According to a recently published analysis by Fact.MR, the automotive brake components are valued at USD 49.9 billion at present. The global automotive brake components market is forecast to expand at a CAGR of 4.2% to reach a valuation USD 75.6 billion by 2032.
Advancements in braking systems coupled with mandates by regulatory bodies are like to influence the adoption of advanced automotive brake components over the coming years.
Demand for automotive brake components accounted for around 20% share of the global automotive components industry in 2021.
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Demand Analysis of Automotive Brake Components (2017-2021) Vs. Market Outlook (2022-2032)
Advancements in braking systems along with non-uniformity in road infrastructure are likely to influence the automotive brake components market over the coming years. Demand for efficient automotive brake components such as brake liners, brake shoes, brake pads, and brake calipers is growing owing to the rising need for the active and passive safety of automobiles.
Rules by regulatory bodies are likely to drive the adoption of advanced brake systems over the coming years.
- For instance, the United States Department of Transportation (DOT) and the National Highway Traffic Safety Administration (NHTSA) has mandated the use of automatic emergency braking, offering dynamic braking, thereby pushing the demand for efficient automotive brake components.
Fact.MR projects the automotive brake components market to witness a 4.2% CAGR between 2022 and 2032 in comparison to a 2.8% CAGR between 2017 and 2021.
Top Companies in Automotive Brake Components Market
The global market for automotive brake components is extremely fragmented and competitive due to the presence of numerous regional players. Mergers and acquisitions, expansions, collaborations, and partnerships are the way to move ahead.
New product development is also being adopted by major companies to expand their market presence.
- NRS Brakes Company, in 2019, launched the galvanized-based brake pads product line, which provides protection from rust to all brake parts, including the automotive brake rotors and calipers.
- ZF Friedrichshafen AG, in 2020, launched an electric park brake, wherein, car manufacturers can perform interior design, and an advanced braking system can be installed in small vehicles.
- Veoneer, in 2020, announced an agreement to divert its U.S. brake control business to ZF Friedrichshafen AG under its market expansion plan.