According to a recent report published by Prudent Markets, titled, “Automotive Brake System Market byType, Technology, Vehicle Type, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019–2026,”the global automotive brake systemmarket sizewas valued at $22.03 billion in 2018, and is projected to reach $38.48 billion by 2026, registering a CAGR of 7.5% from 2019 to 2026.

Asia-Pacific dominates the market, followed byEurope, North America, and LAMEA. China dominated the Asia-Pacificautomotive brake system market share in 2018, and is anticipated to maintain its lead during the market forecast.

Rise indemand for safety features in automobiles,technological advancements in safety features, and stringent government mandates for vehicle safety are the factors that significantly impact the market growth. However, according to the automotive brake system marketanalysis,high installation and maintenance costsrestrain the growth of the market. In addition, development of advanced braking systems for two wheelers and expansion in untapped markets of developing countriespossess remarkable growth opportunities for the global market players.

Expansion in the untapped market of developing countries like India, Indonesia, and Brazil can bring further opportunities to the players in theautomotive brake system market. According to India Today Magazine, in India, over 147,913 people were killed in road accidents in 2017 alone, which made it mandatory for the Indian government to implement safety measures forvehicles. Safety systems like anti-lock braking system (ABS) and electronic stability control (ESC) are in urgent demand in these countries, owing to growing accident rate. India and Indonesia have the highest number of two wheelers in the world after China. These regions offer potential growth opportunities formarket players for innovations in automotive brake system for automobiles.

The automotive brake systemmarket wasanticipated to grow significantly in this region due to continuous development in technologies and adoption of anti-lock braking system by the market. Introduction of new technologies has reduced loss of lives and rate of fatalities due to road accidents. It can record and track the performance of drivers. The addition of electronic stability control system and combined braking system is expected to pave way for automotive brakes systemin North America.North America is a mature market, where almost every vehicle launched in the market is fitted with an ABS. This is due to the growth inlaws and regulations concerning vehicle safety by legislations and growing public demand for safety features like ABS and ESC resulting in growth of automotive brake system. The automotive brake systemmarket in North America is growing, as it is a mature market and due to strict regulationsimplemented by government for equipping ABS system in all vehicles. Anti-lock braking system for commercial vehicles have greater penetration in this region, owing to growth innumber of light commercial vehicles in the region and is expected to remain the market leader in the future.

Europe is one of the major contributors inthe automotive brake systemmarket, owing to factors such as high demand for safer driving vehicles. With the regulations made by the European Union for the implementation of anti-lock braking system in vehicles, the anti-lock braking system is expected to gain prominence in Europe due to stringent government regulations in many countries of the region. Moreover, vehicle safety and driver comfort have piqued the interest of automotive manufacturers in Europe.Europe is expected to grow duringthe forecast period because of prevalent automotive safety protocols across the region. The European Union Parliament has voted in favor of mandatory installation of ABS for the bikes above 125cc from 2016. In addition, organizations like the IIHS and NHTSA have mandated use of ABS in the aftermarket from 2014. Further, the passenger car ABS segment is more popular in this region, owing to high population density. 

According to Lalit Katare& Anvay Sonpimple, Research Analyst, Automotive and Transportation at AlliedMarket Research, “Bytype, the drumsegment dominated the global automotive brake system marketin 2018, in terms of revenue. In addition, bytechnology, the antilock braking system (ABS) segment is expected to exhibit lucrative growth rate during the forecast period. Presently, by region,Asia-Pacific is the highest revenue contributor, and is expected to garner highest revenue in the global market during the forecast period, followed by Europe, North America, and LAMEA.”

KEY FINDINGS OF THE STUDY

• Bytype, the drum segmentis anticipated to grow at a lucrative growth rate.

• Bytechnology, the traction control system (TCS)segment was the highest revenue contributor in 2018.

• By region, Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period of automotive brake system industry.

• By region, Asia-Pacific contributed highest market revenue in 2018, and is anticipated to maintain its lead during the automotive brake system market forecast period.

The key players analyzed in this report are Aisin Seiki Co., Ltd., Autoliv Inc., Continental AG, Delphi Technologies, Denso Corporation, Nissin Kogyo Co., Ltd, Robert Bosch GmbH, WABCO, ZF Friedrichshafen AG, and others.

Research link: https://www.prudentmarkets.com/report/automotive-brake-system-market/506/