The automotive braking system is projected to grow at a CAGR of XX% to reach US$ XX billion by 2024 from US$ XX billion in 2018. The decreasing life span of braking components is another prime factor to drive the market on account of growing needs for component replacement. The government regulations regarding mandatory requirments of advanced braking systems in vehicles along with the technological advancments in the new braking systems is futher expected to anticipate the demand.
However,declining production of automobiles in some major countries like China, UK and South Korea due to some government regulations regarding pollution emission and ownership of vehicles can be a restraining factor for the growth opportunities for vendors and manufacturers over the next five years.
Automotive Braking System Market by Brake Type
By brake type, the automotive braking system market is segmented as disc brakes and drum brakes, the segment for the disc brakes is expected to hold a significant share owing to its durability and braking. In addition, the penetration of disc brakes in sports cars and all-wheel drive vehicles is expected to drive the demand. However, the segment of drum brakes is expected to grow substantially during the forecast period owing to its application in almost every vehicles, in addition low maintenance cost and application of drum brakes in light vehicles is expected anticipate the market growth opportunities over the next five years.
The automotive braking system market for disc brakes is projected to grow at a CAGR of XX%, increasing from US$XX billion in 2018 to US$XX billion in 2024. The components of a disc brake consist of brake pads, caliper, piston, master cylinder, and the rotor or the disc. The disc brake segment is expected to grow at a significant rate owing to its durability, braking power. The braking power of disc brakes is strong as it works on a principle of friction and heat. However, less heat is created because discs are fully exposed to outer air due to which there is no loss in braking power. The new technology of disc brakes and the growing adoption in sports cars and 4X4, along with technologically advanced braking systems used in electric cars and hybrid vehicles are expected to augment the demand for disc brakes during the forecast period. Furthermore, the growing adoption of disc brakes in two-wheelers in the developing economies like India and China is also expected to boost the demand for disc brakes, which further anticipates the demand for braking systems. For instance, the mandatory requirement of Anti-Lock Braking Systems in two-wheelers in India is expected to augment the demand for disc brakes owing to better performance of disk brakes coupled with anti-lock braking systems.
Automotive Braking System Market by System Type
On the basis of System Type, the global automotive braking system market is segmented into Air/Pneumatic, Hydraulic, and Electromagnetic. The increasing sales of vehicles worldwide is propelling the market demand for pneumatic braking system, hydraulic and electromagnetic braking system, further driving the growth of the global automotive braking system market during the forecast period. Furthermore, growing R&D expenditure leading to innovations and technological advancements in air brakes, hydraulic, and electromagnetic brakes are providing an opportunity for market growth during the forecast period and beyond.
The air/pneumatic braking system is expected to hold a significant market share followed by the hydraulic, system during the forecast period. However, the segment of electromagnetic braking systems is expected to have a lesser market share on account of being a new technology and less application in the automobile industry.
The automotive braking system market for hydraulic system is projected to grow at a CAGR of XX%, rising from US$XX billion in 2018 to US$XX billion in 2024. Hydraulic braking system makes use of hydraulic fluid in order to build up pressure for braking action to stop or slow down a moving vehicle. In the case of dual-acting hydraulic brakes, the braking effort is equally distributed on all the four wheels, providing a higher brake force, thus, enhancing safety. This is a very important factor for preventing deadly road accidents, thus, propelling the use of hydraulic brakes, emanating the market growth during the forecast period. In addition, increasing new car sales is creating replacement market for hydraulic brakes in modern cars is driving the growth of the hydraulic brakes market during the forecast period.
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