Brake systems are integral safety components in automobiles that help bring the vehicle to a complete stop by converting kinetic energy into heat energy through friction. Disc brakes and drum brakes are the most common types of brake systems used in passenger cars and commercial vehicles. Advancements in material sciences have led to the development of ceramics and composites for brake discs and pads offering improved braking efficiency. Major automakers are also focusing on integrating advanced driver assistance systems (ADAS) like anti-lock braking system (ABS) and electronic stability control (ESC) to meet stringent government regulations.

The global automotive brake system market is estimated to be valued at US$ 32.42 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for growth of the Global Automotive Brake System Market Size is the implementation of stringent safety norms mandating the installation of ADAS technologies like ABS and ESC by regulatory authorities around the world. ABS prevents wheel lockup and loss of steering control during braking, while ESC helps maintain vehicle stability under severe braking and skidding conditions. According to the UNECE, all new vehicles sold in European Union member countries since 2014 have been required to have ESC and other ADAS technologies installed. Similar regulations have been passed in countries like the US, Canada, Brazil, India, and China in the past decade, driving adoption of advanced brake systems. Additionally, the growing demand for electric vehicles worldwide has also created growth opportunities for brake system manufacturers as EVs require sophisticated regenerative braking technologies for improved energy recuperation.

SWOT Analysis

Strength: The automotive brake system has components like brake pads, rotors, master cylinder, hydraulic control assembly that help vehicles in stopping safely. Modern brake systems have sophisticated design that provide reliable stopping power in all driving conditions. Powerful brakes ensure driver and passenger safety.
Weakness: Frequent brake maintenance and replacement of worn out parts can be costly in the long run for vehicle owners. Improper handling and parking of vehicles on steep slopes pose risk of brake failure or accidents. Factors like rust, wear & tear affect brake performance over time.
Opportunity: Advancement in technologies like regenerative braking, ABS, automatic braking with sensor fusion could boost adoption of smart brake features in future vehicle models. Development of more durable, efficient braking materials would reduce maintenance and improve sustainability.
Threats: Strict safety and emission regulations across nations add compliance costs for automakers. Factors including rising raw material prices, supply chain disruptions influence brake system production costs. Economic downturns may impact automotive sales and demand for new brakes.

The global automotive brake system market is expected to witness high growth over the forecast period of 2023 to 2030. Advancements in driver assistance technologies are driving demand for smart braking solutions in premium vehicles. Meanwhile, low-cost options are gaining favor in emerging economies.

Regional analysis: Asia Pacific dominates the market currently accounting for over 35% share due to huge vehicle production centers and growing demand from nations like China and India. Europe and North America are other major markets expected to grow at over 4% annually through 2030 with shifting focus on electric vehicles.

Key players: Key players operating in the automotive brake system market are Givaudan SA, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, T. Hasegawa Co., Ltd., Kerry Group, Mane SA, and Huabao International Holdings Limited. These companies are striving to develop new brake pads, electronic control units, and friction materials to meet the needs of global automakers. Collaborations and mergers will likely shape the competitive landscape in coming years.

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