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Global Automotive Brake Components Aftermarket Market Size was valued at USD 49.2 Billion in 2022. The Automotive Brake Components Aftermarket market industry is projected to grow from USD 51.6 Billion in 2023 to USD 73.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.60% during the forecast period (2023 - 2032). Adoption of high-end automobiles, strict safety standards being put into effect, and an increase in the use of disc brakes in commercial vehicles, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Automakers are always creating new features to make driving safer and more pleasurable. Companies sell anti-lock braking systems and electronic stability control (ESC), which together prevent skidding and maintain control of moving automobiles. Therefore, advancements in automotive safety technologies may encourage the growth of the market for automobile brake systems. To make cars safer and more effective, players frequently develop anti-lock braking systems, electronic stability control, brake-by-wire, and anti-collision devices. As an illustration, in September 2022 Brembo introduced ENESYS Energy Saving System for Light Commercial Vehicles (LCVs) in the Aftermarket category. This innovative technique is said to lessen brake disc and pad wear and tear. Akebono Brake Industry Co. Ltd. of Japan introduced the first new-structure brake caliper to the world in May 2022. The new brake caliper will be accessible at GR Garage Urawa Misono, the company's authorized dealer, for Toyota Vellfire and Alphard luxury vans.
Because brakes are now a necessary component of any vehicle to maintain safety while the need for speed is continually increasing, many big corporations and manufacturers are leaning toward incorporating high-quality brake systems in their vehicles. In order to supply brake systems to automakers, OEMs for automotive braking systems have contracts in place. For the luxurious, high-tech FF 91 EV, manufactured by Faraday Future Intelligent Electric Inc., Brembo was designated as the primary supplier of the full brake caliper assembly in April 2022. Brembo will provide a special caliper assembly for the FF 91. This includes the assembly, pistons, calipers, and pads in addition to the electronic parking brake. Following the aforementioned events and developments, it is expected that as R&D efforts increase during the forecast period, the demand for automobile brake systems would deteriorate. Thus, driving the Automotive Brake Components Aftermarket market revenue.
The global Automotive Brake Components Aftermarket market segmentation, based on Product Type, includes disc brakes and drum brakes. The largest market share in 2022 was held by disc brakes, and it is anticipated that during the forecast period, it would expand at a substantial CAGR. Recently, there has been a noticeable growth in the use of disc brakes. The development of disc brakes is attributed to its capacity to function in adverse weather conditions without overheating or fading. The market for disc brakes is expanding even more quickly as a result of its integration with other cutting-edge systems.
The global Automotive Brake Components Aftermarket market segmentation, based on Vehicle, includes passenger vehicles, light commercial vehicles, and heavy commercial vehicles. It is estimated that the passenger car segment, which held the biggest market share in 2022, will expand at a robust CAGR over the forecasted period. The number of passenger cars is increasing as a result of growing populations, increased disposable income, and urbanization.
The global Automotive Brake Components Aftermarket market segmentation, based on Sales Channel, includes OEM and aftermarket. The OEM sector dominated the market in 2022, and it is predicted that it would do so again during the course of the forecast year. In an effort to produce cutting-edge brake components, OEMs are investing money in research and development. As long as OEMs continue to prioritize offering efficient automotive brake components with high-durability designs, which in turn supports market demand for these components, sales are predicted to remain high.
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Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The Asia Pacific Automotive Brake Components Aftermarket market dominated this market in 2022. The availability of inexpensive labor and raw materials allows firms in the area to significantly reduce their costs. Additionally, countries like China and India, among others, are where the majority of the world's automobiles are manufactured. The market is predicted to grow as a result of rising sales of luxury and premium automobiles as well as rising popularity of automotive brake systems. Additionally, the market is growing as a result of both the rising accident rate and the rise in automotive ownership. Moreover, In the Asia-Pacific region, the Indian Automotive Brake Components Aftermarket market had the quickest rate of growth while China's Automotive Brake Components Aftermarket market had the greatest market share.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Europe Automotive Brake Components Aftermarket market accounted for the healthy market share in 2022. This can be attributed to the rise in popularity of active braking systems and the consequent rise in demand for luxury and expensive cars. Further, In the European region, the German Automotive Brake Components Aftermarket market had the biggest market share, and the U.K. Automotive Brake Components Aftermarket market had the quickest rate of growth.
