Global Automotive Brake System Market Is Anticipated To Witness Significant Growth Owing To Increasing Implementation

Automotive Brake System Market

Overview:

The brake system is the vehicle component that allows the driver to control the vehicle. It works by converting the kinetic energy into heat energy through the friction between two surfaces of the car. It is used to stop a vehicle in the shortest distance possible and to ensure safe driving in all conditions. The braking systems in automobiles use four-wheel disc or drum brakes, depending on the vehicle design. The brake caliper is attached to the wheel, and contains a piston which is connected to the master cylinder. When the brake pedal is depressed, hydraulic pressure from the master cylinder pushes the piston against the rotor to apply the brakes. The pressure can also be increased by a power-brake booster, which uses a vacuum to help drivers generate the necessary pedal force. A vehicle braking system also contains components that allow it to detect potential hazards, such as pedestrians or other vehicles in front of the car. These sensors can use various input, including radar, camera and laser data.

Market Dynamics:

Rising agreements among key players is estimated to augment growth of the global automotive brake system market during the forecast period. For instance, Nisshinbo Holdings Inc. and Continental AG, announced their joint venture company, in March 2022, in in Gurgaon, India. This new company will be producing and selling the main component of electronic brake systems, valve blocks. Moreover, rising cost of electronic brake systems is anticipated to restrain growth of the global automotive brake system market during the forecast period.

Impact of COVID-19:

The pandemic was first reported in 2019 in China. It was transmitted to other nations globally. The WHO declared this outbreak as a global public health emergency in 2020. The pandemic also led to imposition of strict nationwide lockdowns in many nations. Other restrictions like social distancing, travel bans and quarantines were also imposed in many countries. These restrictions hampered production activities in sectors like automobiles, electronics, semiconductors and many more. The pandemic also disrupted supply chains that hampered the growth of several businesses. Thus, the pandemic had a negative impact on the growth of the global automotive brake system market.

Key Takeaways:

The global Automotive Brake System Market is expected to witness high growth, exhibiting CAGR of 4.2 % over the forecast period, due to increasing investments and rising business expansions by key players. For instance, BOSCH declared the expansion of their plant in Aguascalientes, in March 2022. This will involve an investment of almost USD 84 million.

Asia- Pacific is anticipated to witness significant growth in the global automotive brake system market during the forecast period, due to growing popularity of automotive brake systems and increasing availability of low-cost labor.

Key players operating in the global Automotive Brake System Market are Nissin Kogyo Co. Ltd., Advics Co. Ltd., Web co, ZF Friedrichshafen AG, Haldex, Akebono Brake Industry Co., Aisin Seiki Co.Ltd., Hitachi Automotive System, Robert Bosch GmbH, and Brembo SpA.