Growing focus on vehicle safety has also significantly benefited the market. Technologies such as traction control system (TCS), anti-lock braking system (ABS), electronic stability control (ESC), and regenerative braking have been developed in the last decade, and continuous development of such technologies are sure to drive the market. However, higher cost of developing these technologies can act as a restraint to industry growth.
There are two main types of brakes used: disc and drum. While disc brakes are mostly preferred in passenger vehicles, they also find application in commercial vehicles in Europe. Although drum-based systems are rather popular among auto manufacturers owing to their cost-effectiveness, disc-based variants are known to be more superior in terms of braking power.
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Automotive brake systems find application in heavy commercial vehicles, passenger cars, two wheelers, and light commercial vehicles. Increasing demand for passenger cars, which can be attributed to rising disposable income and improved standards of living, is expected to propel demand for automobile braking solutions over the forecast period. Growing R&D investments by light and heavy commercial vehicle companies in order to improve vehicle safety is also expected to have a positive impact on market growth.
The Asia Pacific automotive brake system market is expected to register favorable growth over the coming years. Growing trade activity in emerging markets and thrust provided by various government initiatives to improve vehicular safety is expected to propel the market. Asia Pacific is poised to become the most promising and competitive auto manufacturing hub. Boost in economic activity will have a positive impact on demand for both commercial and passenger vehicles in the region, thereby leading to industry growth.
The auto industry in North America has been booming despite a notable decline in other manufacturing industries. The rise in the auto industry rests on the zero percent interest rate to boost auto sales. In order to cater to the surge in auto sales, frequent investments are being made, which is likely to benefit market growth.
The market in Middle East is slated to register higher growth during the forecast period compared to Europe and North America. Rising GDP and emergence of the middle class have led to increase in passenger car sales, which is expected to drive demand for automotive brake systems over the coming years.
Countries in Latin America, such as Brazil, Peru, Argentina, and Colombia, have also been experiencing a surge in car sales due to an expanding middle class and easier credit terms. Growth of the automotive industry in the region is primarily driven by the passenger car segment, followed by light commercial vehicles. Furthermore, rising R&D to improve vehicle safety and government initiatives regulating standards for automobile safety are expected to propel demand.
The global market is dominated by a few major players, such as Federal-Mogul Holdings Corporation, TRW Automotive Holdings Corp, Continental AG, Aisin-Seiki Co. Ltd, Akebono Brake Industry Co. Ltd, Halla Mando Corp, Brembo S.P.A, Valeo, and Haldex AB.
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