Automotive Brake Systems | 2021 Scope of Current and Future Industry
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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