According to a new market research report published by Credence Research “Automotive Braking System Market (By Type (Disc, Drum), By Mode of Operation (Hydraulic, Pneumatic), By Technology (ABS, ECS, Regenerative), By Vehicle Class (Two Wheelers, Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles)) - Growth, Future Prospects and Competitive Landscape, 2016-2024”, automotive braking system market is estimated to grow with a CAGR of 5.5% from 2016 to 2024.
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Market Insights
The demand for automotive braking system is majorly driven by the rise in the number of on-road vehicles. Introduction of electronics into automatic braking system has made the conventional braking systems safer, stabilized and cost effective in long term. Features such as antilock braking system, and electronic stability control are incorporated in automotive braking system, making them more reliable and safer. Subsequently, electronic braking system has observed profound adoption in automobiles around the world. Another major factor fueling the market growth is safety regulation enforced by the national governments across different countries.
Automotive braking system is segmented according to types, mode of operation, technology and vehicle class. According to type, brakes are classified into disk brake and drum brake. As of 2015, disk brake system segments outrun the drum type braking system segment in the overall automotive braking system market. Disk brakes are efficient and quick to response; consequently, they are now being applied in nearly all of the automotive vehicles. Further, automotive braking systems are segmented, on the basis of mode of operation, as hydraulic brake and pneumatic brake according to applying medium. Due to extensive use in passenger cars, light commercial vehicles and two wheelers, hydraulic braking system acquires the majority of market share compared to pneumatic braking system market.
Automotive braking system market is further segmented based on technology into antilock braking system, electronic stability control and regenerative braking system. Antilock braking system is the most widely used technology in nascent times. Being relatively new technology than antilock braking system, electronic stability control system follows antilock braking system in the overall automotive braking market. Depending upon the vehicle class, braking system is segmented into passenger cars, light commercial vehicles, heavy commercial vehicles and two wheelers. Passenger cars and two wheelers segments jointly dominates the overall automotive braking system markets. Heavy commercial vehicles market is expected to grow consistently during the forecast.
Competitive Insights:
Automotive braking system market is quite competitive in nature with several multinational companies facing remarkable competition from regional manufacturers. The international players such as Continental AG, Robert Bosch GmbH, ZF TRW, Akebono Brake Industry Co. Ltd., Halla Mando Corp. and others are striving continuously to expand their reach to the customers and increase their sales. Manufacturers are developing technologies such as antilock braking system (ABS), electronic stability control (ESC), regenerative braking and others for making automotive braking more efficient, reliable and safer.
Key Trends:
• Development of new technology for faster and efficient braking in hostile conditions
• Strengthening global sales channel in order to maintain and expand the sales
• Consistent growth in automobile sector as well as automotive braking system.
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