LOS ANGELES, May 12, 2020 (GLOBE NEWSWIRE) -- According to Acumen Research and Consulting, the global automotive brake components market size is projected to reach around US$ 124,968.8 Mn by 2027.
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Automotive Brake Components Market (By Product Type: Brake Caliper, Brake Shoe, Brake Line, Others; By Vehicle Type: Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”.
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Automotive brake components are used in the brake system to stop or slow down the vehicle by implying force on the wheels with the help of brake components. The major brake components include brake lines, disc brakes, drum brakes, brake calipers, and pistons, disc brake pads or brake shoes, and an anti-lock brake system (ABS) control module. The global automotive brake components market is segmented into product type and vehicle type. By product types, the market is segmented into the brake caliper, brake shoe, brake line, and others. Additionally, on the basis of vehicle type, the market is bifurcated into passenger car, light commercial vehicle, and medium & heavy commercial vehicle.
Passenger car segment by vehicle type is dominating the global market with a major share in terms of value. The high demand and deployment of the passenger vehicle are driving the market value. The favorable government support in developing economies is further supporting the market value. For instance, ZF Friedrichshafen AG has launched an industry-first front electric park brake in March 2020. This newer brake solution allows car manufacturers to equip the smaller vehicles with an advanced braking system. The new product development is the strategic portfolio expansion of electric park brake (EPB) systems to a wider range of vehicles.
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In 2019, Asia Pacific held the major share of the global automotive brake components market. The region is projected to continue with the fastest rate over the estimated timeframe from 2020 to 2027. The factors including, rapid industrialization, increasing discretionary income, and rising demand for passenger vehicles are primarily driving the regional market value. For instance, at the Auto Expo Components 2020, ByBre (by Brembo) has launched two new versions of its single and double-piston floating brake calipers. The new range of brake clippers has been designed and developed, particularly to enhance the visuals of a brake caliper into a vehicle. These are available in multiple colors as per the requirement of the vehicle exterior and can be removed in order to improve ventilation and cooling of the brake pads. Moreover, Auto Expo 2020 is Asia's largest automotive show jointly organized by Automotive Component Manufacturers Association of India, Confederation of Indian Industry, and Society of Indian Automobile Manufacturers.
Some of the leading competitors are ADVICS CO. LTD, Aisin Seiki Co. Ltd, Akebono Brake Corporation, Brembo S.p.A., Continental AG, Federal-Mogul Holdings LLC, Hitachi Automotive Systems, Ltd, Robert Bosch GmbH, Wabco Holdings Inc., and ZF Friedrichshafen AG. Automotive brake components companies have announced mergers and acquisitions to expand their position in the automotive brake components industry. Major players are also moving into new regions and advanced technologies for gaining the competitive advantage.
Some of the key observations regarding automotive brake components industry include:
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