The global automotive brake system market is expected to record a CAGR 6.25% during the forecast period. The market will grow due to the rising demand for vehicles across the globe. Increasing purchasing power of people in many countries has created a need for quality life, which has a direct impact on the demand for vehicles thereby driving the dependent automotive brakes market.
Increased awareness regarding safety has created a demand for advanced safety features in vehicles and technological advancements, like the ABS, CBS etc. have been the major drivers behind the growth of brake industry. As brakes are continuously subjected to heat, friction etc., wear and tear is inevitable. To increase the life of brake pads, advancements in materials have also played a vital role in the growth of the market.
Source: Mordor Intelligence Analysis
Drum brakes have become obsolete in passenger cars, as they were earlier used for the rear wheels for cost reduction. But now, drum brakes have completely moved to only commercial vehicles and the demand for drum brakes is completely related to the commercial vehicle sales. European countries were the fastest to grow in terms of commercial vehicles sales around the world of which Iceland, Ireland, Denmark, Netherlands, Portugal, and United Kingdom registered double digits growth rate since 2012. United States also registered a healthy CAGR of 9.9% accounting to about 45% of the global commercial vehicle sales. Mexico is the fastest growing country in North America in terms of CV sales due to the increase in logistic services in the country.
The presence of major players and high initial investment cost are expected to restrict the entry of new market players. Automobile manufacturers enter long term service agreements (Ex: BMW-Federal Mogul) with component vendors, hence, it may be difficult for new players to become partners and win new agreements. Automobile manufacturers ought not to shift to new players due to quality, reliability, cost, and lead-time concerns.
Major Players – Brembo Brakes, CARLISLE brakes and Friction, Continental AG, Delphi, D Hella, TVS brake linings Co., and among others.
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