Automotive Braking Component Market Size, Share, Growth, and Industry Analysis, By Type (Brake Caliper, Brake Shoe, Brake Pad, Brake Line, Rotor, Others), By Application (Original Equipment Manufacturer (OEM), Aftermarket), and Regional Insights and Forecast to 2032

Updated On: 06 May 2024

automotive braking component market Report Overview

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global automotive braking component market size was USD 44522.65 million in 2021 and market  to touch USD 106783.30 million by 2032 at CAGR 8.28% during the forecast year. In the market study, our analysts have considered Automotive Braking Component players such as BNA Automotive India Pvt. Ltd., Borg Warner, Knorr Bremse AG, ZF Friedrichshafen AG, Haldex Group, WABCO, MAT Holdings, Inc., ADVICS CO., LTD., FTE Automotive, Hutchinson SA, Brakes India, Continental AG, Nissin Kogya Co., Ltd., EXEDY Corporation, Robert Bosch GmbH, Hyundai Mobis, Federal Mogul LLC., Sumitomo Riko Company Ltd., TMD Friction Holdings GmbH, Brembo S.p.A, Fujitsu Ten Ltd., Mando Corporation, Nisshinbo Brake Inc., AISIN SEIKI, Hella Pagid GmbH, Hitachi Ltd., AC Delco, Meritor, Inc. and asK Automotive Pvt. Ltd.

The COVID-19 pandemic has been unprecedented and staggering, with the automotive braking component market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels.

Automotive braking components are essential parts of a vehicle's safety and performance system, including brake calipers, brake shoes, brake pads, brake lines, rotors, and other critical elements. These components play a pivotal role in ensuring safe and efficient braking, contributing to vehicle control and passenger safety. The market encompasses both original equipment manufacturer (OEM) and aftermarket segments, catering to the needs of new vehicle production and the replacement and upgrade market.

The automotive braking component market growth is primarily attributed to two key factors. Firstly, the surge in the popularity of electric vehicles (EVs) has been a driving force. EVs offer various advantages, including lower emissions and reduced operating costs. However, electric vehicles require specialized braking systems to accommodate their unique characteristics, such as regenerative braking, which has significantly increased the demand for automotive braking components. Secondly, rising consumer awareness of vehicle safety has led to a willingness to invest in vehicles equipped with advanced safety features. This trend has driven the demand for advanced braking systems and components, including anti-lock braking systems (ABS) and electronic stability control (ESC), as consumers prioritize safety in their vehicle purchasing decisions.

COVID-19 Impact: Demand Declined Due to Reduction In Vehicle Production and Sales

The COVID-19 pandemic significantly impacted the automotive industry, leading to a marked decline in vehicle production and sales. This decline, in turn, resulted in reduced demand for automotive braking components. Simultaneously, pandemic-related restrictions, such as lockdowns and social distancing measures, led to a decrease in people's daily commutes and overall driving activities. With many individuals working from home and travel restrictions in place, the need for personal transportation has diminished. As a result, vehicles were driven less frequently, resulting in decreased wear and tear on braking components. This reduction in driving activity further contributed to the decreased demand for braking components during the pandemic.

The combined effects of reduced vehicle production and decreased driving activities presented significant challenges for this market. The lower demand during the pandemic posed a considerable setback for the industry, as braking components are integral to vehicle safety and performance. However, as the automotive industry gradually recovers and consumer confidence returns, the market is expected to rebound as demand for new vehicles and replacement parts regains momentum.

Latest Trends

"Development of More Efficient Braking Systems to Enhance Vehicle’s Overall Performance"

One of the latest trends in the automotive braking component market is the development of more efficient braking systems. To achieve this, various technologies are being explored and implemented. Regenerative braking is at the forefront of these innovations, particularly in electric vehicles. This technology harnesses the electric motor in an EV to slow down the vehicle while simultaneously generating electricity. This generated electricity can either power the vehicle or recharge its battery. Regenerative braking systems are increasingly common in electric vehicles, leading to improvements in both fuel economy and range.

Moreover, automotive brake component manufacturers are focusing on the use of lightweight materials. These materials are not only lighter but also more durable than traditional options, resulting in reduced vehicle weight. This weight reduction contributes to enhanced fuel economy, a sought-after feature in the automotive industry. Additionally, low-drag brake calipers are being designed to minimize wheel drag, subsequently improving fuel efficiency.

In the pursuit of greater efficiency, manufacturers are also developing friction-reducing brake pads. These pads are engineered to diminish the friction between the brake pads and rotors, leading to improved fuel economy and reduced emissions. Beyond these specific technologies, efforts are underway to enhance the overall efficiency of braking systems. For instance, some manufacturers are working on systems that can anticipate when a driver will need to brake and adjust the braking pressure accordingly. This forward-thinking approach aims to minimize energy waste during braking, further aligning the industry with sustainability and efficiency goals.

automotive braking component market Segmentation

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•  By Type Analysis

The market can be segmented into various types of braking components, including brake calipers, brake shoes, brake pads, brake lines, rotors, and others.

• By Application Analysis

The market can be divided into two main applications: original equipment manufacturer (OEM) and aftermarket.

Driving Factors

"Growing Popularity of Electric Vehicles to Fuel Market’s Growth"

The automotive industry is undergoing a significant transformation with the increasing popularity of electric vehicles (EVs). EVs offer several advantages, such as reduced emissions and lower operating costs. However, these vehicles require specialized braking systems to accommodate their unique characteristics, including regenerative braking. As the EV market expands, the demand for automotive braking components tailored to electric vehicles is expected to grow significantly.

"Rising Awareness of Vehicle Safety to Boost Product Demand"

Vehicle safety has become a top priority for consumers, and they are willing to pay more for vehicles equipped with advanced safety features. This growing awareness has led to an increased demand for advanced braking systems and components that enhance vehicle safety. Anti-lock braking systems (ABS) and electronic stability control (ESC) are among the technologies gaining prominence in the market as they contribute to safer and more controlled braking.

Restraining Factors

"Proliferation of Counterfeit Brake Components to Act as Dominant Barrier in Market Expansion"

The automotive braking component market faces a significant challenge from the proliferation of counterfeit brake components, with law enforcement agencies globally seizing increasing numbers of these imitation parts. Counterfeit brake components are crafted from inferior materials, posing serious safety risks to both drivers and passengers. The market for counterfeit components is driven by the high cost of genuine brake parts, a lack of consumer awareness about the dangers of counterfeit components, and the easy accessibility of counterfeit parts through various channels. The consequences of this issue include jeopardized safety, reputational damage to the industry, and substantial financial losses.

automotive braking component market Regional Insights

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"Asia Pacific Leads Due to Region’s Rapid Growth of Economy and Automotive Industries "

Asia Pacific holds the dominant position in the automotive braking component market share. This is driven by the rapid growth of the automotive industries in its countries. As the nations in Asia Pacific experience economic growth, there is a rising demand for vehicles, leading to increased demand for braking components. Additionally, awareness of vehicle safety is on the rise in this region, further boosting the market.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• BNA Automotive India Pvt. Ltd. (India)
• Borg Warner (U.S.)
• Knorr Bremse AG (Germany)
• ZF Friedrichshafen AG (Germany)
• Haldex Group (Sweden)
• WABCO (Belgium)
• MAT Holdings, Inc. (U.S.)
• ADVICS CO., LTD. (Japan)
• FTE Automotive (Germany)
• Hutchinson SA (France)
• Brakes India (India)
• Continental AG (Germany)
• Nissin Kogya Co., Ltd. (Japan)
• EXEDY Corporation (Japan)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.