Market Overview
The global automotive brake market is expected to grow at a CAGR of 4.77% during the forecast period (2021–2027).By 2030 with an expected valuation of USD 10596 million Europe will be the second largest market for Automotive Brakes and its CAGR for the period of 2022 to 2030 is 4.7%.
An automotive braking system is an important aspect of vehicle safety technology. It is a sophisticated system that is designed to either prevent or slow the speed of a moving vehicle in the event of a collision with another vehicle, a person, or an object of some sort.
These systems use sensors like radar, video, infrared, and ultrasonic to scan for potential obstacles in front of the car and then use brake control to avoid a collision if the object is found. Automotive brakes are one of many automobile safety features, and they're frequently combined with another tech like pre-collision systems and adaptive cruise control. The brake system components include the brake pedal, master cylinder, brake callipers, brake shoes, brake disc, brake rotor, brake drum, brake lining, and hoses.
Market Dynamics
Europe Automotive Brake Market Drivers
Automobile manufacturers are always developing new and improved products to make driving more comfortable and safe. Players routinely design products like anti-lock braking systems, electronic stability control, and anti-collision technologies to make vehicles safer and better. Consider the following:
Continental AG has developed a third-generation anti-lock braking system (ABS) that responds to vehicle speeds while also providing safer, more controlled, and optimal brake performance.
For e-Bikes, Bosch has released an antilock braking system that prevents the front wheel from locking up while also managing the rear wheel rising.
If the driver fails to activate the brakes in time, an autonomous braking system can connect with the vehicle's GPS system and use its database of stop signs and other traffic information.
Furthermore, electronic stability control (ESC) is now available with anti-lock braking systems to prevent skidding and bring vehicles under control. As a result, technological developments in car safety features could propel the automotive brake system market forward.
More than 15,545,000 automobiles were produced in Europe in the year 2020. With Europe's well-established automotive sector, the opportunity for manufacturing and integrating automobile disc brakes will expand, helping to penetrate the market. In April 2021, industrial production in the European Union increased by 0.5%. According to Eurostat Statistics data from June 2021, motor vehicle production surged by more than 400% between April 2021 and April 2020. As a result, the vehicle disc brake market in the region will increase at a rapid pace.
Europe Automotive Brake Market Restraints
The automotive industry is critical to the economy's growth. However, during the second and third quarters of 2020, the COVID-19 outbreak impacted the whole automotive supply chain, affecting new car sales in FY 2020.
For Europe COVID-19 had a significant impact, particularly in the United Kingdom. The COVID-19 pandemic has resulted in a sharp drop in client demand in a number of businesses, including those in the European Union (EU). At the same time, various supply chains in a range of industries, including the automotive industry, experienced issues. Furthermore, new car registrations in major European markets fell to their lowest level since World War II in April 2020. The crisis is mostly caused by decreased customer demand. Vehicle production has slowed as a result of this. With the slowdown in car production, demand for automobile disc brakes is expected to fall dramatically in 2020. However, with the easing of lockdowns and vaccination processes in 2021, automotive production activity has resumed, and raw materials are plentiful.
The Automotive Brake System control module of a vehicle is meant to alert the driver with a warning light if the system fails. The module itself is rarely defective; instead, the sensors or the wiring to the sensors are frequently defective. The most typical cause of dysfunction is when the Automotive Brake System is contaminated with particles or metal shavings. There is no signal continuity when sensor wiring is destroyed. Brake fluid becomes contaminated in corrosive situations, and the hydraulic unit fails to function.
BMW recalled 11 of its 2019-2020 models in 2021 due to a manufacturing defect in the brake boosting unit, which could result in ABS failure under severe braking. Hyundai Motor Company Australia issued a recall in May 2020 for around 96,000 vehicles due to an ABS module issue. When the ABS module's components were exposed to moisture, a manufacturing flaw caused an ECU in the ABS module to short-circuit.
Europe Automotive Brake Market Opportunities
In the current context, various countries around the region are piloting self-driving cars due to government rules designed to ensure the safety of drivers and passengers. The market for braking systems will continue to develop as self-driving/autonomous vehicles become more common. Regardless of technology advancements, the cornerstone of any vehicle, whether autonomous or traditional, begins with brakes, namely air disc brakes. Anti-lock brake systems, for example, are becoming more popular in commercial vehicles. Furthermore, as new generations of vehicles enter the market, electronic brake systems are becoming more prevalent. The need to improve a truck's overall capabilities, safety, and performance is growing in popularity in numerous countries across the area, which is driving progress in electronic brake systems. Furthermore, the advancement of electronic brake systems will aid the development of next-generation technologies like automation and electrification. The breadth of the Europe market will continue to expand as improved automotive brakes are integrated into automobiles.
