The development of asphalt roads and connectivity to places thanks to constant road infrastructural projects has led to high sales of cars. The automotive industry has prioritized on customer safety and has led several efforts into enhancing the efficacy of brakes. Electronic brake systems are an invention which works well with valve modulators and other components to increase brake stoppage time. The global automotive electronic brake system market report by Market Research Future (MRFR) covers trends and novel opportunities which can be insightful for automotive manufacturers.
The global automotive electronic brake system market is expected to make inroads at 5.4% CAGR from 2018 to 2023 (forecast period), as per MRFR. High sales of commercial and passenger vehicles is the primary driver of the market. Furthermore, the need for safety measures outlined by governments for customers can be push the demand in the market.
Strict government regulations for lowering CO2 emissions is likely to play a major role in the future market scenario. Rising production of electric and hybrid vehicles for meeting renewable energy targets is expected to buttress the trend. Developments of advanced braking systems such as electromagnetic braking system and anti-lock braking (ABS) system are predicted to bear positive fruit for the automotive electronic brake system market.
But availability of cheap substitutes may threaten market growth.
The automotive electronic brake system market is segmented by vehicle type, component, technology, and sales channel.
By vehicle type, it is segmented into passenger and commercial vehicles.
By component, it is segmented into sensors, actuators, control units, and others.
By technology, it is segmented into brake assistance, autonomous emergency braking, electronic stability control, and anti-lock braking systems.
By sales channel, it is segmented into OEM and aftermarket.
Advanced Braking Systems – Torque vectoring is a brand-new technology which transfers the engine torque to the front wheels and reducing the need to understeer. This differential has been integrated into all-wheel-drive vehicles and will be particularly useful in tough climes. Prominent manufacturers employing this technology are Mercedes and Jaguar. Furthermore, manufacturers are developing various types of brakes such as wedge and ball screw brakes with regards to changes in car designs.
Hybrid and Electric Vehicles – Rising production of electric and hybrid vehicles made feasible due to energy targets of countries and supportive government policies of electric vehicle charging infrastructure is likely to be a new growth opportunity for electronic brake system manufacturers. In 2019, Continental tasted success with its MK C1 brake system which can result in energy savings and reduce carbon emissions. It even passed the Worldwide harmonized light vehicle test procedure (WLTP), a standard for measuring fuel and electricity emissions.
The automotive electronic brake system market covers the latest trends in braking across Asia Pacific (APAC), Europe, North America, and Rest-of-the-World (RoW). Among them, the APAC region is touted to exhibit a robust growth rate during the forecast period due to strict implementation of safety norms in South Korea, Japan, and others. Surge in sales of automotive vehicles, high expendable income levels of customers, and cheap workforce are other factors which can bolster the demand in electronic brake systems.
North America held the largest market share in 2017 due to the presence of major automobile manufacturers and high customer awareness levels regarding safety measures. Moreover, governments of the U.S. and Canada have enforced stringent rules to curtail the number of accidents due to climatic conditions and driver sensibilities.
Similarly, Europe is expected to generate a major windfall thanks to environmental regulations regarding automotive vehicle production and integration of collision avoidance systems.
Major automotive braking system manufacturers covered in the market report include Haldex AB, Delphi Automotive Plc, Robert Bosch GMBH, Autoliv Inc., Knorr Bremse AG, Wabco Holdings Inc., Continental AG, Advics Group, ZF TRW Automotive, and Denso Corporation.
Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.