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Automotive Braking Component Market Trends

Report ID: GMI8419
Published Date: Mar 2024
Report Format: PDF

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Automotive Braking Component Market Trends

An emerging market trend in the automotive braking component industry is the increasing adoption of Advanced Driver Assistance Systems (ADAS) integrated with braking systems. This trend reflects a growing focus on vehicle safety and autonomous driving technologies, driving demand for innovative braking solutions that seamlessly integrate with ADAS functionalities for enhanced performance & safety.

For instance, in October 2023, Continental partnered with DeepDrive to develop core technologies for electric vehicles, focusing on a wheel hub drive with an integrated braking solution. This collaboration aims to create innovative EV drive-brake units that not only provide high torque & power density but also seamlessly integrate with ADAS functionalities, thereby contributing to enhanced performance, safety, and the adoption of electric vehicles.

Another trend in the automotive braking components market is the increasing influence of government regulations, driving the adoption of upgraded components. Stricter safety and emissions standards imposed by regulatory bodies worldwide compel automotive manufacturers to integrate advanced braking technologies into their vehicles. This trend fosters demand for braking components that meet or exceed regulatory requirements, stimulating innovation & investment in upgraded braking systems across the market.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of automotive braking component reached USD 48.2 billion in revenue in 2023 and is set to expand at over 4% CAGR between 2024 and 2032, led by the increasing emphasis on vehicle safety features due to stringent regulatory requirements and heightened consumer awareness.

The brake pad segment accounted for 29% revenue share in 2023, owing to the increasing regulatory standards and consumer preferences for reduced environmental impacts.

Asia Pacific held more than 34% of the market share in 2023, due to the rapid growth of electric vehicles (EVs) and hybrid vehicles in the region.

Some of the leading manufacturers operating in the industry are Aisin Seiki Co, Ltd., Akebono Brake Corporation, Continental AG, Hitachi Astemo, Ltd., LavaCast, LMB Euroseals (PTY) LTD, Robert Bosch GmbH, Schaeffler AG, Valeo Service, and ZF Friedrichshafen AG.