Gradual Shift toward hybrid and electric vehicles is expected to impact braking technology used in light-trucks and cars in the coming years. With upcoming trends including electrification, autonomous driving, new mobility and light weighting has influenced automotive brake components manufacturers to develop braking system compatible products in a bid to remain in alignment with the current novelties in braking technology. In addition, with the introduction of “Eddy Current Brakes”, the periodic changing of automotive brake components can be significantly reduced using the frictionless braking technology. This aspect has been deemed as a potential breakthrough among OEMs, which is expected to impact the growth of automotive brake components market in the coming years.
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Brake calipers in disc brake systems is expected to witness significant demand on the back of growing preference for aluminum automotive brake components. Moreover, the trend of anodizing brake calipers, particularly for use in high quality vehicles has been witnessed in the automotive brake components market. Additional treatment of anodizing the caliper surface ensures enhanced corrosion protection, improve wear resistance and appearance. Additionally, anodized brake calipers can be colored to increase the aesthetic quotient with paints that can further increase weather resistance.
Prevalence of counterfeit products in the automotive sector called for same regulations apropos to labelling standards of replacement automotive brake components as original brake components in a bid to ensure vehicle safety. This triggered the implementation of ECE R90 regulation that is applicable to vehicles sold across European Union along with 30 nations in Asia Pacific and Africa. ECE R90 has revised several mandates with regards to specific designs, performance and construction requirements for labelling for automotive brake components. The labelling initiative can ensure same performance within the tolerance limits of original vehicles. This initiative is likely to offset the impact of counterfeit products on the automotive brake components market, in turn auguring well for its overall growth.
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Significant opportunities can be grabbed in the emerging economies of Asia Pacific on the back of growing domestic automotive sector coupled with increasing investments in research and development and massive technological shift. Automotive brake components manufacturers are planning to tap new vehicle segments in emerging economies of China and India along with introduction of advanced automotive brake components to gain high margins. Stakeholders are focusing on penetrating these emerging lands to capture major revenue funnels offered by business-environment friendly countries.
Moreover, OEMs have considered Asia Pacific as a major sourcing hub not only for automotive brake components but also other auto components and consolidate their positions in emerging markets to leverage upcoming opportunities. Against this backdrop, Asia Pacific is likely remain a lucrative market for automotive brake components for its aftermarket. Moreover, auto components manufacturers are signing joint ventures to tap the Asian market for specific vehicle segments. For instance, ASK Automotive and Fras-le (Brazil) have set up a joint venture of linings and brake pads facility especially for commercial vehicles in Haryana with an investment of over US$ 15 million in 2018.
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