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 9885 million, North America will be the third largest market for automotive brakes, and its CAGR for the period of 2022 to 2030 is 4.67%.
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 other 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
North America Automotive Brake Market Drivers
The National Highway Traffic Safety Administration (NHTSA) modified the Federal Motor Vehicle Safety Standard (FMVSS) 121 air brake systems in August 2013 to increase truck tractors' stopping distance. Most new heavy truck tractors must achieve a 30% reduction in stopping distance when compared to current standards. The updated standard requires these large truck tractors (about 99% of the fleet) to stop in less than 250 feet when loaded to their gross vehicle weight rating (GVWR) and tested at a speed of 60 miles per hour (mph). Under the same conditions, the stopping distance requirement for a small number of very heavy, severe service tractors will be 310 feet. Furthermore, when loaded to their "lightly laden vehicle weight," all heavy truck tractors must stop within 235 feet, according to the final rule (LLVW). Today's disc brakes provide excellent braking performance. The front wheels also provide 60–90% of the vehicle's stopping power. As a result of the implementation of laws requiring shorter stopping distances for increased safety, disc brake adoption is predicted to skyrocket.
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. Moreover, Hazardous materials legislation, particularly in Canada and the United States, will encourage the selling of higher-value brake parts.
North America Automotive Brake Market Restraints
Electronic and mechanical systems are intricately linked with advanced braking technology. Automotive braking systems are more expensive than traditional braking systems because they require additional components like sensors, pumps, valves, and controllers. As ESC and EBD become more integrated with ABS, the cost of installation has increased. According to the Transportation Research Board (TRB) of the National Academies of Sciences, Engineering, and Medicine, the cost of putting ESC on vehicles with anti-lock braking systems can be as much as USD 50 per vehicle. The sensors on each wheel can cost hundreds of dollars, making an automotive brake system expensive to maintain.
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.
However, market gains will be mitigated by the lower cost of many imported brake parts, as well as Mexico's lax hazardous materials regulation, which encourages the selling of less expensive imports over more expensive regional parts. Nevertheless, the reduced cost of these products will be partially compensated by their lower quality, which will necessitate more frequent replacement.
North America Automotive Brake Market Opportunities
One of the most recent technologies to aid in weight loss is the Automotive Brake System. To help reduce weight and enhance response time, the Automotive Brake system replaces mechanical linkages with electric wires, motors, and actuators. Other brake assistance technologies, such as anti lock braking system (ABS), electronic stability programme (ESP), electronic parking brake, and electronic traction control (ETC) can be integrated into an Automotive Brake system, reducing the weight of vehicles and eliminating the hardware used in such systems. Brake-by-wire technology is projected to gain popularity in the coming years as a result of this. Additionally, as car OEMs place a greater emphasis on replacing mechanical parts with tiny electrical components to improve operational accuracy, brake-by-wire will become more widely adopted. Automotive Brake system penetration is also predicted to increase in the next few years due to continuous innovations.
