Automotive Braking System Market is Growing Due to Rising Demand for Safety Features in Automobiles
New York, US, May 16, 2022 (GLOBE NEWSWIRE) -- Automotive Braking System Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Braking System Market” information by Brake Type, by Brake System, by Component, by Vehicle Type and Region – Forecast to 2027” market size to reach USD 80 billion, growing at a compound annual growth rate of 6% by 2027.
Automotive Braking System Market Scope: The braking system in an automobile is a mechanism that regulates motion. It is one of the most important vehicle control systems. It's a mash-up of interactive elements. The braking system collects energy from the moving parts and uses friction to slow the vehicle down. Influences such as road accident deaths and a growing automotive aftermarket drive the market for automotive braking systems. One of the most important parts of a car is its brakes. A master cylinder, brake disc, brake rotor, brake shoes, drum, brake lining, and hoses compose the brake system. The automotive braking system is a collection of mechanical linkages and parts that transform the kinetic energy of the vehicle into heat energy in order to accelerate the vehicle.
Dominant Key Players in Automotive Braking System Market Covered are:
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Market USP Exclusively Encompassed: Market Drivers Despite the enormous influence of the novel coronavirus on the automobile sector, there was an increase in online vehicle sales and new product launches, indicating favorable long-term growth. Other factors driving the market include increased awareness regarding safe and smooth driving in the aftermath of escalating road accidents, R&D initiatives by leading companies, and sophisticated tech that reduces the weight and friction generated in automobiles.
The expansion of the automotive brake system industry is closely related to the demand for passenger and commercial vehicles. Furthermore, new technology breakthroughs such as ABS and regenerative braking have emerged in the recent decade. Because of the increasing incidence of road accidents globally, demand for safety features such as anti-lock braking systems (ABS), tire pressure monitors, traction control, electronic stability control, airbags, and telematics has increased. Furthermore, driving accidents are the tenth biggest cause of death globally. People are concerned about these situations, as is the desire for safety features in their vehicles. Nonetheless, technological advancements, such as regenerative braking and the launch of the brake-by-wire system, and untapped potential in new countries, provide positive growth chances.
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Automobile manufacturers are actively evolving new and improved products to make driving more comfortable and safer. To make safer and better vehicles, players frequently develop items such as anti-lock braking systems, electronic stability control, and anti-collision technologies. As a result, technological advancements in vehicle safety features might be a driving force in expanding the automotive brake system market.
Automotive Braking System Market Restraints: The maintenance cost of antilock braking system components is a barrier to expanding the antilock braking system market. Also, the high installation and maintenance costs of sophisticated automobile braking systems are expected to stifle the market's expansion.
In the face of the global shutdown, the short-term effects of COVID-19 on the automobile sector have resulted in the closure of assembly factories, manufacturing interruptions, and the cessation of export of Chinese components. This resulted in a large reduction in vehicle sales in early 2020, spurred by oil price changes and regional economic slowdowns. Developing safety concerns have resulted in government mandates establishing rules for vehicular safety norms.
Furthermore, the expansion of the automotive braking system market is strongly related to the demand for both passenger cars and commercial vehicles. Also, new technological advancements such as ABS and regenerative braking are expected to impact the worldwide automotive braking system market positively. During COVID-19, the automotive sector faced four key challenges: a limited supply of car parts, lower sales of new vehicles, the closure of production facilities, and a decrease in working capital.
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Segmentation of Market Covered in the Research: By Brake Type The disc brake segment will have the most market share. It is anticipated to grow at a 5.91 percent CAGR throughout the forecasted term.
By Brake System The ABS sector will have the most market share. It is projected to grow at a 5.88 percent CAGR throughout the projection period.
By Component The master cylinder sector will have the most market share. It is projected to grow at a 7.78 percent CAGR during the forecasted term.
By Vehicle Type The PCV sector will have the greatest market share. It is projected to grow at a 5.88 percent CAGR throughout the projection period.
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Regional Analysis Growth in the Asia-Pacific region is predicted to increase the automotive braking system market over the forecast period. China is one of the world's major car markets. The developing Chinese economy and people's increasing disposable income have raised the demand for vehicles in the country. Furthermore, due to an increase in the number of accidents in India, safety features, particularly in mid-level automobiles, have increased. The Indian government mandated that all automotive manufacturers include anti-lock braking systems in their vehicles to reduce such accidents. The Asia-Pacific region has the biggest market share. The advantage of low labor and raw materials, increased acceptance of active braking systems, increased sales of luxury and premium automobiles, and ongoing projects would enhance the market in the APAC region.
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