Rising Sales of Automobiles to Push Automotive Brake Components Demand at 4.2% CAGR by 2032
Implementation of Vehicle Safety Regulations to Catapult Automotive Brake Components Sales to Exceed US$ 75.6 Bn by 2032
An exhaustive study published by Fact.MR provides compelling insights into upcoming opportunities and emerging trend. It also offers an in-depth analysis of the global automotive brake components market to assist readers gain a 360-degree view across prominent regions for the assessment period. The report also reveals key governing factors favoring the market in term of product type, vehicle, and sales channel.
NEW YORK, May 23, 2022 /PRNewswire/ -- Overall sales in the global automotive brake components market are estimated to reach US$ 49.9 Bn by 2022. The demand for automotive brake components is anticipated to surpass US$ 75.6 Bn by the end of 2032, in comparison to the US$ 48.1 Bn registered in 2021.
Over the last few years, there is a significant rise in sales of automotive vehicles across the globe, owing to the increasing disposable income and growing consumer spending on comfort traveling, creating strong demand for associated components.
For instance, according to a study by the India Brand Equity Foundation, nearly 3.08 Mn units of passenger cars were sold across India in 2021, exhibiting 26.6% growth compared to the sales in 2020. This rise in sales of automobiles are expected to augment the demand for automotive components such as tires, transmission components, brake components, and others, thereby driving the growth in the market.
On account of this, the sales of automotive brake components are projected to rise at a CAGR of 4.2% during the forecast period 2022-2032.
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Government in numerous countries are implementing stringent standards and regulations for enhancing passenger and vehicle safety to curb the rising incidence of road accidents.
For instance, the National Highway Traffic Safety Administration (NHTSA) and the U.S. Department of Transportation (DOT) have implemented a set of standards mandating the use of automatic emergency braking for providing dynamic braking. A multiplicity of such regulations are estimated to bolster the sales of automotive brake components by 1.2X between 2022 and 2032.
Key Takeaways:
- The U.S. is anticipated to exhibit robust growth in North America, assisting the region to expand at a CAGR of 4.4% during the assessment period.
- Germany is expected to account for a significant share in the Europe market, owing to the accelerating sales of automotive vehicles in the country.
- China is estimated to emerge as a highly remunerative market, assisting the East Asia market to account for around 21.2% overall sales by 2022.
- Based on product type, the disc brake segment is forecast to exhibit growth at 4.5% CAGR, accounting for 56.4% of the total demand through 2032.
- In terms of sales channel, the Original Equipment Manufacturers (OEMs) segment is projected to account for the maximum revenue share in the market, accounting for 53.9% of global sales by 2022.
Growth Drivers:
- Growing concerns regarding driver's safety, rising advancement in braking systems, and increasing non-uniformity in road infrastructure are factors surging the demand for high-performance automotive brake components in the market.
- Rising construction & transportation activities and growing number of small & medium size enterprises across the emerging economies are estimated to augment the sales of light commercial vehicles, thereby, favouring the demand in the segment.
Restraints:
- Excessive heating, vibration during braking, and unusual brake pedal feel, of drum brakes in impeding the sales of automotive brake components across the drum brake segment.
- Extravagant cost of heavy commercial vehicles and high maintenance costs are hindering the sales of these automobiles, which is in turn, restraining the growth in the heavy commercial vehicles segment.
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Competitive Landscape:
Leading manufacturers in the global automotive brake components market are focusing on developing and introducing novel high performance brake components to enhance their product portfolio. Some of the players are aiming at entering into collaboration, agreement, & partnership to increase their market share.
- In March 2020, ZF Friedrichshafen AG, a German automotive parts manufacturer announced launching the first front electric park brake. This product launch will assist the company to extend the range of Electric Park Brake (EPB) systems for a wider range of vehicles.
- in 2019, NRS Brakes Company, a Canadian manufacturer of brakes announced introducing new product line of galvanized-based brake pads, providing protection from rust to all brake parts, including the automotive brake calipers and rotors
Key Companies Profiled by Fact.MR
- Wabco Holdings Inc.
- Knorr Bremse AG
- Mando Corporation
- Aisin Seiki Co. Ltd.
- Akebono Brake Industry Company Ltd.
- Brembo S.p.A
- Daimler AG
- ZF Friedrichshafen AG
- DAKO-CZ
- Robert Bosch GmbH
- Continental AG
- ASK Automotive Pvt. Ltd.
More Valuable Insights on Automotive Brake Components Market
Fact.MR in its latest study offers a comprehensive analysis on the global op automotive brake components market. It also provides key information such as latest trends, drivers, and challenges factors that are expected to influence sales of automotive brake components during the forecast period of 2022 to 2032. It also uncovers critical forecast data for the automotive brake components market through detailed segmentation as follows:
Product Type:
- Disc Brakes
- Drum Brakes
Vehicle:
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Sales Channel:
- OEM
- Aftermarket
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the Automotive Brake Components Market Report
- What will be the demand outlook of automotive brake components market in 2022?
- What will be the growth rate of the global automotive brake components market during 2022-2032?
- Which are key drivers bolstering the growth in automotive brake components market?
- Which are the factors hindering the growth in automotive brake components market?
- Which region is expected to exhibit the fastest growth in the global automotive brake components market during 2022-2032?
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About Fact.MR
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