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Overview of the Global Automotive Brake Components Industry:
The GlobalĀ Automotive Brake Components marketĀ is projected to experience substantial growth between 2023 and 2028, driven by digital transformation, innovation in service delivery, and expanding global demand. With a forecasted CAGR ofĀ 6% during the forecast period, i.e., 2023-28. This report offers an in-depth analysis of the key drivers, challenges, competitive landscape, and future outlook ā helping businesses, investors, and stakeholders make informed decisions.
Market Size & Forecast (2023ā2028)
- Base Year:Ā 2022
- Forecast Period:Ā 2023-28
- Estimated CAGR (2023-28):Ā 6%
Key Market Driver (Whatās Driving Automotive Brake Components Sector Growth?)
Stringent Government Regulations for Enhanced Safety in Vehicles- Ā Governments of various countries worldwide are laying out strict regulations for automakers to include enhanced safety features in vehicles, owing to which technologies like ABS (Anti-lock Brake Systems), BA (Brake Assist), EBD (Electronic Brakeforce Distribution), & AEB (Advanced Emergency Braking) have gained traction in the past few years, in order to reduce road accidents. ABS provides enhanced vehicle stability & directional control and aids in minimizing stopping distance when hard brakes are applied. On the other hand, BA is based on ABS technology & is used usually in combination with ABS to reduce the stopping distance by around 45%. Next is EBD, i.e., the extended version of ABS that helps distribute equal force to each wheel and offers benefits like improved traction, better stability, & enhanced braking efficiency. Hence, the burgeoning adoption of these technologies by automakers to comply with stringent government regulations is projected to drive the Global Automotive Brake Components Market during 2023-28.
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Top Companies in the Automotive Brake Components Market
Hereās a snapshot of key players leading innovation and market share:
- Nisshinbo Holdings.
- Hitachi automotive Systems Limited.
- Akebono Brake Industry Co., Ltd.
- Continental AG
- Wabco holdings Inc.
- Robert Bosch GmbH
- Aisin Seiko Co. Ltd.
- Valeo SA
- Delphi Automotive Plc
- Federal Mogul Holdings Corporations
- Others
Includes SWOT analysis, revenue trends, partnerships, and product launches.
Factor Automotive Brake Components Industry Growth
Significant Costs associated with the Maintenance of Advanced Braking Systems - Repair & maintenance of an automotive braking system is expensive in general, which involves the replacement of brake fluid, brake shoes, brake pads, and resurfacing rotors, along with cleaning, adjusting, & lubricating other components. In another instance, the replacement of ABS, which involves sensors on each wheel, is highly expensive. Moreover, critical mechanisms, such as rotors, master cylinders, drums, calipers, & pads, among others, also incur high replacement costs. Hence, these aspects are projected to hamper the global automotive brake components market in the coming years, especially in cost-sensitive countries, where the penetration of advanced braking systems is restricted mainly to high-end cars.
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Automotive Brake Components Market Segmentation Analysis
-By Vehicle Type
- Medium and Heavy Commercial Vehicles
- Light Commercial Vehicles
- Passenger Cars
Among all, passenger cars are the prime shareholders of the Global Automotive Brake Components Market.
-By SalesĀ Channel
- OEM
- Aftermarket
Here, OEMs hold a prominent market share owing to the continuously growing sales of passenger cars and the ever-increasing consumer demand for improved vehicle control & safety.
-By Product Type
- Brake Caliper
- Brake Pad
- Brake Rotor
- Brake Shoe
- Brake Line
Geographical Analysis
-By Region
- North America
- South America
- Europe
- Middle East
- Africa
- Asia-Pacific
Of all regions globally, Asia-Pacific is a strong market for automotive brake components, owing mainly to the ever-growing automotive production & sales and the easy availability of low-cost labor & raw materials.
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Methodology Behind the Report
This research combinesĀ qualitative and quantitativeĀ methods, including:
- Expert interviews
- Proprietary forecasting models
- Financial and trade databases
- Government and institutional data
Forecasts are validated using top-down and bottom-up approaches to ensure accuracy and reliability.
Frequently Asked Questions About the Automotive Brake Components Market
- What is the growth rate of the Automotive Brake Components market from 2023ā2028?
- Which segment are expected to dominate market?
- Who are the top companies and what strategies being they using?
- What are the key risks and challenges in this industry?
- How can businesses prepare for future trends?
About Us ā
MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
We have our existence across the market for many years and have conducted multi-industry research across 14.50+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.
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