Global brake market to reach $31.11 billion by 2025
The global automotive brake systems market is expected to be worth US$ 31.11 billion by 2025, according to a new study by Grand View Research, Inc. This is said to be being driven by rising vehicle production and sales and growing disposable income.
The increased use of electronic components is another of the key contributing factors for market growth. The use of electronic components has led to the development of technologies such as Antilock Braking System (ABS), Traction Control System (TCS), Electronic Stability Control (ESC), and Electronic Brake-Force Distribution (EBD). The adoption of these advanced technologies, coupled with growing popularity of vehicle safety among consumers, is presumed to drive the market.
Grand View’s key findings include that:
The passenger cars segment is anticipated to grow at the highest CAGR of 5.9 per cent over the forecast period, owing to the rising passenger car sales in developing economies such as China and India.
The growing concerns over non-exhaust emission, caused due to brake abrasion, have propelled the need for eco-friendly brake materials.
Asia Pacific is projected to account for 53.6 per cent of the total market share by 2025, owing to increasing vehicle production and popularity of vehicle safety features
The key companies, such as Aisin Seiki Co., Ltd., Brembo S.p.A., Continental AG, and Robert Bosch GmbH, have made huge investments in R&D activities to strengthen their production capabilities.