The North America Automotive Brake Components Aftermarket Market is expected to register significant growth from 2023 to 2032. Due to growing consumer demand for vehicles that perform better in poor weather, the presence of major manufacturers, and an increase in production of both passenger cars and light commercial vehicles, the market in this area has expanded. Additionally, the rise of the regional market has been fuelled by the requirement that ESC technology be installed in all light cars beginning in 2018. Further, In the North American area, the U.S. Automotive Brake Components Aftermarket market had the biggest market share, while the Canada Automotive Brake Components Aftermarket market had the quickest rate of expansion.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Automotive Brake Components Aftermarket market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Automotive Brake Components Aftermarket sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Automotive Brake Components Aftermarket industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Automotive Brake Components Aftermarket sector. Major players in the Automotive Brake Components Aftermarket market, including Hyundai Motor Co., Meritor Inc., Nisshinbo Holdings Inc., Robert Bosch GmbH, Disc, Brakes Australia Pty. Ltd., Carlisle Companies Inc., Continental AG, Baer Inc., BorgWarner Inc., Brembo SpA, First Brands Group, Freeman Automotive UK Ltd., Haldex AB, and Akebono Brake Industry Co., are attempting to increase market demand by investing in research and development operations.
Nisshinbo Holdings Inc. (Nisshinbo), an environmental and energy company, develops, produces, and sells a range of items. It offers for sale tissue, printing paper, processed paper products, machine tools, electronic components, brake friction materials, and brake parts. Electronic components and wireless communication gear are also sold there. In March 2022, Nisshinbo Holdings Inc. and Continental AG (Continental) announced they would establish a joint venture company in Gurgaon, Haryana, India. The recently established company will produce and sell valve blocks, which are necessary for electronic brake systems (EBS).
Automaker Hyundai Motor Co. creates vehicles. The company designs, develops, manufactures, and sells vehicles, including chassis, engines, and parts, in addition to producing cars, trucks, buses, SUVs, minivans, and hydrogen-powered vehicles. Additionally, Hyundai provides services for handling credit cards and financing automobiles. Veloster, Venue, Azera, i40, Elantra, Tucson, Accent, Kona, Creta, Sonata, i20, and ix20 are just a few of the brand names under which Hyundai markets its products. The company develops cutting-edge technology like robots and Advanced Air Mobility (AAM). It works across several continents, including Europe, the Asia-Pacific region, and North and South America. Production facilities for the company are located in the Czech Republic, Turkey, India, China, Brazil, Russia, and the US. Hyundai's corporate headquarters are in Seoul, South Korea. In order to remain competitive, Hyundai stated in 2022 that it will soon introduce ADAS safety features to its top-of-the-line Creta vehicle.
· Akebono Brake Industry Co. Ltd.
· ABS Friction Inc.
· Baer Inc.
· BorgWarner Inc.
· Brembo SpA
· Carlisle Companies Inc.
· Continental AG
· Disc Brakes Australia Pty. Ltd.
· First Brands Group
· Freeman Automotive UK Ltd.
· Haldex AB
· Hyundai Motor Co.
· Meritor Inc.
· Nisshinbo Holdings Inc.
· Robert Bosch GmbH
January 2022: The regenerative coordinated braking system and electronic parking brake (EPB) from Advics Co. Ltd. have been chosen to be installed in the GAC Group's GS8 Hybrid.
November 2021: Brembo disclosed that it is working on an active braking system that should be ready by 2024.
· Disc Brakes
· Drum Brakes
· Passenger Vehicles
· Light Commercial Vehicles
· Heavy Commercial Vehicles
· OEM
· Aftermarket
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 49.2 Billion |
|
Market Size 2023 |
USD 51.6 Billion |
|
Market Size 2032 |
USD 73.2 Billion |
|
Compound Annual Growth Rate (CAGR) |
4.60% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Product Type, Vehicle, Sales Channel, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Akebono Brake Industry Co. Ltd., ABS Friction Inc., Baer Inc., BorgWarner Inc., Brembo SpA, Carlisle Companies Inc., Continental AG, Disc, Brakes Australia Pty. Ltd., First Brands Group, Freeman Automotive UK Ltd., Haldex AB, Hyundai Motor Co., Meritor Inc., Nisshinbo Holdings Inc., and Robert Bosch GmbH |
|
Key Market Opportunities |
Technological advancements in braking systems |
|
Key Market Dynamics |
Implementation of strict safety standards, the adoption of luxury automobiles, and increased adoption of the disc brakes in commercial vehicles |
The global Automotive Brake Components Aftermarket market size was valued at USD 49.2 Billion in 2022.
The global market is projected to grow at a CAGR of 4.60% during the forecast period, 2023-2032.
Asia Pacific had the largest share in the global market
The key players in the market are Akebono Brake Industry Co. Ltd., ABS Friction Inc., Baer Inc., BorgWarner Inc., Brembo SpA, Carlisle Companies Inc., Continental AG, Disc, Brakes Australia Pty. Ltd., First Brands Group, Freeman Automotive UK Ltd., Haldex AB, Hyundai Motor Co., Meritor Inc., Nisshinbo Holdings Inc., and Robert Bosch GmbH
The Disc Product Type dominated the market in 2022.
The Passenger Vehicles had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65283
Published on :
Sep 2023
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