Automotive Braking System Market By Applications, Types, New Technology - Opportunity Analysis And Forecast: 2022 – 2030
Market Overview -
The global automotive braking system market is
expected to exhibit a strong 5.55% CAGR over the forecast period, according to
the latest research report from Market Research Future (MRFR). The global
automotive braking system market is expected to reach a valuation of USD 35.9
billion by the Forecast Period, according to the report. The report presents a
detailed evaluation of the global automotive braking system market by
presenting a detailed analysis of the market’s historical growth trajectory.
Past figures from the global automotive
braking system market history are analyzed in the report to give
context to the market’s present condition.
The information about the market’s present and past growth trajectory
is used to further provide accurate projections about the market’s future
growth trajectory over the forecast period. The major drivers and restraints
affecting the global automotive braking system market are profiled in the
report. The report also examines the impact of the COVID-19 pandemic on the
global automotive braking system market.
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Growing Demand for Commercial, Passenger Vehicles to
Drive Automotive Braking System Market -
Automotive braking systems are used to reduce the speed of
vehicles by applying friction to the wheels of vehicles. Braking systems are an
essential component in automotive systems, as they allow vehicles to maneuver
at speed with safety. The growing automotive industry has been the major driver
for the global automotive braking system market. Growing demand for passenger
cars has driven the demand for automotive braking systems in recent years.
Growing purchasing power of consumers in emerging countries
has driven the automotive industry at a robust growth rate in recent years, as
more and more consumers have purchased automobiles in recent years. The growing
demand for the convenience offered by passenger cars, which allow the user to
protect themselves from rain and other environmental factors, is likely to
drive the passenger car industry in the coming years, thus leading to a growing
demand for automotive braking systems.
The commercial vehicles industry has also rapidly expanded
in the last few years, as growing urbanization and industrialization in
emerging regions has driven the demand for commercial vehicles such as lorries
and tractors. The growing demand for long-distance shipping of various
commodities through roadways has led to a growing demand for lorries and other
commercial vehicles. Technological advancement in commercial vehicles has led
to a new generation of commercial vehicles equipped with the latest in safety
and entertainment features, enabling a smooth, hassle-free ride for the driver.
The growing demand for agricultural vehicles is also likely
to be a major driver for the global automotive braking system market over the
forecast period. Growing mechanization in the agriculture industry in
developing regions such as Asia Pacific and Latin America has been a major
driver for the demand for agricultural vehicles. This is likely to be a major
driver for the automotive braking system market over the forecast period.
Competitive Leaderboard:
Leading players in the automotive braking system market
include Valeo, Mando Corp., Delphi Technologies, ZF Friedrichshafen AG,
Continental AG, and Robert Bosch GmbH.
Segmentation:
The global automotive braking system market is segmented on
the basis of brake type, brake system, component, vehicle type, and region.
By brake type, the global automotive braking system market
is segmented into disc brake and drum brake.
By brake system, the global automotive braking system market
is segmented into ABS, ESC, TCS, and others.
By component, the global automotive braking system market is
segmented into master cylinder, brake pad, calipers, disc, vacuum servo brake,
brake drums, and others.
By vehicle type, the global automotive braking system market
is segmented into PCV, LCV, and HCV.
Regional Analysis:
The Asia Pacific holds the largest share in the global
automotive braking system market due to the growing automotive industry in the
region. In addition to the traditional automotive heavyweight of Japan, China
and India have emerged as major manufacturers of automobiles in recent years
due to the growing manufacturing sector in these countries. This has been a
major driver for the automotive braking system market in the Asia Pacific.
Continue.......
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