- 24 June 2019 21:44
Global Automotive Brake Systems Market Is Expected To Expand At A Moderate CAGR Of 5.9% During The Forecast Period
Automotive brake systems are group of mechanical, electronic and hydraulic components that used friction in order to stop any type of moving vehicle. It uses friction of brake shoes and drums which convert vehicle’s kinetic energy into thermal energy. This aids in stopping or halting the vehicle. The global Automotive Brake Systems Market estimated to value at around US$ 22 Bn in 2018, and is expected to register a CAGR of 5.9%.
Global Automotive Brake Systems Market Dynamics:
Government safety regulations in various countries that improves safety in cars and commercial vehicles is a major factor driving growth of the global automotive brake systems market. It also provides accuracy and speed. In addition, new regulations and norms for braking systems established by governments in developing countries is another factor expected to support growth of the target market.
Technological developments to improve efficiency of the product is a factor fueling growth of the global market. Anti-lock braking system enables drivers to have better control with prevention lock-ups and skidding. Advancements in materials used in automotive break systems in order to increase lifespan of brake pads, can play a major role in supporting growth of the target market.
Analysis By Segmentation:
The market report has been segmented on the basis of technology, vehicle type, and region. The technology segment includes anti-lock braking system, traction control system, electronic stability control, and electronic brake distribution. By vehicle type segment includes passenger cars, light & medium commercial vehicles, and heavy commercial vehicles. The region covered in the analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By Technology: The anti-lock braking system segment accounted for highest revenue share contribution and expected to account for over CAGR of 7% is expected over the forecast period.
By Vehicle Type: The passenger cars segment accounts for major share in terms of revenue in the global market and is expected to account for over CAGR of 6% over the forecast period.
By Region: The market in Asia Pacific accounted for a CAGR of over 6.5% in the global automotive brake systems market
Global Automotive Brake Systems Market: Competitive Analysis
The research report on the global Automotive brake systems market includes profiles of some of major companies such as Robert Bosch GmbH, ZF Friedrichshafen AG, AISIN SEIKI Co., Ltd., Continental Aktiengesellschaft, Hitachi Ltd., Nissin Kogyo Co., Ltd., Autoliv Inc., Akebono Brake Industry Co., Ltd., Federal-Mogul LLC, and Brembo S.p.A.
The Global Automotive Brake Systems Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2018–2027 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global automotive brake systems market for 2018–2027.
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