Automotive Brake System & Components Market to reach a valuation of US$ 105,131.2 Million by 2032

The global automotive brake system & components market is expected to showcase opulent growth over the forecast period from 2022 to 2032 by generating a stable CAGR of 4.7%. The global market is estimated to be valued at US$ 66,414.8 Million in 2022 and is expected to reach a valuation of US$ 105,131.2 Million by 2032.

According to historical data, the automotive brake system and component market grew at a sluggish rate of 1.0% CAGR from 2017 to 2021, however over time, the industry experienced amazing growth, and the CAGR reached 4.7% in the forecast period. (2022 to 2032). The increasing number of government activities in various nations to draw motorists’ attention to vehicle safety is blamed for this year's year-over-year growth. Governmental organisations are either encouraging safety-related awareness or implementing strict legislation.

The market for automotive braking systems and components is growing as a result of widespread acceptance of luxury hybrid vehicles, strict enforcement of safety rules, and rising use of disc brakes in commercial vehicles. About 12 to 15% of the world market for automotive parts and components comes from the automotive braking system and component sector.

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Key Takeaways

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Competitive Landscape

In recent years, there has been a surging number of acquisitions and growth efforts in order to surge the supply of automotive brake systems & components. Several leading forms in the market are also working on technological developments. Contracts & agreements, new product development, and partnerships are some of the vital strategies adopted by renowned firms to maintain their market positions.

Moreover, ongoing research & development (R&D) activities focusing on introducing new technologies, along with the involvement of market participants in the launch of new & improved systems are some of the other factors fueling the automotive brake system & components market expansion. In addition to that, there is growing popularity witnessed in electrical vehicles, and accelerated demand for autonomous vehicles is expected to push the sales further.

Key Companies Profiled

Continental AG, ZF Friedrichshafen AG, Delphi Automotive PLC, Valeo S.A, Federal-Mogul Holdings Corporation, Nissin Kogyo Co. Ltd, Hitachi Astemo, Ltd., Akebono Brake Industry Co Ltd., Magneti Marelli S.p.A, Mando Corporation, Brembo S.p.A.

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Key Segments Covered in Automotive Brake System & Components Market Analysis

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By Vehicle Type:

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More Insights into the Automotive Brake System & Components Market

According to FMI analysis, the U.S. automotive brake system & components market is predicted to surpass a valuation of US$ 12,751.6 Mn by the end of 2022. The U.S. is expected to dominate the market owing to the surge in the large number of passenger cars and commercial vehicles in the country.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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