The automotive brake system market is estimated to grow from USD 23.5 billion in 2023 to USD 30.1 billion by 2028, growing at a CAGR of 5.1%. The roll-out of safety regulations has made advanced braking systems mandatory in several countries. Also, the recent regulation to make autonomous emergency brakes mandatory in passenger cars and commercial vehicles in parts of North America and Europe is accelerating demand for advanced brake systems. Also, increasing sales of premium and high-end cars are driving the adoption of advanced electronic brake systems in countries such as China, the US, Germany, etc.
“Hydraulic Wet Brakes are anticipated to be the fastest growing Off-highway brake type during the forecast period.”
Hydraulic wet brakes are expected to witness substantial growth in every geography in the coming years, mainly due to their growing farm mechanization, infrastructural development projects in developing countries benefits, and their ability to withstand harsh working conditions, making them suitable for off-highway applications. Also, adopting enhanced safety systems in agricultural tractors and construction equipment requires highly efficient braking systems such as hydraulic and dynamic brake systems. This is driving hydraulic wet brake adoption in construction equipment in North America and Asia Pacific. Also, hydraulic wet brakes offer benefits such as better stopping power, can withstand harsh working conditions, and do not require frequent maintenance/repairs, hence the penetration of hydraulic wet brake in Europe, and RoW is expected to drive in coming years. Moreover, leading off-highway equipment OEMs such as Hyundai Construction Equipment Ltd. (South Korea) and John Deere(US) have launched. Thus, hydraulic wet brakes are expected to present lucrative opportunities for manufacturers.
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“Hydraulic Actuation segment holds the largest market share in the automotive brake system market during the forecast period.”
The growth of hydraulic brakes is attributed to the increasing production of passenger cars and light commercial vehicles (LCVs). These light-duty vehicles account for the largest share of global vehicle production. Hydraulic actuation offers advantages like compact size, better braking pressure transfer, and lighter weight. Hydraulic brakes require a lower storage space than pneumatic brakes, which makes hydraulic brakes the most suitable option for passenger cars and LCVs. Hydraulic brakes also offer multiple benefits, such as better heat dissipation than mechanical brakes, which makes them last longer. In addition, hydraulic brake systems are easy to repair due to the readily available brake parts in the aftermarket.
Further, recent developments, such as the use of Glycol ethers and derivatives in place of mineral oils, have reduced the cost and increased the life of brake fluid. Several brake manufacturers and OEMs are developing brake-by-wire systems using electrohydraulic actuation. For instance, in 2021, Robert Bosch GmbH developed electrohydraulic brake actuation, which Mercedes-Benz deployed in its vehicles.
“Asia Pacific is estimated to be the largest automotive brake system during the forecast period.”
The automotive brake system market in Asia Pacific holds the title of being the largest and experiencing the most rapid growth. Stringent regulations pertaining to stopping distance requirements for commercial and off-highway vehicles are prompting a notable shift towards the adoption of disc brakes over drum brakes in vehicles. Also, the demand for automotive brake systems is estimated to increase in the coming years due to increasing technological advancements, growing safety concerns, and stringent government mandates to improve vehicle safety. Thus, the automotive brake system market is expected to grow strongly during the forecast period. According to MarketsandMarkets, Asia-Pacific is estimated to be the fastest-growing market for brake systems. The expansion of the automotive brake system market in the Asia Pacific region can be predominantly ascribed to forthcoming innovations in brake systems and the expansion efforts undertaken by brake system manufacturers to meet the rising demand for disc brakes in passenger cars and light commercial vehicles. Noteworthy companies like AISIN Seiki Co., Ltd. (Japan), Akebono Brake Corporation (Japan), Mando Corporation (South Korea), and Hitachi Automotive Systems Ltd. (Japan) have established a robust presence in this region.
Key Market Players:
The automotive brake system market is dominated by globally established players such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), AISIN Seiki Co, Ltd. (Japan), Knorr-Bremse AG (Germany), and Brembo S.p.A (Italy), ADVICS Co., Ltd. (Japan).
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