The Definitive Study of Automotive Braking System Market
Introduction
It
is expected that in 2024, the automotive
braking system market size is going to grow at a CAGR of 1.62% with a market
size of US$38.738 billion from US$35.180 billion in 2018. Swift growing demand for automobiles owing to an
increase in disposable income in the major developing economies around the globe is expected to drive the demand for braking systems. Furthermore, an increasing number of road accidents has led the manufacturers to spend heavily
in R&D to bring out the state-of-art technology for advanced and safe
braking systems which is also expected to augment the demand and thus drive the
automotive braking system market growth during the forecast period.
Automotive braking system Market by Vehicle Type
By vehicle type, the automotive braking system market is segmented as passenger vehicles and commercial vehicles. The
passenger vehicles segment is anticipated to hold a significant market share
during the forecast period on account of more demand and rising disposable
income in developing economies like India, Brazil,
and Indonesia.
In addition, the increase in taxi business all around the world
is another prime factor for the growth of this market over the next five years.
The segment of commercial vehicles is expected to show a robust growth over the
next five years owing to growing tourism and transportation business worldwide,
which is going to increase the automotive
braking system market share.
Passenger Vehicles
The passenger vehicles segment is expected to have a
significant share on account of increasing production and demand for cars in
the developing countries like India, Brazil, and Indonesia, which is further
expected to propel the demand for braking systems thus anticipating the automotive braking system market growth.
For
instance, the number of passenger cars in India increased from 3,040,144 units
in 2011 to 5,174,645 in 2017 (Source: International Organization of Motor
Vehicle Manufacturers).In addition, the significant increase in the disposable
income worldwide is also expected to propel the demand for vehicles, thus
augmenting the growth for the automobile industry, which will further increase
the demand for braking systems over the next five years. In addition, growing penetration and demand for Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) is also expected to anticipate the demand of the braking systems, according to the Korea Automobile Manufacturers Association, the sales of electric vehicle in South Korea increased from 281 in 2012 to 5,177 in 2016 while the sales of hybrid electric vehicles increased from 19,371 to 62,210 during the same period (source: Korea Automobile Manufacturers Association).
Automotive braking system Market by Geography – Asia Pacific
Asia
Pacific (APAC) automotive braking system market is projected to grow at a CAGR
of XX% during the forecast period, reaching a total market size of US$XX
billion in 2024 from US$XX billion in 2018. The APAC market is further segmented
into China, Japan, South Korea, India, and Others. Others have been categorized
into Malaysia, Thailand, and Indonesia. The growth here is mainly attributed to
the growing automotive industry in this region which is further leading to the
growth in car sales, especially in the emerging economies of China, India,
Malaysia, and other developing economies of Southeast Asia. Furthermore, in
order to reduce deadly road accidents, government mandates for road safety are
propelling the automotive braking system market growth during the forecast
period.
China
China
automotive braking system market is projected to grow at a CAGR of 1.96% to
reach a market size of US$XX billion in 2024 from US$XX billion in 2018.
Chinese automotive industry is burgeoning one including the auto parts sector
and is recognized as one of the nation’s pillar industries by the Chinese
government, thus, contributing to the growth of the global automotive braking
system market as well. The growth is attributed to the growing middle-class
people in the country which is contributing to providing a steady growth of the
Chinese automotive industry. This rise in middle-class population is attributed
to the growing disposable income of its consumers which has led to creating of
the market demand leading to the buying of new cars or the replacement of old
vehicles.
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