Global automotive brake systems market would surpass an overall valuation of $35.4 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
A substantial rise in passenger car demands and growth of the global automotive sector is expected to boost automotive brake systems demand. Escalating need for enhancing road safety coupled with the introduction of strict vehicle safety regulations has provided a viable impetus to industry players for developing advanced automotive braking systems, further fostering industry growth.
Other factors such as rising disposable income levels and changing lifestyles are supporting passenger vehicle demands and supporting expansion of the automotive brake systems industry.
High costs associated with advanced electronic automotive brake systems and the rise in counterfeit products is expected to restrict industry expansion. However, emerging customer demographics and new markets are slated to foster revenue growth further. Moreover, growing adoption of regenerative brakes and brake-by-wire systems would offer growth opportunities to industry partakers in the coming years.
From a regional perspective, the Asia Pacific accounted for the highest revenue share in the global automotive brake systems market, in 2017. An established automotive sector, escalating investment in research and development, and numerous technological advancements are projected to foster industry expansion across the region.
Continuous modernization of automobiles and the introduction of stricter government regulations concerning vehicle safety would accelerate the adoption of brake systems across APAC during the forecast timeframe.
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Furthermore, the rapid economic growth of countries such as India, Japan, and China is improving living standards and elevating disposable income levels, which are further boosting the demand for passenger vehicles throughout the region. These conditions are further endorsing the expansion of prominent industry players in the region and promoting revenue growth.
Meanwhile, escalating demand for electric vehicles, luxury vehicles would be providing more growth opportunities to the industry in coming years. The ongoing development of autonomous or self-driving vehicles would generate additional growth prospects over the forecast timeframe.
Prominent companies operating in the global automotive brake systems industry include Wabco Holdings Inc, ZF Friedrichshafen AG, Continental AG, Hitachi Automotive Systems, Ltd., Robert Bosch GmbH, Knorr-Bremse AG, Delphi Automotive PLC, Aisin Seiki Co., Ltd., Autoliv, Inc., and Akebono Brake Industry Co., Ltd. These firms frequently unveil new products and collaborate with other industry players to introduce new innovative products to address growing consumer requirements and needs.