According to MarkNtel Advisors study the Global Automotive Brake Components Market is expected to grow at a CAGR of around 6% during the forecast period, i.e., 2023-28.
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Key Findings of the Study: Automotive Brake Components market
Key Driver: Stringent Government Regulations for Enhanced Safety in Vehicles
Governments of various countries worldwide are laying out strict regulations for automakers to include enhanced safety features in vehicles, owing to which technologies like ABS (Anti-lock Brake Systems), BA (Brake Assist), EBD (Electronic Brakeforce Distribution), & AEB (Advanced Emergency Braking) have gained traction in the past few years, in order to reduce road accidents. ABS provides enhanced vehicle stability & directional control and aids in minimizing stopping distance when hard brakes are applied. On the other hand, BA is based on ABS technology & is used usually in combination with ABS to reduce the stopping distance by around 45%. Next is EBD, i.e., the extended version of ABS that helps distribute equal force to each wheel and offers benefits like improved traction, better stability, & enhanced braking efficiency. Hence, the burgeoning adoption of these technologies by automakers to comply with stringent government regulations is projected to drive the Global Automotive Brake Components Market during 2023-28.
For more detailed information about the Automotive Brake Components market report, click here – https://www.marknteladvisors.com/research-library/global-automotive-brake-components-market.html
Scope of the Report and Automotive Brake Components Market Segmentation:
By Vehicle Type
- Medium and Heavy Commercial Vehicles
- Light Commercial Vehicles
- Passenger Cars
- Others
By Sales Channel
- OEMs
- Aftermarket
By Product Type
- Brake Caliper
- Floating Caliper
- Fixed Caliper
- Brake Pad
- Metal
- Ceramic
- Organic
- Brake Rotor
- Brake Shoe
- Brake Line
Here, OEMs hold a prominent market share owing to the continuously growing sales of passenger cars and the ever-increasing consumer demand for improved vehicle control & safety.
Automotive Brake Components Market Development:
- In March 2022, Nisshinbo Holdings Inc. formed a JV (Joint Venture) with Continental AG (Continental) in Gurgaon, Haryana, India, for the local production of valve blocks, i.e., the main component of EBS (Electronic Brake Systems). The newly established enterprise, i.e., expected to commence operations from April 2023, will work on localizing machining for valve blocks meant for ESC (Electronic Stability Control) for passenger cars and ABS (Anti-lock Brake Systems) for both two-wheelers & passenger vehicles.
- In 2022, BOSCH announced the expansion of its plant in Aguascalientes with an investment of around USD 84 million in opening a new facility for the production of a new generation of brake systems for its North American customers.
Geographical Analysis:
By Regions
- North America
- South America
- Europe
- Middle East
- Africa
- Asia-Pacific
Of all regions globally, Asia-Pacific is a strong market for automotive brake components, owing mainly to the ever-growing automotive production & sales and the easy availability of low-cost labor & raw materials.
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