A new study conducted by Future Market Insights (FMI) reveals that demand for automotive brake system and components will be driven by innovation in automotive ingenuity over the next couple of years. Electronics has over time evolved as the most crucial part in automotive. Integration of electronics has provided new growth dimensions to the automotive safety system. With the arrival of advanced electronic brake technology, companies are now looking forward to channelizing resource on further research and product development. The automation sector is always under the radar of regulatory authorities and is required to comply with various rules that are incessantly enforced in the interest of both passenger safety and environmental preservation.
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FMI’s report titled “Automotive Brake System & Components Market: Global Industry Analysis and Opportunity Assessment, 2017-2027” projects that the global sales of automotive brake component will garner US$ 61,744 Mn by 2017-end. This is primarily attributed to the growing safety awareness among customers, which is prompting automotive manufacturers to use advanced braking systems in their vehicles. The global automotive brake system & component market is expected to reach a valuation of US$ 92,500 Mn by 2027 end, reflecting a CAGR of 4.1% during the forecast period (20172027). In addition, around 2,122.9 Mn units are expected to be sold towards the end of 2027. Also, the market is anticipated to witness a steady growth over the forecast period due to the rise in vehicle production worldwide. Continental AG, ZF Friedrichshaf en AG, Delphi Automotive PLC, Valeo S.A, Federal Mogul Holdings Corporation, Robert Bosch GmbH, Mando Corporation, and Akebono Brake Industry Co Ltd. are amongst some of prominent manufacturers of automotive brake systems & components with operations in several parts of the globe.
Additional Highlights of the Report Include:
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Amongst regions, North America and Western Europe are currently exhibiting significant market potentials owing to the existence of well-established automobile manufacturers in these regions. Meanwhile, the market in Asia Pacific excluding Japan (APEJ) continues to expand at an impressive rate, which is attributed to the emergence of countries such as China and India as major manufacturing hubs.
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