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| Automotive Brake System Market Analysis |
The global Automotive Brake System Market is estimated to be valued at US$29.86 million in 2023 and is
projected to reach a value of US$(value for 2023) Bn/Mn by 2023, with a CAGR of 4.2% from 2023 to 2030,
according to a recent report published by Coherent Market Insights.
Market Overview:
The Automotive Brake System Market comprises various components such as brake
pads, rotors, calipers, and brake lines, which are essential for ensuring the
safety of vehicles. These brake systems play a crucial role in decelerating or
stopping vehicles, thereby preventing accidents and mishaps on the road. The
need for advanced automotive brake systems has increased due to the growing
demand for safety features in vehicles. These systems offer advantages such as
enhanced control, improved braking efficiency, and shorter stopping distances.
Market Key Trends:
One key trend in the Automotive
Brake System Market Analysis is the increasing adoption of electronic
brake systems (EBS). EBS integrates electronic technology with the traditional
hydraulic braking system, providing enhanced control and safety features. It
offers advantages such as anti-lock braking system (ABS), electronic stability
control (ESC), and traction control system (TCS). The adoption of EBS in
vehicles is driven by the rising focus on improving vehicle safety and reducing
the risk of accidents.
Porter’s Analysis
The Automotive Brake System market is expected to experience high growth over
the forecast period, with a Compound Annual Growth Rate (CAGR) of 4.2%. This
growth can be attributed to various factors such as increasing demand for
passenger and commercial vehicles, stringent safety regulations, and
technological advancements in brake systems.
Threat of new entrants: The threat of new entrants in the Automotive Brake
System market is moderate. While there are significant barriers to entry such
as high capital requirements and the need for technical expertise, the market
still provides opportunities for new players due to the growing demand for
brake systems.
Bargaining power of buyers: The bargaining power of buyers in the Automotive
Brake System market is high. Buyers have access to a wide range of brake system
suppliers, making the market highly competitive. This gives buyers the
advantage of negotiating prices and terms to secure the best deal.
Bargaining power of suppliers: The bargaining power of suppliers in the
Automotive Brake System market is moderate. While suppliers have the advantage
of offering differentiated products and technologies, they face competition
from other suppliers in the market, giving buyers more options and bargaining
power.
Threat of new substitutes: The threat of new substitutes in the Automotive
Brake System market is low. Brake systems are integral components of vehicles
and have no direct substitutes. However, advancements in alternative
technologies such as regenerative braking and autonomous vehicles could
potentially pose a threat in the long run.
Competitive rivalry: The competitive rivalry in the Automotive Brake System
market is high. The market is dominated by several key players, including ZF
TRW Co., Akebono Brake Industry Co., TVS Brake Linings Co., Brembo SpA,
Performance Friction Corporation (PFC) Brakes, Robert Bosch GmbH, Hella Pagid
GmbH, Continental AG, Federal-Mogul Holding Co., Disc Brakes Australia (DBA),
and Aptiv PLC (Delphi). These players compete on factors such as product
quality, pricing, technological innovation, and customer service to gain a
competitive edge.
Key Takeaways
The global Automotive Brake System market is expected to witness high growth,
exhibiting a CAGR of 4.2% over the
forecast period. This growth can be attributed to the increasing demand for
passenger and commercial vehicles, as well as the implementation of stringent
safety regulations worldwide.
In terms of regional analysis, Asia Pacific is expected to be the
fastest-growing and dominating region in the Automotive Brake System market.
This can be attributed to the rapid economic growth, urbanization, and
increasing disposable income in countries like China and India. The presence of
major automotive manufacturers and rising production levels in the region also
contribute to its dominance.
Key players operating in the Automotive Brake System market include ZF TRW Co.,
Akebono Brake Industry Co., TVS Brake Linings Co., Brembo SpA, Performance
Friction Corporation (PFC) Brakes, Robert Bosch GmbH, Hella Pagid GmbH,
Continental AG, Federal-Mogul Holding Co., Disc Brakes Australia (DBA), and
Aptiv PLC (Delphi). These key players are focused on product innovation,
strategic partnerships, and expansion to gain a competitive advantage in the
market.
Read More: https://www.trendingwebwire.com/automotive-brake-system-market-growth-and-share/