Automotive Electronic Brake System Market Research Report – Global Forecast till 2023
The global automotive electronic brake system market, according to a report by Market Research Future (MRFR), is expected to acquire a notable market valuation at a moderate CAGR of 5.4% over the review period.
Drivers and Restraints
Automotive electronic braking system market is advancing towards a steady growth owing to multiple benefits over the conventional systems such as a reduction in a number of brake system components, lower maintenance, predictive braking controls, and improved diagnostic of the complete system. The rising demand for passenger cars and light commercial vehicles is primarily fueling the sales of automotive electronic braking systems. With the advent of electric and hybrid cars in emerging markets, demand for effective braking systems that assist in an overall reduction of vehicle weight, and improving vehicle efficiency is high. Therefore, the need for automotive electronic braking systems is anticipated to escalate significantly. On the other hand, the capital intensive nature of the equipment is likely to have a hindering impact on the sales of the automotive electronic brake system market over the review period.
The global market for automotive electronic brake system is segmented on the basis of vehicle type, components, technology, sales channel, and region. The vehicle type segmentation of the market is done into passenger vehicles and commercial vehicles. The technologies deployed in the global market for automotive electric brake systems are autonomous emergency braking, brake assistance, electronic stability control, and anti-lock braking systems. The vehicle segment is further segmented as sensors actuators, control units, and others. The sales channel segment is bifurcated as OEM and aftermarket.
On the basis of region, the global automotive electronic brake system market is segmented into Europe, North America, Asia-Pacific, and the Rest of the World. North America is one of the major regional markets for automotive electronic brake systems and is slated to attain the most significant market share over the review period. Factors such as the recent government regulations and initiatives to enhance vehicle safety and the presence of leading automobile manufacturers in this region are predicted to fuel the market in the North American region. The US is touted to lead the automotive electronic brake system market in the North America region. The rising demand for advanced safety systems in vehicles is expected to drive the demand for automotive electronic brake systems in the US. Europe is poised to account for the substantial market share over the assessment period. The augment in the production and sale of vehicles and rising demand for advanced safety features are the factor fueling the automotive electronic brake system market in the Europe region. Additionally, Asia-Pacific is estimated to dominate the market during the forecast period. The presence of strict safety norms and firm government regulations towards vehicle safety in countries like Japan, South Korea, India, and China are poised to drive the Automotive Electronic Brake System growth in the Asia-Pacific region. China, with its large vehicle production and sales and is expected to hold the prominent market share in the Asia-Pacific region. The demand for the automotive electronic brake system in the Rest of the World region is driven by the growing GDP of the countries and the rising demand for passenger automobiles over the review period.
The major market players identified by MRFR in the global Automotive Electronic Brake System market include Knorr Bremse AG (Germany), Continental AG (Germany), Advics Group (US), Autoliv Inc. (Sweden), Denso Corporation (Japan), Delphi Automotive Plc (US), Haldex AB (Sweden), Robert Bosch GMBH (Germany), ZF TRW Automotive (US), Wabco Holdings Inc. (US), among others.
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