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Automotive Braking System Market To Expand With A CAGR Of 5.5% From 2016 To 2024

According to a new market research report published by Credence Research “Automotive Braking System Market (By Type (Disc, Drum), By Mode of Operation (Hydraulic, Pneumatic), By Technology (ABS, ECS, Regenerative), By Vehicle Class (Two Wheelers, Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles)) – Growth, Future Prospects and Competitive Landscape, 2016-2024”, automotive braking system market is estimated to grow with a CAGR of 5.5% from 2016 to 2024.

The complete report is available at https://www.credenceresearch.com/report/automotive-braking-system-market

Market Insights

The demand for automotive braking system is majorly driven by the rise in the number of on-road vehicles. Introduction of electronics into automatic braking system has made the conventional braking systems safer, stabilized and cost effective in long term. Features such as antilock braking system, and electronic stability control are incorporated in automotive braking system, making them more reliable and safer. Subsequently, electronic braking system has observed profound adoption in automobiles around the world. Another major factor fueling the market growth is safety regulation enforced by the national governments across different countries.

Automotive braking system is segmented according to types, mode of operation, technology and vehicle class. According to type, brakes are classified into disk brake and drum brake. As of 2015, disk brake system segments outrun the drum type braking system segment in the overall automotive braking system market. Disk brakes are efficient and quick to response; consequently, they are now being applied in nearly all of the automotive vehicles. Further, automotive braking systems are segmented, on the basis of mode of operation, as hydraulic brake and pneumatic brake according to applying medium. Due to extensive use in passenger cars, light commercial vehicles and two wheelers, hydraulic braking system acquires the majority of market share compared to pneumatic braking system market.

Automotive braking system market is further segmented based on technology into antilock braking system, electronic stability control and regenerative braking system. Antilock braking system is the most widely used technology in nascent times. Being relatively new technology than antilock braking system, electronic stability control system follows antilock braking system in the overall automotive braking market. Depending upon the vehicle class, braking system is segmented into passenger cars, light commercial vehicles, heavy commercial vehicles and two wheelers. Passenger cars and two wheelers segments jointly dominates the overall automotive braking system markets. Heavy commercial vehicles market is expected to grow consistently during the forecast.

Competitive Insights:

Automotive braking system market is quite competitive in nature with several multinational companies facing remarkable competition from regional manufacturers. The international players such as Continental AG, Robert Bosch GmbH, ZF TRW, Akebono Brake Industry Co. Ltd., Halla Mando Corp. and others are striving continuously to expand their reach to the customers and increase their sales. Manufacturers are developing technologies such as antilock braking system (ABS), electronic stability control (ESC), regenerative braking and others for making automotive braking more efficient, reliable and safer.

Key Trends:

  • Development of new technology for faster and efficient braking in hostile conditions
  • Strengthening global sales channel in order to maintain and expand the sales
  • Consistent growth in automobile sector as well as automotive braking system.

The global automotive braking system market is segmented, based on its types, into following categories:

  • Disk Brake
  • Drum Brake

Automotive Braking System Market

As of 2015, disk brake is the largest segment, in terms of revenue, of the overall automotive braking systems market worldwide. Owing to quick response and reduced vehicles stopping distance, disc brake system is prominently applied in most of the automobiles. Disc brakes are compatible with two wheelers, passenger cars and light commercial vehicles. Rise in demand for on-road automotive vehicles worldwide and increased safety in braking system, automotive disc brake system market is expected to maintain its dominance in the future.

The overall demand for automotive braking system is estimated to remain average in the drum brake segment. Efficiency of drum brakes is limited as compared to disc brakes. Factors including excessive heat generation, elongated stopping distance and fractional delayed response compared to disc brakes have made drum brake system to fall back, in terms of application. With limited application such as emergency brakes and parking brakes, overall demand for drum brake is estimated to remain stagnant in the coming years. Consequently, the overall drum brake segment growth is expected to remain low in the overall automotive braking system market.

The global automotive braking system market is segmented, based on vehicle class, into following categories

  • Passenger Cars
  • Light Commercial Vehicles (LCV)
  • Heavy Commercial Vehicles (HCV)
  • Two-wheelers

Automotive Braking System Market

Automotive braking system is applied to different segments of automobile, depending on their design, working condition and efficiency. On the basis of vehicle class passenger cars segment dominated the overall automotive braking system market, in 2015. With significant rise in the sales of passenger cars, the demand for efficient braking system for these cars has also escalated, over the period of time. Two-wheelers braking system segment succeeds passenger car segment.

