department of Transportation's National Highway Traffic Safety Administration (NHTSA) along with Insurance Institute for Highway Safety (U.S.) as well as 20 renowned vehicle manufacturers in 2016 are planning to incorporate Automatic Emergency Braking (AEB) systems as a basic feature in every new car produced from September 2022.

Surge in advanced ride-by-wire technology or electronically controlled braking system does not require hoses, pumps, fluids, belts, vacuum servos, and cylinders, with the use of electrical actuators and electronic sensors. Rising sales of electric and hybrid vehicles also boost demand for the brake-by-wire system, which is bound to offer a host of growth opportunities to various industry participants in the forthcoming years.

Automotive Brake System Market Segmentation Analysis

The Automotive Brake System market has been segmented on the basis of brake type, brake system, and vehicle type.

About the brake type, the market is considered for disc brake and drum brake. Disc brake is projected to hold the largest share in the market during the review period, given the surge in safety regulations by various government bodies. The focus on increasing the stopping distance has resulted in the growth of the disc brake market. At present, the production of passenger cars is on the rise, which further stimulates the growth of the disc brake market.

The types of brake systems are traction control system (TCS), Anti-lock braking system (ABS), Electronic stability control (ESC) and others. Traction control system (TCS) is expected to emerge as the largest market in the years to come, thanks to the advancing technology in braking systems. Government bodies are setting numerous regulations that promote the use of this type of braking system, to ensure safety of people.

Depending on the vehicle type, the market caters to passenger cars and commercial vehicles.  Passenger car is on its way to achieve the largest market during the evaluation period on account of surge in the production of passenger cars.

Automotive Brake System Market Detailed Regional Analysis:

Asia Pacific (APAC), North America, Europe and the rest of the world (RoW) are the primary markets for Automotive Brake System.

In the global automotive brake system market, APAC has the highest chances of being the most profitable region in the following years. China is ranked among the most prominent automotive markets in the world. The rising Chinese economy paired with surging disposable incomes of people augments the sale of vehicles in the region. In addition, low production costs in the region, particularly in China, favors the vehicle manufacturing sector to a great extent. Besides, the increasing number of accidents in India calls for the rise in safety features, mostly in the mid-level vehicles. With the aim of minimizing such incidents, the government in the country mandates the installation of anti-lock braking systems in vehicles by automobile companies. With the back of these factors, the automotive brake system market in the region is touted to note even better growth in the near future.

In North America, ever-growing demand and consequently rising vehicle production are considered as some of the reasons behind the robust demand of Automotive Brake Systems. The increasing governmental mandates that focus on vehicle safety strongly invigorates the demand for the automotive brake system in the region.

The Europe market for Automotive Brake System can achieve lucrative growth in the coming years. The booming automotive industry is one of the prime factors supporting the market growth in the region. Increasing concerns over safety along with the resulting government pressures on automotive manufacturers to launch higher technology content also add to the market strength in Europe.

Competitive Analysis:

The current economic climate is promoting stable development in the market by favorable availability of resources. The profit generation streams in the market are optimized to yield maximum benefits in the coming years. The alternatives present for growth in the market are lucrative to long term growth of the market. The opportunity costs in the market are not elevated and are beneficial to progress in the market. The augmentation of the resources important to endure competition has enhanced broadly directed to a top development rate of the market. The benefits to the economy from the development of the market are high. The market has accomplished a superior stride in the past couple of years, which is underscored by the events with regards to valuation. The increase in sponsors in the market plays an essential role in the progress of the market. The reduction in the barriers to trade is anticipated to embody cutting-edge areas for expansion in the approaching years. The market is well-armed to find the way throughout the unstable tides, unforeseen turmoil, and unexplored waters in the international economy.

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Name: abhishek sawant
Email: Send Email
Organization: Market Research Future
Address: Market Research Future Office No. 528,, Amanora Chambers Magarpatta Road, Pune, India.,
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