The automotive brake system market has been segmented into low speed, high speed, pedestrians’ automatic braking system, dynamic brake support, crash imminent braking, passenger car, light and heavy commercial vehicle among others. Among these segments, the rising demand for passenger automobiles is expected to foster the demand for more accurate and reliable brake system which in turn is expected to boost the automotive brake system market.
The global market for automotive brake system is anticipated to reach USD 37.68 Billion, growing at a CAGR of 7.02% over the forecast period. This can be attributed to continuous growth of automobile industry. Further, advance technology such as electronic stability control is envisioned to bolster the global automotive brake system market over the forecast period. Moreover, amendments in government regulations for better safety are expected to drive the market over the forecast period.
In the regional segment, Asia-Pacific has been the leading market for automotive brake system in terms of market demand and is anticipated to have its dominance over the forecast period due to rising demand and production of automobiles. Further, Asia-Pacific is anticipated to be trailed by Europe and North-America. Europe is expected to maintain second position over the forecast period. Factors like government regulation and initiatives to improve vehicle safety are expected to bolster the growth of automotive brake system market over the forecast period.
Rise in Middle Class Population to Expand the Market
Rising disposable income and burgeoning middle class population combined with technological innovation has increased the demand for vehicles. These are the key factors that are driving the growth of automotive brake system market. Further, rising demand for disc brakes in commercial vehicles and better traction control system is the major driving factor for technological advancement of automotive brake system.
However, factors such as maintenance cost and high cost of advanced technologies like electric and magnetic braking system are likely to inhibit the growth of the automotive brake system market in the near future.
The report titled “Automotive Brake System Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the automotive brake system market in terms of market segmentation by product type, application type, by vehicle class and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the automotive brake system market which includes company profiling of Toyota Motor Corp, General Motors Co., Ford Motor Co., Fiat Chrysler Automobiles NV and Honda Motor Co.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the automotive brake system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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