Automotive Braking Component Market Analysis

Automotive Braking Component Market Analysis

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Based on sales channel, the market is categorized into OEM and aftermarket. The OEM segment recorded around 67% of the market share in 2023. An evolving pattern in the OEM segment is the integration of advanced braking technologies into new vehicle models. OEMs are increasingly incorporating innovative braking systems to enhance safety, performance, and overall driving experience for consumers.

For instance, in August 2023, Bosch Automotive Aftermarket unveiled the Blue Line Brake Pads designed as a substitute for OE brake pads, boasting exceptional friction stability, shearing attributes, minimal noise, and a formula devoid of asbestos. Moreover, Bosch also introduced the ENV6 brake fluid, distinguished by its low viscosity, elevated boiling point & effective lubrication, ensuring compatibility across a broad spectrum of vehicles. These offerings deliver enhanced performance, safety, and environmental adherence, catering to the growing need for enhanced braking solutions in modern vehicles to satisfy regulatory requirements & consumer demands.

Based on component, the market is divided into brake caliper, brake shoe, brake line, brake pad, and brake rotor material. The brake pad segment accounted for 29% of the automotive braking component market share in 2023. An emerging development in the brake pads segment is the shift toward eco-friendly materials. Manufacturers are increasingly focusing on developing brake pads with reduced environmental impact, such as low-copper or copper-free formulations, to meet regulatory standards and consumer preferences.

For instance, in October 2023, Brembo launched an aftermarket pad, the Copper Free XTRA brake pads, at AAPEX. These pads include the XTRA Low Met line, offering top performance and stopping power, and the XTRA Ceramic line, delivering superior performance with minimal dust for cleaner wheels. These pads meet stricter environmental standards by eliminating copper, appealing to regulations aimed at reducing environmental impact. Additionally, the XTRA Low Met and XTRA Ceramic lines cater to diverse consumer preferences for performance & cleanliness, reflecting industry efforts to offer upgraded braking solutions to meet the evolving regulatory and consumer demands.

Asia Pacific automotive braking component market held over 34% of the revenue share in 2023. An emerging market trend in the market is the rapid growth of Electric Vehicles (EVs) and hybrid vehicles. This trend is driving the demand for braking components tailored to the unique requirements of these vehicles including regenerative braking systems and lightweight materials to enhance efficiency & performance.

For instance, in March 2023, Brakes India launched ZAP brake pads specifically designed for EVs. These brake pads are formulated with enhanced corrosion protection and quiet braking features to meet the unique requirements of EVs. The pads aim to provide consistent stopping power, reduce noise during braking, and improve the durability of electric cars.