Automotive Brake System Market to Register Stable Expansion During 2017-2022
The global automotive brake system market is anticipated to witnessing a substantial growth due to fresh prospects of the automotive industry in emerging along with developing economies and increased safety concerns by the government. It was stated in the report that the overall growth of the market is expected to reach a market value of above US$ 25 Billion through 2022, exhibiting a strong 5.7% of CAGR throughout 2017-2022.
In modern cars mostly two kinds of brakes are used which are drum brakes and disc brakes. Every new car has disc brakes on the front wheels, whereas the rear wheels may possibly use whichever drum or disc brakes. Of these, the disc brakes category has a comparatively bigger share in the overall market during 2017 and will account for a market evaluation of US$14 Billion for the duration of the forecast 2017 to 2022. On the other hand, the expansion rate for the drum brakes segment will be on the climb in the approaching years.
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In terms of the sales channel, the worldwide market is categorized into aftermarket and OEM. The OEM category reflects a revenue share of about fourth-fifth and will foresee a remarkable 5.5% CAGR for the duration of the assessment, 2017-2022. The aftermarket category is relatively a lot smaller and consists the share of residual revenue in the worldwide market for the duration of the assessment. By, vehicle type, the worldwide market is categorized into premium passenger cars, heavy commercial vehicles, light commercial vehicles, luxury passenger cars, compact passenger cars, and mid-sized passenger cars. Of these, the compact cars will have the benefit of being trouble-free to maneuver together with being undemanding on the wallet at the fuel pump. Therefore, it isn’t astounding to acknowledge that compact cars will expand market share for the duration of the assessment. The mid-size car category abides by compact cars on the basis of popularity, however, are yet probable to lose market share. The advanced technologies used in the modern cars are electronic stability control (ESC), anti-lock braking system (ABS), electronic brake-force distribution (EBD) and traction control system (TCS).
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Europe to foresee a lucrative market with the highest contribution and the companies in the market are proposed to centralize their efforts on this region with lucrative prospects for a good ROI. With the market in Europe, the companies are trying to center on APEJ or North America, since both the regions will have worldwide market evaluations valuing billions of dollars for the duration of the assessment.
The foremost market players active in the worldwide market are Continental AG, Robert Bosch GmbH, Wabco Holdings, Inc., ZF Friedrichshafen AG, Aisin Seiki Co, Ltd., Knorr-Bremse AG, Akebono Brake Industry Co. Ltd., TRW Automotive Holdings Corp., Halla Mando Corp., Brembo S.P.A. and others.