Brakes play a major role in the safety of the vehicle and passengers. The braking system has evolved over a time and the modern system involves parking brakes, service brakes and emergency breaks. According to the report by Future Market Insights (FMI), passenger car segment in automotive brake system and components market is anticipated to account for approximately 74% value share by 2027. The passenger car segment is witnessing a robust growth due to the increase in sales and production of the passenger cars in the emerging economies.
Demand for high speed and luxury cars to drive the automotive brake and components market
The rise in the sales of high-end and luxury cars in both the OEM and aftermarket channels is due to the availability of automotive brake system. Raw power and high speed that define the performance of these cars require robust safety system and the brake system is the most important element of the safety system. An increase in demand for SUVs, sports and luxury car models equipped with the best safety system and advanced technologies is boosting the growth of passenger car segment in automotive brake system market.
North America automotive brake system and component’s passenger car segment to witness highest market value share
North America market value share will increase at CAGR of 5%, and will be valued at $9000 million by 2027. The growth is due to the changing preference of customers in this region. While the passenger car segment in Latin America automotive brake system market will hold 60% of market value share by 2027. The same segment in APEJ will account for more than 80% market value share in 2017.
Government across all the countries is making efforts to drive attention of vehicle owners, be it small or high-speed luxury car owner towards the vehicle safety. The government is also imposing various rules and regulations for the safety of the drivers and passengers. This is turning the customer focus towards including robust safety system and updating it from time-to-time. This initiative by the government will boost the sales of the automotive brake system and other related components.
The brake system consists of the disk brake and drum brake and among these two brake system, air disk brakes are highly adopted due to the reduced maintenance and associated costs as compared to the drum brakes. Moreover, disk brakes are self-adjusting, less affected by water, stop better than any other brake and are less prone to pulling or grabbing.