ALBANY, New York, April 1, 2019 /PRNewswire/ -- The competitive landscape of the global automotive braking system market is highly fragmented with the presence of plethora of players across the globe, says Transparency Market Research (TMR). Key players in the automotive braking system market are focusing to reduce production as well as integration costs of automotive braking system in order to tap growth. Business expansion, acquisitions and mergers, and advanced technology adoption are the primary strategies used by top players in the global automotive braking system. Some of the prominent players operating in the global automotive braking system are ZF Friedrichshafen AG, kebono Brake Industry Co., Ltd., Brembo S.p.A, Continental AG, Robert Bosch GmbH, AISIN SEIKI, WABCO, Hitachi Ltd, and Hyundai Mobis.
According to TMR, the global automotive braking system market is expected to grow at a 4% CAGR from 2018 to 2026. Rising at this CAGR, the market is expected to reach at a valuation of US$107 Bn by 2026.
Regionally, Asia Pacific is anticipated to dominate the automotive braking system market during the forecast period. This is owing to low production cost and increasing demand of advanced braking system in countries like India, Japan and China. On the basis of type, the demand for pneumatic automotive braking system is expected to grow in the near future. This is because of a rising consumer awareness regarding implementation of air brake operations.
Increasing Integration of Automotive Braking System in Vehicles to Boost Growth
The past decade has seen automotive braking systems grow in their use from luxury cars to regular cars. This is mainly because of the rising demand for safety without compromising on speed. Increase in the number of young consumers, rising cases of road accidents and growth in the logistics industry are primary drivers of the automotive braking system market.
Automatic braking technologies combine sensors and brake controls which prevent high-speed accidents. Automotive braking system market is witnessing advent of advanced technological developments such as ABS, TCS, ESC, and others. Factors such as stringent government regulations to reduce stopping distance and regulations encouraging use braking technologies in vehicles to receive five star ratings from New Car Assessment Program (NCAP) are propelling the growth of the automotive braking systems.
However, the high cost of integration in vehicles is the primary factor restraining widespread adoption of advanced braking systems. Owing to this, major vehicle manufacturer is integrated automotive braking system solely in premium and luxury vehicles. Nevertheless, advancements in automation technology and rise in consumer awareness about air brake operations are making integration of the automotive braking system majorly in commercial vehicles relatively cheaper. This is expected to offer a surge in the global automotive braking system market in the coming years.
There has been an increase in demand for disc brakes in both commercial and passenger vehicles. This is because of its shorter stopping capabilities. Disc brakes are efficient during emergency braking. In addition, these brakes do not require high external casing. Owing to this, disc brakes are increasingly used in heavy duty trucks. Additionally, introduction of front-disc/rear-drum setup is anticipated to rise the demand for disc brakes in the market in coming years. This could drive the global automotive braking system market in the forecast period.
This review is based on Transparency Market Research's report, titled "Automotive Braking System Market (Part Type - Drum, Disc; System Type - Hydraulic, Pneumatic; Sales Channel - OEM, Aftermarket; Vehicle - Passenger Vehicles, Commercial Vehicles) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026."
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