Automotive Turbocharger Market Size, Growth Is Expected To Grow At Highest CAGR From 2020 To 2025
Market Research Future published research report on automotive braking system market. The global market for automotive braking system is majorly driven by factors such as increase demand for automotive, government mandates to improve the vehicle safety and others.
Market Highlights
The developing automotive industry has largely impacted engineering advancements for performance improvement in vehicles. Brakes play an important role in ensuring safety, which is very essential given the steadily rising demand for speed. Automotive Braking system market is witnessing the advent of advanced technological developments such as ABS, TCS, ESC and others. Development of braking technology serves as a boost to the overall automotive braking industry. Moreover, increasing demand for commercial, passenger vehicles along with government mandates for improving vehicle safety, is a major market driver for the growth of automotive braking system. However, higher cost of the newer technology of Electronic Brake Systems (EBS), acts as a major restraint for automotive braking system market.
Market Research Future Analysis:
Market Research Future analysis shows that the global market of automotive braking system market is estimated be at USD 30.95 billion by the end of year 2023. Geographically, Asia-Pacific is dominating the market with increasing vehicle production in countries such as India and China and focus on increasing production capacity, are driving the market for automotive braking system. Robust economic growth and escalating lifestyles are pushing the market towards growth. Moreover, high production of vehicles, increasing operational performance, improving drivability and ensuring safety are some of the factors, which boost the market of Asia-Pacific. Many countries including China, Japan, and others are prime manufacturing hubs for a variety of industries including automobile manufacturing. The large scale use of automotive braking systems in these regions, boost the market.
Asia-Pacific region is expected to account for the largest market share during the forecast period due to growth in demand for commercial and passenger cars in countries such as India, China, and South Korea. China is expected to have the largest contribution in automotive brake system market due to increased opportunity for the brake system companies. Europe is expected to be the second largest market in automotive braking system market. Increase in demand for the production of passenger cars and increase in government regulations for the safety of the vehicle are the factors responsible for driving the automotive braking system market. The rise in vehicle safety will drive the demand of braking system in passenger cars, which will lead to the growth of this market.
The key players in global automotive braking system market are Robert Bosch GmbH (Germany), Continental AG (Germany), ZF Friedrichshafen AG (Germany), Wabco Holdings, Inc. (U.S.), Knorr-Bremse AG (Germany), Aisin Seiki Co, Ltd. (Japan), TRW Automotive Holdings Corp (U.S.), Halla Mando Corp. (South Korea), Akebono Brake Industry Co. Ltd.( Japan), Valeo (France).
Brake is a mechanism that prevents motion of the vehicle by absorbing energy when the vehicle is in moving condition. Thus, braking system is also used to stop the vehicle or slowing down of vehicle. There are various types of brake systems that are installed in the vehicle such as ABS, TCS, and ESC. They provide safety to the vehicle when the vehicle is in motion. The global automotive braking system market is expected to account for market size of 30.95 billion by 2023 with 6.89% CAGR.