Automotive Brake System Market Overview
Automotive Brake System Market is expected to be valued at USD 41,930.2 million with a CAGR of 6.4% Forecast by 2030
Global Automotive Brake System market is projected to witness growth at a significant CAGR of around 6.4% between the forecast period of 2022 and 2030. Technological advancements and growing support from the government in nations like India and China are cited as the prime reasons behind the growth of the Automotive Brake System market. At the same time, growing awareness among consumers regarding road safety is also one of the major reasons behind the growth of the market.
The ability of automotive electronic braking systems to enhance vehicle safety is one of the prime reasons behind growing demand. At the same time, these systems also do require minimal maintenance. Moreover, introduction of advanced electronic braking systems is also a prime reason behind promising prospects. To be specific, growing popularity of high-end technicalities like Traction Control System or TCS and ABS systems also does make the prospects of global Automotive Brake System market significant in forecast period.
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Advent of electronic braking system in automobile segment has transformed the market scenario immensely, making the market prospects promising. Massive demand from safety facilitators like ABS is also one of the prime reasons behind the growth of electronic braking system market. Growing demand and massive production in automotive industry are also among the reasons behind the growth of global automotive electronic braking systems market. Growing purchase power can also be one of the reasons behind the promising market scenario.
Segmentation of Automotive Brake System market
Global Automotive Brake System market can be segmented on vehicles, channels, and products. In terms of product, the market can be further classified into disc brakes and drum brakes. To be specific about electronic brake systems, it is consist of disc type and drum-type braking elements. In terms of application, these devices can be further classified into passenger cars, two-wheelers, and light commercial vehicles. Based on region, global Automotive Brake System market can be further classified into North America, Asia Pacific, Europe, Europe, and South America, which is led mainly by Asia Pacific.
Automotive Brake System Market Regional analysis
Geographically, global Automotive Brake System market can be further classified into North America, Asia Pacific, Europe, Europe, and South America, which is led mainly by Asia Pacific. Asia Pacific is the most prominent player in the market, followed by Europe and Asia Pacific. Asia Pacific is promising in terms of its growth rate. Among these, Japan and South Korea are said to be the major contributors. Keeping the growing number of serious accident insight and growing fleet, China is projected to be one of the prominent markets that will play major growth in this business.
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Automotive Brake System Industry news
Reportedly, Global Automotive Brake System market is going to remain the most consistent between the forecast period of 2016 and 2025. Growing rate of automobile production and advanced safety demand is cited as the prime reason behind the promising future of global Automotive Brake System market
Automotive Brake System Market Key Players
- Advics Group (US)
- Autoliv Inc. (Sweden)
- Continental AG (Germany)
- Delphi Automotive Plc (US)
- Denso Corporation (Japan)
- Haldex AB (Sweden)
- Knorr Bremse AG (Germany)
- Robert Bosch GMBH (Germany)
- Wabco Holdings Inc. (US)
- ZF TRW Automotive (US)
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