Automotive Braking System Market. Use of electronic components has given way to the development of various technologies like Traction Control System (TCS), Antilock Braking System (ABS), Electronic Brake-Force Distribution (EBD) and Electronic Stability Control (ESC). With the high adoption rate of these advanced technologies along with rising popularity of vehicle safety among consumers can work in favor of the market in the years ahead.
But, high cost of integration can retard the sale of advanced braking systems in the near future. However, the automotive brake systems market growth is definite in the coming years, given the growing stringency in vehicle safety norms. Additionally, automotive associations all over the world are striving to improve vehicle safety. Case in point, the U.S. Department of Transportation's National Highway Traffic Safety Administration (NHTSA) along with Insurance Institute for Highway Safety (U.S.) as well as 20 renowned vehicle manufacturers in 2016 are planning to incorporate Automatic Emergency Braking (AEB) systems as a basic feature in every new car produced from September 2022.
Surge in advanced ride-by-wire technology or electronically controlled braking system does not require hoses, pumps, fluids, belts, vacuum servos, and cylinders, with the use of electrical actuators and electronic sensors. Rising sales of electric and hybrid vehicles also boost demand for the brake-by-wire system, which is bound to offer a host of growth opportunities to various industry participants in the forthcoming years.
The worldwide Automotive Braking System Market has been studied with respect to segments like brake type, brake system, and vehicle type.
With regard to the brake type, the market is considered for disc brake and drum brake. Disc brake is projected to hold the largest share in the market during the review period, given the surge in safety regulations by various government bodies. The focus on increasing the stopping distance has resulted in the growth of the disc brake market. At present, the production of passenger cars is on the rise, which further stimulates the growth of the disc brake market.
The types of brake systems are traction control system (TCS), Anti-lock braking system (ABS), Electronic stability control (ESC) and others. Traction control system (TCS) is expected to emerge as the largest market in the years to come, thanks to the advancing technology in braking systems. Government bodies are setting numerous regulations that promote the use of this type of braking system, to ensure safety of people.
Depending on the vehicle type, the market caters to passenger cars and commercial vehicles. Passenger car is on its way to achieve the largest market during the evaluation period on account of surge in the production of passenger cars.
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Asia Pacific (APAC), North America, Europe and the rest of the world (RoW) are the primary markets for automotive braking system.
In the global automotive brake system market, APAC has the highest chances of being the most profitable region in the following years. China is ranked among the most prominent automotive markets in the world. The rising Chinese economy paired with surging disposable incomes of people augments the sale of vehicles in the region. In addition, low production costs in the region, particularly in China, favors the vehicle manufacturing sector to a great extent. Besides, the increasing number of accidents in India calls for the rise in safety features, mostly in the mid-level vehicles. With the aim of minimizing such incidents, the government in the country mandates the installation of anti-lock braking systems in vehicles by automobile companies. With the back of these factors, the automotive brake system market in the region is touted to note even better growth in the near future.
In North America, ever-growing demand and consequently rising vehicle production are considered as some of the reasons behind the robust demand of automotive braking systems. The increasing governmental mandates that focus on vehicle safety strongly invigorates the demand for the global automotive brake system market in the region.
The Europe market for automotive braking system can achieve lucrative growth in the coming years. The booming automotive industry is one of the prime factors supporting the market growth in the region. Increasing concerns over safety along with the resulting government pressures on automotive manufacturers to launch higher technology content also add to the market strength in Europe.
Top players in the worldwide Automotive Braking System Market include ZF Friedrichshafen AG (Germany), Akebono Brake Industry Co. Ltd. (Japan), Robert Bosch GmbH (Germany), Halla Mando Corp. (South Korea), Knorr-Bremse AG (Germany), Valeo (France), Wabco Holdings, Inc. (U.S.), Continental AG (Germany), Aisin Seiki Co, Ltd. (Japan), TRW Automotive Holdings Corp (U.S.), to name a few.
Hyundai Mobis has come up with a new concept of braking system that enhances the autonomous driving experience. The redundancy braking system requires no need for drivers during dangerous situation as it operates on its own, in case the electronic