With the adoption of new technologies in braking systems, two wheelers are also getting advantages of advanced features for safety. Rising consumer preference towards advanced safety technology (including braking system) in two-wheelers has led to a spur in the segment’s automotive braking system. Moreover, rapid industrialization and increased trading activities and industrial logistics have significantly boosted the consumption of light and heavy commercial vehicles. Consequently, automotive braking market for these segments too is expected to grow at a consistent rate in the coming years.

The global automotive braking system market is segmented, based on its working technique, into following categories:

  • Hydraulic Braking System
  • Pneumatic Braking System

Automotive Braking System Market

Hydraulic and pneumatic braking systems have completely taken over the conventional mechanical braking system across all the vehicle class. Hydraulic braking system is by far the most widely adopted braking system in automobile industry. Hydraulic braking system offer several merits such as quick response, compact construction and efficient braking. Vehicle stopping distance of hydraulic braking system is significantly less compared to other braking methods. Subsequently, hydraulic braking system is suitable for almost all of the vehicle classes including passenger cars, light commercial vehicles and two wheelers. With the consistent growth expected across the automotive industry, hydraulic brake system is projected to retain its dominant position in the market throughout the forecast period.

Pneumatic braking system segment follow hydraulic braking segment, in terms of revenue, as of 2015. Pneumatic braking systems are heavy in construction and can transfer braking force over longer distance than hydraulic braking system. Owing to these attributes, pneumatic braking system is particularly used in heavy commercial vehicles. In addition, the overall running cost of pneumatic braking system is also limited as it uses air as its working medium. Consistent rising demand for commercial vehicles worldwide would lead to steady demand for pneumatic braking system.

The global automotive braking system market is segmented, based on the technology, into following categories:

  • Antilock Braking System (ABS)
  • Electronic Stability Control System
  • Regenerative Braking System

Automotive Braking System Market

Introduction of electronic systems has increased the efficiency of modern day automotive braking systems. One of the most predominantly used electronic features in automotive braking system is antilock braking system (ABS). Antilock braking system aids in preventing vehicle skidding on sudden application of brakes, thereby reducing the risk of any severe accidents. ABS has been made mandatory in various in countries including the U.S., the U.K. and other European countries. This has led to strong across the ABS segment, over the period of time.

Electronic stability control system (ESC) is expected to emerge as the fastest growing segment in the overall automotive system market. ESC offers various improved features than ABS including better traction control and prevention of mishaps due to over-steering. Similar to ABS, ESC is mandatory in vehicles across countries such as the U.S., Canada, the U.K., and other countries under European Union.

Further, regenerative braking is another promising technology being adopted in nascent times. With ability to generate electricity through braking force, regenerative braking is applied in electric and hybrid vehicles. With the rising in trend of electric and hybrid vehicles, overall regenerative braking system market is expected to grow at a continuous rate during the forecast period.

The global automotive braking system market has been segmented, on the basis of geographical regions, as per following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • South Asia
    • Rest of Asia Pacific
  • Middle East and Africa
    • GCC
    • South Africa
    • Rest of MEA
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America

Automotive Braking System Market

Asia Pacific dominated the overall automotive braking market, as of 2015. Owing to robust economic growth and escalating lifestyles, countries from Asia Pacific are showing significant rise in consumption of on-road vehicles in nascent time. Many countries including China, Japan, South Korea and others are the prime manufacturing hub for a variety of industries including automobile manufacturing. In order to aid the automobile manufacturing, automotive braking systems are consumed on a large scale in these regions. This has led the automotive braking system market here to grow perpetually, over the period of time. Consequently, automotive braking system market is expected to continue witnessing significant growth in the future.

Europe succeeds Asia Pacific, in terms of revenue, of the global automotive braking system market. European automobile manufacturers are among the earliest adopters of technologies such as antilock braking system and electronic stability control in their vehicles. It is mandatory to have antilock braking system and electronic stability control system in all new passenger cars in the countries of European Union as per the law enforced by the authorities. Government regulations and steady automobile demand has increased the consumption of automotive braking system. Consequently, Europe is expected to display a steady growth for automotive braking system. North America is expected to show a moderate growth in the overall automotive braking system market…

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