Automotive Brake System Market to Hold a High Potential for Growth by 2022
Author : Ajaykumar Patil | Published On : 13 Jan 2022
The automotive brake system market is projected to witness a significant growth during the time of given forecast period due the automotive industry is predicted to have a very bright future in the coming years in both emerging and developed economies. Increasing concerns about the safety have enforced governments all across to lay to strict guidelines associated with safety vehicular norms is also expected to drive the growth of the market. Ever growing population coupled with changing standards of living in the middle class with an increasing spending power have made it comparatively easy to own personal vehicles in the developing countries. A higher requirement for passenger cars is naturally advantageous for the global automotive brake system market. In addition to this, the concerns over the safety of customers, the governments all across the globe have imposed strict regulations related to the safety of the vehicle and mandates to enhance the overall efficiency and safety of the vehicles. Moreover, new advancements in technology such as ABS and regenerative braking are also expected to fuel the all-round development of the global automotive brake system market.
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The overall growth of the global automotive brake system is expected to be achieved with the help of an impressive CAGR of 5.7% over the course of the given forecast period of 2017 to 2022. The overall valuation of the global automotive brake system market is expected to reach a figure worth US$25 bn by the end of the given forecast period.
In terms of types of brakes the global market for automotive can be segmented into drum brakes and disc brakes. The segment of disc brakes has relatively larger share in the global automotive brake system market in the years 2017 and is estimated to reach an overall valuation of US$14 billion over the course of the given forecast period of 2017 to 2022. Nonetheless, the growth rate for the segment of drum brakes is expected to be on the rise in the coming years. The key shareholders of the global market for automotive brake system are advised to consider this possibility while devising strategies for long term. Europe accounts for the biggest contribution from a regional standpoint in the segment of drum brakes and the players in the market are advised to concentrate their efforts on this continent with lucrative opportunities for a good return on their investments.
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The segment of OEM has a revenue share of nearly fourth-fifth in terms of sales channel in the global market for automotive brake systems and is well placed to leverage the market conditions in the coming years of the forecast period. Thus, it is vital segment that the players in the global market cannot afford to avoid. The OEM segment is projected to experience an impressive CAGR of 5.5% over the course of the given forecast period of 2017 to 2022. The aftermarket sector is comparatively much smaller and consists the share of balance revenue in the global automotive brake systems market by the segment of sales channel. Along with the market in Europe, the key players in the global market should try to focus on Asia Pacific except Japan or North America, as both the regions are evaluated to have overall market valuations worth billions of dollars by the end of the given forecast period.
Some of the key players in the global market for automotive brake system include names such as ZF Friedrichshafen AG, Wabco Holdings Inc., Robert Bosch GmbH, Mando Corporation, Continental AG, Knorr-Bremse AG, Brembo SpA, Akebono Brake Industry, and Aisin Seiki among others.
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