Automotive Brake Components Market Size, Share, Growth, Trends, and Forecast by 2031

The automotive brake components market is expected to register a CAGR of 4.5% during 2023–2031. The market is witnessing a focus on future technology trends and upcoming technologies in the automotive brake system industry, including advancements in autonomous vehicle brake systems such as a focus on redundancy, fail-safe mechanisms, and ensuring reliable braking performance for autonomous vehicles.

Automotive Brake Components Market Analysis

The automotive brake components market has an aftermarket that also includes supplies of components for replacements and upgrades for routine or regular vehicle maintenance, modifications, remodeling, and specific upgrades. The aftermarket has established itself as a key and growing entity in the automotive brake components market. The dynamic market for automotive brake components evolves in line with the development of new vehicle technologies and safety standards.

Automotive Brake Components Market Overview

The automotive brake components market includes the manufacturing, distribution, and sale of brake components and parts of braking systems in vehicles – they include brake pads or linings, brake shoes, brake calipers, brake rotors, brake drums, brake fluid, braking system sensors, etc for passenger cars, commercial vehicles, and off-highway vehicles. The market is characterized by continuous technological innovations and developments for better and upgraded brake components that provide better carrying and stopping capacity for vehicles.

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Automotive Brake Components Market: Strategic Insights

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Automotive Brake Components Market Drivers and Opportunities

Increasing Concern for Vehicle Safety

The increasing concern for vehicle safety and the growing need for sophisticated braking systems are driving the automotive brake components market. The surge in road traffic and vehicle ownership across the world has led to a greater awareness of the requirement for advanced forceful braking systems. Regulatory enforcement leading to the installation of certain high-end safety features mandated by the government has also added impetus to the size of this market. Increasing production of EVs and hybrids has further broadened this market since these vehicles also require parts and components specific to them. Technological advancements in vehicle design aided by the use of lightweight and strong brake materials that enhance the performance of the hitherto simple parts, also propel this market.

Development Of High-Performance Materials and Advanced Manufacturing Processes

The automotive brake components market offers enormous prospects for growth and innovation. Owing to the growth in the production of vehicles and the increasing trend towards the manufacturing of electric and hybrid vehicles, there is demand for advanced brake components that not only provide better efficiency but also help in making vehicles more environment-friendly. Furthermore, the focus on vehicular safety and the integrity of modern vehicles with the proliferation of advanced driver assistance systems (ADAS) offers opportunities for the integration of smart braking technologies such as regenerative braking and autonomous emergency braking systems. The aftermarket segment of the automotive brake components market also offers immense opportunities given the demand for the replacement and overhauling of brake components in existing vehicles. The development of high-performance materials and advanced manufacturing processes will open up great opportunities for providing the automotive industry with high-quality and low-cost brake components with requisite performance.

Automotive Brake Components Market Report Segmentation Analysis

Key segments that contributed to the derivation of the automotive brake components market analysis are product and vehicle type.

• Based on product, the automotive brake components market is divided into Brake Pads and Shoe, Brake Disc, Brake Drum, Brake Caliper, Brake Line, Brake Cylinder, and Others.
• based on vehicle type, the market is divided into Passenger Cars and Commercial Vehicles.

Automotive Brake Components Market Share Analysis by Geography

The Automotive Brake Components Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America. Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering automotive brake components market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level. Also, the report covers PEST analysis, which involves the study of major factors that influence the automotive brake components market in these regions.

Automotive Brake Components Market Regional Insights

The regional trends and factors influencing the Automotive Brake Components Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Automotive Brake Components Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Automotive Brake Components Market Report Scope

Automotive Brake Components Market Players Density: Understanding Its Impact on Business Dynamics

The Automotive Brake Components Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Automotive Brake Components Market are:

1. Aisin Seiki Co., Ltd. (Japan)
2. Akebono Brake Corporation (Japan)
3. Mando Corporation (South Korea)
4. Hitachi Automotive Systems Ltd. (Japan)

Disclaimer: The companies listed above are not ranked in any particular order.

Automotive Brake Components Market News and Recent Developments

The automotive brake components market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive brake components market are listed below:

• Meneta Group is pioneering in the international automotive industry by committing to fossil-free steel from SSAB for its global production of components and sealing materials, mainly for the automotive industry. From 2031, Meneta expects initial Scope 3 CO2 reductions of 5,500 to 6,000 tonnes, growing to approximately 60,000 tonnes in subsequent years when its global brake component and sealing and decoupling material productions fully incorporate fossil-free steel from SSAB. (Source: Meneta Group, Company Website, March 2023)

Automotive Brake Components Market Report Coverage and Deliverables

The “Automotive Brake Components Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Automotive brake components market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Automotive brake components market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Automotive brake components market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the automotive brake components market.
• Detailed company profiles