| Study Period | 2017 - 2030 |
| 2023 Market Size | USD 24.2 Billion |
| 2024 Market Size | USD 25.3 Billion |
| 2030 Forecast | USD 34.3 Billion |
| Growth Rate (CAGR) | 5.2% |
| Largest Region | Asia-Pacific |
| Fastest Growing Region | North America |
| Nature of the Market | Consolidated |
| Largest Product Type | Disc Brakes |
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The automotive brake system market generated revenue of USD 24.2 billion in 2023, and it is expected to witness a CAGR of 5.2% during 2024–2030, to reach USD 34.3 billion by 2030. This growth is driven by the rising use of air disc brakes in commercial vehicles, introduction of some strict safety requirements, and increasing adoption of luxury cars.
Governments and regulatory bodies have started focusing on strict safety regulations, which is another major factor for the market growth. In 2022, with the help of the National Highway Traffic Safety Administration (NHTSA), the U.S. Department of Transportation intended to mandate automatic emergency braking in vehicles.
Nowadays, the increase in online car sales and the launch of innovative products drive the automotive brake system market expansion around the world. Moreover, the increasing awareness of preventing casualties amidst the increasing worries about traffic accidents has inspired companies to put strong safety measures in place.
Other drivers for the market are the key companies' R&D efforts, growing awareness of safe and smooth driving in the wake of the increasing frequency of road accidents, and integration of technologies that can reduce weight and friction in vehicles. The growing popularity of electric vehicles is also expected to boost the growth potential for companies offering braking components.
A key market driver is the rising usage of electronic braking systems, such as electronic brakeforce distribution), brake assist, and anti-lock braking, for maintaining an ideal stopping distance from the vehicle in front. ABS enhances vehicle stability and direction control, effectively reducing stopping distances during periods of intense braking and presenting a significant advantage over traditional braking systems.
As per the Royal Society for the Prevention of Accidents (ROSPA), for achieving the shortest possible stopping distance for a vehicle, ABS is advantageous. Moreover, brake assist (BA) is closely related to the ABS technology, as the former cuts the stopping distance by 45%. BA is often used along with ABS.
Due to this, in the future, the adoption of this combination will rise as a result of the regulatory requirements for vehicle safety. Further, electronic brakeforce distribution (EBD) extends the functionality of ABS to ensure an even distribution of force to each wheel, thereby optimizing braking efficiency, reducing the stopping distance, enhancing traction, and improving stability.
Based on product types, disc brakes contributed around 70% market revenue in 2023, and it is expected to witness a CAGR of 5.5% during the forecast period. Disc brake systems are more attractive than drum brake systems, as they have high replacement rates. Additionally, disc brakes use lubricants for operational efficiency and effective functioning. Their growing adoption is having a direct negative effect on the usage of conventional vehicle stopping technologies.
During the study, we analyzed the following product types:
Based on technology, ESC held the largest revenue share, of around 40%, in 2023. Electronic stability control helps regain vehicle control in an emergency.
A CAGR of 5.6% will be maintained by the ABS category over the forecast period. The efforts of several OEMs for the deployment of ABS in their upcoming models are the key reason for this.
During the study, we analyzed the following technology:
Based on the actuation, hydraulic actuation dominated the market, with a share of 45%, in 2023. This is because hydraulic actuators are often used in the industrial and construction sectors where high force is required in high-force-based applications.
During the study, we analyzed the following actuations:
Based on component, master cylinders held the largest share, of 35%, in 2023. This is because the master cylinder is the main component of the braking system. Moreover, it offers several advantages to the overall braking system, including efficient braking, safety, and effective hydraulics.
During the study, we analyzed the following components:
Based on vehicle type, passenger vehicles held the larger revenue share, of around 65%, in 2023. The key factors for the advance of the market in this bifurcation are the increasing disposable income, urbanization, and population expansion.
Nowadays, manufacturers are incorporating extra safety elements into braking systems to increase their efficiency. The adoption of advanced driver assistance system (ADAS) is the primary element influencing the growth of the market in the passenger vehicles bifurcation. However, the growing cost of ADAS is anticipated to have a negative impact on the brake systems market due to an increase in the requirement for electromagnetic induction braking systems in motorcycles, cars and other automobiles during the forecast period.
Further, many other manufacturers are creating various kinds of braking systems aimed at offering more braking power across a range of terrain. These manufacturers intend to make brake systems lightweight, to obtain high performance and reduce their weight.
During the study, we analyzed the following vehicle types:
Based on pad material, organic material is expected to dominate the market, due to the growing demand for organic brake pads. Asbestos is used to make these braking pads because it is a heat-absorbing substance.
During the study, we analyzed the following brake pad materials:
Based on sales channel, OEMs held the larger revenue share, of around 75%, in 2023. Additionally, this category is expected to showcase a growth rate of 5.4% from 2024 to 2030.
OEMs are spending money on R&D to find new technologies for advanced braking components. Sales are predicted to stay strong as OEMs continue to concentrate on offering efficient automotive brake components with designs that offer high durability.
During the study, we analyzed the following sales channels:
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In 2023, Asia-Pacific held the largest revenue share, of around 50%, and it is expected to develop at the highest CAGR, of 5.8%, from 2024-2030. Local businesses provide considerable cost savings as labor and raw material are available at low costs in the region. Furthermore, the biggest global automotive manufacturing hubs are located in India and China. The market is also expected to grow as a result of the increasing popularity of luxury cars.
The regions and countries analyzed in this report include:
Companies are focusing on producing systems that are robust, dependable, and favorable for the environment. These players make heavy investments in R&D to create cutting-edge braking system technology. Furthermore, they are making a lot of effort to expand their geographical reach and increase production.
ZF’s Industrial Technology division introduced its new brake-by-wire system in March 2023.
In Oct 2023, Brembo S.p.A. introduced the Greenance brake package, designed for light commercial vehicles
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