The worldwide Automotive Brake Systems Market is
anticipated to reach around $35.4 billion by 2026 according to a new research
published by Polaris Market Research. In 2017, the passenger cars dominated the
global automotive brake market, in terms of revenue. In 2017, Asia-Pacific
accounted for the majority share in the global automotive brake systems market.
The significant increase in the
demand for passenger cars, supported by the growth in the global automotive
industry are factors boosting the adoption of automotive brake systems. The
increasing need to improve road safety coupled with introduction of stringent
safety regulations has encouraged market players to develop advanced brake
systems. Factors such as growing disposable income, and changing lifestyles
have increased the demand for passenger vehicles, thereby supporting the growth
of automotive brake systems. However, high costs of advanced electronic brake
systems, and counterfeit products available in the market would restrict the
market growth. New emerging markets, emerging consumer demographics, and
increasing adoption of brake-by-wire systems and regenerative brakes would
provide growth opportunities for automotive brake systems market in the coming
years.
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In
2017, Asia-Pacific accounted for the highest share in the global automotive
brake systems market. Established automotive industry, technological
advancements, and high investment in R&D are factors expected to drive the
market growth in the region. The introduction of stringent government regulations
regarding vehicular safety, and modernization of vehicles accelerate the
adoption of automotive brake systems in the region. The economic growth in
countries such as China, Japan, and India, rising living standards, and growing
disposable income further increases the demand of automobiles in the region.
Expansion of global players into these countries to tap market potential boosts
the market growth. Increasing demand for luxury vehicles, electric vehicles,
and development of autonomous vehicles would provide growth opportunities
during the forecast period.
The
operating the automotive brake systems market include ZF
Friedrichshafen AG, Wabco Holdings Inc, Continental AG, Delphi Automotive PLC,
Robert Bosch GmbH, Hitachi Automotive Systems, Ltd., Aisin Seiki Co., Ltd.,
Knorr-Bremse AG, Akebono Brake Industry Co., Ltd., and Autoliv, Inc. These
companies launch new products and collaborate with other market leaders to
innovate and launch new products to meet the increasing needs and requirements
of consumers.
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