Brakes system gives the driver full control of the vehicle’s speed and helps him halt or take better control in emergencies; hence, it is an essential part of the vehicle. As the automotive brake market deals with safety, people’s preference for safer vehicles will grow. The global automotive brake market is expected to grow by 4.77% during 2021–to 2027. This automotive brake market is segregated into technology, type, end-user, sales channel, and region.
With the noticeable increase in the adoption of vehicles, there is an increase in the possibility of road fatalities. Test results from the New Car Assessment Program (NCAP) provide consumers with important information about the safety regulations and features while purchasing new vehicles. The governing bodies in developed and developing regions abide by the NCAP standards. Highway fatalities in America have dropped by 20%.
Automotive makers are introducing safety options in cars and extensively investing in R&D activities with respect to NCAP standards. The rising demand for autonomous vehicles is propagating the need for safety regulations. These new advancements in technology regarding growing needs for safety regulations are among the crucial reasons the global automotive brake market will soar.
The global automotive industry has persevered through the COVID-19 pandemic. Surprisingly, there was an increase in vehicle sales in China and India. The vehicle sales dropped nearly 80% in Europe and 52% in the US compared to the sales in 2019. However, it is important to note that the pre-COVID sales level is highly difficult to achieve in the US and the UK, even by 2022.
The pandemic effect on passenger vehicles' sales and consumer perception was a mix. Several consumers now prefer personal vehicles over public transport due to the high risk of spreading the virus. This shift in the market has had a slightly negative impact on the global automotive brake market as there are supply chain delays, manufacturers are facing difficulties in procuring the components and raw materials from across the globe.
Got questions about your regional growth of
Automotive Brake Market?
Just drop us a line or call on +1 646 480 7505
Companies have been using this time to majorly invest in R&D and come up with better solutions that align with the safety rules laid by the authorities. This also helps them take a dive into new technologies and adapt to them with respect to its growth potential. Brake-by-wire poses a technology that is still in its initial stage of development is only used in commercial vehicles.
As of 2021, brake-by-wire technology shares approximately 5% of the market and is expected to have surged at a CAGR of 6.7%. The use of wire brake systems shows many advantages such as lower weight and space savings, reduced operating noise and vibrations, and faster response times that will commit to shorter braking distances. This technology has the potential to grow by 7.47%, specifically in the Asian Pacific continent, as this region has a hold over the global automotive brake market. This technology will see an overall rise at a CAGR of 6.79% in the automotive brake market during 2021–2027.
Geographically, the global automotive brake market spreads over North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific is the major capacitator of this market. It dominates the market by approximately 43% and has shown the highest CAGR during the forecast period. Antilock braking system (ABS) is the leading technology in the region, and drum brakes are the most sold type.
The aftermarket makes cheaper parts, is mildly reliable, and holds a major market share with respect to consumer choice. According to the Straits’ forecast, the Chinese market is expected to grow at a CAGR of 6% by the end of 2027.
The European continent covers roughly 25% of the global automotive brake market. Germany is the biggest gambler in Europe. It is safe to say that Germany leads approximately 35% of the European automotive brake market. Antilock braking system drives the European market, and demand for brake-by-wire technology is expected to surge here.
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now