The global braking component market is projected to be driven by increase in demand for occupant safety. Rise in number of young consumers with preference for high-speed vehicles is boosting the demand for prompt and responsive brakes.
Government emphasis on pedestrian safety and rise in awareness among consumers are propelling the global braking component market. Increase in demand for high-performance vehicles is fuelling the automotive braking component market. Rise in sales of sports utility vehicles in North America and Europe and their usage in off-terrains have driven the demand for robust braking systems.
Increasing preference of people for quieter and smoother running brakes have fueled the usage of ceramic and organic brake pads. Metal brake pads are cost-effective and conventional; therefore, this segment accounts for a prominent share of the market. Usage of organic and ceramic brake pads permits effective, sudden braking. Ceramic brake pads have fine copper wire mesh, which increase friction and heat conductivity. These brake pads generate less dust particles and have longer shelf-life.
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Rise in vehicle production in developing countries such as China, Brazil, Mexico, and India is driving the braking component market. High demand for commercial vehicles due to GDP growth and improvement in infrastructure is driving the demand for braking components. The fixed caliper brake segment is estimated to expand at a considerable pace, due to rise in demand owing to their usage in heavy-duty and high-speed vehicles. Fixed calipers have rigid mounting and hence, they offer efficient braking performance under heavy load and at high speed.
Demand for stainless steel brake lines is anticipated to increase during the forecast period due to high cracking resistance and strong brake lines. Stainless steel brake lines have higher durability and low risk of failure; therefore, stainless steel brake lines are being increasingly utilized in premium and luxury vehicles.