No matter what the cost or quality of one’s car, like it or not, one must stop the vehicle, even if grudgingly to let a texting pedestrian cross the street or, god forbid, for a red light. To do so, one’s vehicle must be fit with a reliable braking system.
As a result, Grand View Research says the global automotive brake systems market is expected to reach $1.11 billion by 2025. According to the researchers, the market is influenced by increasing vehicle production, owing to growing disposable income, and is expected to propel the market upward. Other findings include:
- The increased use of electronic components is one of the key contributing factors for market growth.
- Key factor driving the growth of the automotive brake systems market is the growing stringency in vehicle safety norms.
- The disc brakes segment is projected to grow at a higher CAGR than drum brakes, owing to its enhanced braking performance and heat dissipation characteristics
- The passenger cars segment is anticipated to grow at the highest CAGR of 5.9% over the forecast period, owing to the rising passenger car sales in developing economies such as China and India
- The growing concerns over non-exhaust emission, caused due to brake abrasion, have propelled the need for eco-friendly brake materials
- Asia Pacific is projected to account for 53.6% of the total market share by 2025, owing to increasing vehicle production and popularity of vehicle safety features
- The key companies, such as Aisin Seiki Co., Ltd., Brembo S.p.A., Continental AG, and Robert Bosch GmbH, have made huge investments in R&D activities to strengthen their production capabilities