Automotive Brakes and Clutches Market Size, Share, Growth, and Industry Growth, By Type (OEM and Aftermarket), By Application (Passenger Car and Commercial Vehicle), Regional Forecast By 2032

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Automotive Brakes and Clutches Market Report Overview

The global automotive brakes and clutches market size is expected to be USD 1.76 billion in 2023 & the market is projected to touch USD 2.34 billion by 2032, exhibiting a CAGR of 3.2% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with automotive brakes and clutches experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Speed-control devices like clutches and brakes are utilized on rotating parts. As a result, the clutch connects parallel or in-line shafts to start or change the load's speed. To further slowdown, stop, or hold the load static, a brake transmits energy to the machine frame or motor flange. However, brakes and clutches use various hydraulic, mechanical, electromagnetic, and pneumatic technologies. Another advantage of electromagnetic clutches is their effective, electrically switchable operation between a motor and a load.

The clutches can be utilized with parallel ducts connected with gears, pulleys, or in-line shafts. In an electromagnetic clutch, the ephemeral current flows, and a coil forms a magnetic flux distribution that attracts a rotor. A cadre's plate that is adhered to the load is also engaged by the axle thanks to the magnetic force. In addition, the contact between the two spins the load alongside the driveshaft and rotor. Friction plates or teeth can be used to increase this magnetic contact. The armature and rotor separate when electricity is cut off to the field coil.

COVID-19 Impact: Declined Production and Product Demand Affected Growth.

The COVID-19 epidemic had a significant impact on the building, industrial, lodging, and tourism industries. Production ceased or was severely constrained. The supply chains for the transportation and construction industries and those industries themselves were hindered. This resulted in a decline in production and demand for industrial brakes, restraining the market's expansion. In contrast, businesses are gradually starting to resume their regular manufacturing and service operations.

LATEST TRENDS

"Government’s Rising Spending on Infrastructure Projects to Boost the Product Demand"

The governments increased spending on infrastructure projects and the rise in demand for the commercial and residential segments contribute to the growth of the construction and manufacturing industries. Excavators, graders, trenchers, backhoes, bulldozers, and other construction tools are becoming increasingly in demand as building projects continue to expand. To support heavier loads, this equipment has different performance requirements. Construction equipment can carry a greater amount of load thanks to the usage of brakes. The industrial brakes market is also driven by rising equipment demand and production. Additionally, the utilization of robots in various industries is expanding.

Automotive Brakes and Clutches Market Segmentation

• By Type Analysis

By type, the market is segmented into OEM and aftermarket.

The aftermarket segment is likely to dominate the global market owing to the rising demand for products from automobile service centers, retailers, and workshops. The retail sector comprises gasoline, general, and automotive retailers. 

• By Application Analysis

Based on application, the market is classified into passenger cars and commercial vehicles.

Passenger cars are estimated to lead the market due to the increasing production and sales of cars. 

DRIVING FACTORS

"Various Advantages of the Product to Aid Product Demand"

Various benefits of industrial automotive brakes and clutches are expected to propel growth in the market. The advantages include a great return on investment due to the durability of the industrial brakes and the ability to function in harsh settings. Additionally, the industrial brakes and clutches market growth is anticipated to be backed by rapid industrialization and increasing government spending in industrial sectors to enhance production. Global demand is estimated to increase due to all these factors, and the market is anticipated to grow significantly during the anticipated time period.

"Rising Disposable Income of the Population to Foster Market Growth"

The key factor for the automotive brakes and clutches market growth is the increase in disposable income. Common industrial solutions include clutches and brakes that are pneumatic or hydraulic. As a result, hydraulic designs have the potential to generate too much force. However, they can be difficult to maintain and call for regular cleaning. Additionally, pneumatic devices are more hygienic than hydraulic ones, but the amount of force they can produce is constrained. They are also better for use in lighter-duty applications.

RESTRAINING FACTORS

"Fluctuating Price of Raw Materials to Impede the Growth of the Market"

The continuous fluctuation in raw materials price is expected to affect the expansion of the market. The fluctuating raw materials price affects the product manufacturing rate, which restricts the market growth.

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Automotive Brakes and Clutches Market Regional Insights

"Shifting Of Companies to the Region to Bolster Growth in Asia Pacific "

Asia Pacific is likely to lead the automotive brakes and clutches market share due to the companies shifting their manufacturing facilities to the region. The investments and initiatives associated with the manufacturing facilities in the region are on a constant rise. 

North America is expected to hold a significant share in the market owing to the growing demand for advanced technologies in the automotive sector. 

KEY INDUSTRY PLAYERS

"Key Companies Focusing On Developing Innovative Technologies to Grow in the Market"

Businesses are developing new technology to offer easier ways to increase product portfolios. Key players focus on developing innovative technologies to sustain themselves in the global market. Companies are producing and designing vehicles under licensing or partnership agreements.

Companies also use innovative practices and techniques to create new technologies. To maintain market competitiveness, businesses focus on extending their geographic reach. Furthermore, to get a competitive edge in the global market, many manufacturers intend to buy small businesses or collaborate with them. These are the main tactics manufacturers of industrial brakes use to boost their revenue-generating market share.

LIST OF TOP AUTOMOTIVE BRAKES AND CLUTCHES COMPANIES

• Autoliv (Sweden)
• Continental (Germany)
• Bosch (Germany)
• Akebono Brake Industry (Japan)
• Brembo SpA (Italy)
• Tenneco(Federal-Mogul) (U.S.)
• ZF (Germany)
• Aisin Seiki (Japan)
• Valeo (France)
• Schaeffler (Germany)
• NSK (India)
• F.C.C. Co (Japan)
• Exedy Corporation
• Eaton Corporation
• Clutch Auto Limited (India)
• Borgwarner (U.S.)
• Magneti Marelli (Italy)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2022 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.