May 12, 2020 5:44 PM ET
iCrowd Newswire – May 12, 2020
The Global Automotive Brake System Market is estimated to grow at a CAGR of 7.5% during the forecast period. As per the detailed market study, the global market was valued $22.03 billion in the year 2018 and is estimated to reach $38.48 billion by the end of the year 2026. The market is majorly driven by stringent government mandates for vehicle safety and rise in demand for safety features in automobiles.
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Automotive braking systems has led to a decrease in the number of accidents worldwide. It can be used along with other safety systems to prevent vehicle skidding and enable speed control. Furthermore, increase production of vehicles and sales and strict government regulations related to vehicle speed and usage of automotive braking systems have significantly contributed to the market growth over the forecast period.
Segmentation Overview of the Global Automotive Brake System Market
The Global Automotive Brake System Market is segmented on the basis of various market segments that include Type Segment, Technology Segment, Vehicle Type Segment and Sales Channel Segment. These major market segments are further classified into various sub-segments to study the market in detail.
The Type Segment of the Global Automotive Brake System Market is Sub-Segmented into:
The Technology Segment of the Global Automotive Brake System Market is Sub-Segmented into:
- Antilock Braking System (ABS)
- Traction Control System (TCS)
- Electronic Stability Control (ESC)
- Electronic Brake Force Distribution (EBD)
The Vehicle Type Segment of the Global Automotive Brake System Market is Sub-Segmented into:
- Passenger ICE Vehicle
- Commercial ICE Vehicle
- Electric Vehicle
The Sales Channel Segment of the Global Automotive Brake System Market is Sub-Segmented into:
Geographical Overview of the Global Automotive Brakes System Market
On the basis of geographical segmentation, the global automotive brakes system market was studied across North America (U.S., Canada and Mexico); Europe (Germany, UK, Russia, France and Rest of Europe); Asia Pacific (China, India, Japan, Korea and Rest of Asia Pacific); LAMEA (Brazil, Saudi Arabia and Rest of LAMEA). As per the analysis, the Asia-Pacific region is estimated to dominate the global market during the forecast period. In the global marketplace, China is the largest automotive market. The high growth of the regional automotive market is attributed to rising disposable incomes of people in China and growth of Chinese economy. Also, the low production costs of vehicle manufacturing have boosted the growth in vehicle production in China. Furthermore, increasing number of road accidents in India demands an increase in safety features in vehicle with major focus on mid-level vehicles. The regional government has made it mandatory for all automobile companies to install anti-lock braking systems. Thus, such regional-base developments are anticipated to drive the growth of the Asia-Pacific automotive brake system market.
Key Players Insights
ZF Friedrichshafen AG, WABCO, Robert Bosch GmbH, Nissin Kogyo Co., Ltd., Denso Corporation, Delphi Technologies, Continental AG, Autoliv Inc. and Aisin Seiki Co., Ltd. among others are some major players included in the research study of the global automotive brakes system market. The market players are adopting various competitive strategies to withhold the major market share. Product Launches, Partnerships, Mergers and Acquisitions, Collaborations, Joint Venture and Business Expansion are some competitive strategies to acquire the market foothold.
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Keywords: Automotive Brake System Market, Global Automotive Brake System Market