Market Size of Automotive Brake System Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 32.18 Billion |
| Market Size (2029) | USD 38.72 Billion |
| CAGR (2024 - 2029) | 3.78 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Brake System Market Analysis
The Automotive Brake System Market size is estimated at USD 32.18 billion in 2024, and is expected to reach USD 38.72 billion by 2029, growing at a CAGR of 3.78% during the forecast period (2024-2029).
Over the long term, a rise in the online sales of vehicles and new product launches shows positive signs to support demand in the market. In addition, concerns about road traffic collisions and the rising number of fatalities have prompted participants to incorporate robust safety systems. The automobile brake system market will continue to grow owing to the stringent safety rules imposed by regulatory organizations and governments. From 2022, the National Highway Traffic Safety Administration (NHTSA), a division of the US Transportation Department, is planning to make automatic emergency braking mandatory in vehicles.
Some other factors driving the market are growing awareness about safe and smooth driving in the wake of increasing road accidents, advanced technology reducing weight and friction generated in vehicles, and R&D activities by major players. On the other hand, the increasing adoption of electric cars and the rising focus on autonomous vehicles are expected to boost the commercial growth potential of manufacturing companies shortly.
Asia-Pacific is the major key player in the market, followed by Europe. Asia-Pacific is likely to possess the highest growth rate. In contrast, Japan and South Korea are expected to contribute significantly to the growth in terms of revenue in the global anti-lock braking system due to safety norms and firm government regulations. Due to an increase in the number of serious accidents and increased fleet, China is expected to emerge as one of the major regions, which is expected to contribute to business growth.
The market is also growing due to new launches and capacity expansion by major players. For instance
In June 2022, Brakes India announced an investment of INR 100 Crore (USD 1.2 million) at Thervoy Kandigai near Chennai, India, to set up a new automotive braking systems plant.
The growth in the automotive segment will drive this market in the coming year.
