Automotive Brake Wear Sensors Market Size, Share, Growth, and Industry Analysis, by Type (Electronic Brake Wear Sensors, Disc Brake Wear Sensors), by Application (Passenger Vehicles, Commercial Vehicles), Regional Insights, and Forecast To 2031

Automotive Brake Wear Sensors Market Report Overview

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The global automotive brake wear sensors market size was USD 4.1833 billion in 2022 & the market is expected to reach USD 6639 Million in 2031, exhibiting a CAGR of 5.3% during the forecast period.

The braking system is an essential part of a vehicle, as it includes safety and control criteria.  It is a mechanical component that inhibits motion by the process of absorbing energy from a moving system. It is used to halt, slow down, or prevent motion of a moving vehicle or wheel. This is proficient by the friction created between the brake and the axle or wheel. The resistance produced among two surfaces helps in transforming kinetic energy into heat. The demand for traveller’s cars is expected to increase in developing markets. As a consequence, the demand for automotive brake wear sensors will also increase. Additionally, many governing bodies are expected to make automotive brake sensors mandatory to rise safety and reduce the number of road accidents. The market is highly competitive as it ascribed to constant launch of new and advanced technology, R&D. key players adopting various growth plans to enlarge their company on local and international basis. The market is segmented into traveller vehicle and commercial vehicle. Due to increasing sales of vehicle adoption of automotive brake system is speedily increasing the growth. Commercial vehicle is also observing important growth due to growing adoption of electric commercial vehicle due to increasing ecological worry, growing public and logistic road transportation. Electronic brake wear sensors are used in automotive to control the amount of force applied to brakes and how much they have been used. Electronic system manufacturers need to be cautious of such consequences if they have to provide as per consumer anticipations. Sensors must be tuned on a regular basis to confirm that there is no inappropriate information alert sent to the driver as it might misguide them. This will have the possible to increase the number of road accidents and hamper the safety of travellers which will negatively affect the growth. Use of automotive brake wear sensors declines the figure of accidents. Such features are foreseen to boost the growth of the global market during the forecast period.   

COVID-19 Impact:  Pandemic hampered the market due to unexpected disruption in the sector

COVID 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Automotive sector had significant drop due to oil price fluctuation and economic slowdown in the region. The automotive brake wear sensors market will continue to grow due to the strict security rules forced by regulatory administrations and governments.

Latest Trends

"Use of innovative technology to boost the market growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the downstream market. The technology supports the optimization of safety systems including electronic stability control and anti-lock braking system. Hence, this technological advancement will improve performance and propel the market growth. Products such as anti-lock braking systems, automatic steadiness control, brake-by-wire, and anti-collision devices are regularly established by players to produce harmless and improved vehicles. As the demand for passenger cars in developing markets is projected to rise in the future, the demand for automotive brake wear sensors will also upsurge as it helps in providing protection to travellers.

Automotive Brake Wear Sensors Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into electronic brake wear sensors, disc brake wear sensors

Electronic brake wear sensors capture the maximum market share through forecast period.

• By Application Analysis

According to application, the market can be segmented passenger vehicles, commercial vehicles

Automotive brake wear sensors market players cover segment as household will dominate the market share during forecast period.

Driving Factors

"Increasing awareness to upsurge the market growth"

Increasing alertness about safe and smooth driving in awaken of growing road coincidences, innovative technology reducing weight and friction produced in vehicles, and R&D activities by major players. The growing acceptance of electric cars and the rising focus on independent vehicles are expected to boost the profitable growth potential of manufacturing companies shortly. Customer likings tend to support automotive sensor companies as the demands are mainly motivated toward better safety and comfort.

"Rising investment for enhancing innovative product to drive the demand in market."

Automobile companies are continuously manufacturing new and improved products for the comfortable and safe driving of vehicles. Companies are providing anti-lock braking systems included with electronic stability control to prevent slipping thus getting vehicles in control. Hence, technological improvements in automobile protection features are possible for the growth of the automotive brake wear sensors market.

Restraining Factors 

"High cost of production to hamper the market growth"

High cost of development and maintenance of advanced braking technology is also expected to hinder growth of automotive brake wear sensor market. Normal maintenance of brake system can be expensive. Hence, due to improper maintenance of automotive components they show technical failure due to which automotive brake wear sensor market growth affects negatively.

Automotive Brake Wear Sensors Market Regional Insights

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"North America to dominate the region due to increasing awareness"

North America is further expected to witness growth in the automotive brake wear sensors market share. The growth in this region can be credited to the factors such as an upsurge in alertness about passenger safety, road safety, and vehicle security. Numerous automakers producers are concentrating on several growth strategies to increase the growth. Growing demand for luxury and premium cars is also major factor to propel the market.

Key Industry Players

"Key players focus on partnerships to gain competitive advantage."

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

LIST OF TOP AUTOMOTIVE BRAKE WEAR SENSORS COMPANIES

• Centric (U.S.)
• Zimmermann (Australia)
• Hawk Performance (U.S.)
• Brembo (Italy)
• Bosch (Germany)
• Akebono
• Bosch
• Denso Corporation
• Continental
• Delphi
• Sadeca
• Standard Motor Products
• Herth+Buss Fahrzeugteile
• General Motors

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas.