Owing to the growing degree of construction activities in the Asia-Pacific and Middle East regions, the demand for automobiles and auto parts is constantly surging at a considerable pace. The rising motorization rate on an account of improving lifestyle has been stimulating the demand for automobiles, which have a spill-over effect over the brake component market. Over the past couple of years, the Brake Component market has witnessed the advent of the antilock braking system, regenerative braking system, and combined braking systems, which are gaining traction in recent years and has led to growth in the overall market.
Components of a brake contain disc brakes and drum brakes. Disc brakes segment is anticipated to boost during 2020-25 as it is highly preferred in the passenger car segment. The disk brake segment is anticipated to escalate at a robust rate in the years to come. Major components of braking systems are brake callipers, brake shoes, and brake pad. Braking callipers are segmented in floating callipers which improve the overall performance of the vehicle. With the emergence of new types of technologies and price-competitive car models, the passenger car segment would witness significant growth in the upcoming years, followed by light commercial vehicles.
According to MarkNtel Advisors’ research report titled “Global Automotive Brake Components Market Analysis, 2020”, the CAGR of the Global Automotive Brake component market is expected to exceed 6% during 2020-2025. Moreover, total sales of vehicles over the past couple of years were consistently above 90 million units per annum. The same trend is projected to continue in the upcoming years. These huge sales figures are projected to boost the Global Auto Brake Components market.
Total global sales of passenger cars were around 70.56 million in 2018. The passenger segment is anticipated to grow due to the accelerating demand for luxury vehicles and mid-sized vehicles. The OEMs of the passenger vehicles use modern brakes for a better performance of the vehicles and to avoid skidding. Some major leading players are Hitachi Automotive Systems, Robert Bosch Gmbh, Aisin Seiko Co. Ltd., and Delphi Automotive Plc.
OEM Presence is Expected to Enhance the Sales Channel
OEMs in the Brake Components market are investing in research and development to engage in new technologies for advancement in the braking components. However, replacement demand would continue to remain high in comparison to OEM sales in the years to come. OEMs primarily manufacture the braking parts and the assembling is done by the brand owners of the vehicles. North America and Asia-Pacific are the prominent bases for the presence of OEMs. Many countries such as China and India in the Asia-Pacific region are the hubs for OEMs. China and India are the leading manufacturers of braking components.
According to MarkNtel Advisors’ research report “Global Automotive Brake Components Market Analysis, 2020”, leading players in the market are Nisshinbo Holdings, Hitachi automotive Systems Limited., Akebono Brake Industry Co., Ltd., Continental AG, Wabco Holdings Inc., Robert Bosch GmbH, Aisin Seiko Co. Ltd., Valeo SA, Delphi Automotive Plc, and Federal Mogul Holdings Corporations, among others.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What would be the growth rate or CAGR of Global Automotive Brake Components Market during 2020-25?
A. The market size of Global Automotive Brake Components Market during 2020-25 is forecast to be around 6%.
Q. Which region would grab the highest market share during 2020-25?
A. It is forecast that Asia-Pacific will dominate the market with majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating in Global Automotive Brake Components Market?
A. Nisshinbo Holdings, Hitachi automotive Systems Limited., Akebono Brake Industry Co., Ltd., Continental AG, Wabco Holdings Inc., Robert Bosch GmbH, Aisin Seiko Co. Ltd., Valeo SA, Delphi Automotive Plc, Federal Mogul Holdings Corporations are few of the leading players in the Global Automotive Brake ComponentsMarket.
Q. Does the report scope cover Global Automotive Brake Components type and region wise market statistics also?
A. Yes, the scope of the report encompass detailed Global Automotive Brake Components type and region wise statistics such as market size, market segmentation based on various subcategories.
Q. Which brake segment would emerge as an opportunity area for players in Global Automotive Brake ComponentsMarket?
A. Disc Brake segment will continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of Global Automotive Brake Components Market.
