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The automotive brake components aftermarket market is estimated to grow at a CAGR of 3.2% between 2022 and 2027. The size of the market is forecast to increase by USD 14.07 billion. The growth of the market depends on several factors, including the increasing number of parc vehicles, the government measures to enhance safety features in vehicles, and the growing demand for automotive aftermarket components.
This report extensively covers market segmentation by product (brake pads, brake shoes, brake calipers, and others), vehicle type (passenger cars and commercial vehicles), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global automotive brake components aftermarket market as a part of the global automotive components and accessories market. The global automotive components and accessories market covers companies engaged in the production of parts and accessories for automobiles like passenger cars, electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increasing number of parc vehicles is notably driving the market growth, although factors such as high installation costs of advanced brake systems may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Automotive Brake Components Aftermarket Market Driver
The increasing number of parc vehicles is the key factor driving the global automotive brake components aftermarket market growth. Continued growth in the number of Parc vehicles (vehicles in use) across all regions is likely to drive demand for automotive brake components in the aftermarket. The main factor contributing to the increase in the number of parked vehicles is the constant increase in new registrations, and the long life of cars has increased the number of parked vehicles worldwide. Car sales are high in the developed economies of North America and Europe. New vehicle registrations are increasing worldwide.
Moreover, OEMs have extended warranties on their vehicles, which has resulted in the scaling of car reliability. In addition, the maintenance of cars has been spread out through various service packages, and thus, this has made it easy for car owners to maintain their cars. All these factors have contributed to an increase in the number of parc vehicles during the forecast period
Significant Automotive Brake Components Aftermarket Market Trend
Emerging 3D printing in the automotive aftermarket industry is the primary trend in the global automotive brake components aftermarket market growth. The current scope of 3D printing is limited to the production of low-volume production tools or small-volume parts. The reason for this is, among other things, the high price of 3D printing machines, slow printing speed, and low software optimization. However, with the integration of software, high printing speed, and the gradual decrease in the price of 3D printing machines, 3D printing is bringing a revolution in the global automotive market. The adoption of such advanced manufacturing technologies is expected to transform the automotive aftermarket, reshaping the entire automotive value chain.
Activities in this space have considerably increased over the years, with many new companies working on the implementation of 3D printing for automotive applications. For instance, Carbon3D is one such company that is working with automotive OEMs to make 3D printing commercially viable. 3D printing in the automotive industry is expected to bring numerous benefits, such as printing in multiple locations, reducing waiting periods, and reducing overall costs. In addition, 3D printing is expected to increase the scope of customization, thereby aligning end products as per customer requirements.
Major Automotive Brake Components Aftermarket Market Challenge
High installation costs of advanced brake systems are a major challenge to the global automotive brake components aftermarket market growth. Advanced braking systems, such as the ABS system, consist of many parts. If they are not used effectively, there is a greater chance that these parts may age or fail when needed. A build-up of dirt and dust on the ABS sensors can cause the brakes to malfunction. The problems that could arise include the disorientation of the system and the compensation of brake sensors, which can cause the vehicle to shudder. Due to this, the vehicle makes a loud noise, and the brake system deteriorates.
Advanced systems add to the overall cost of owning a vehicle and maintaining it. Issues related to proper calibration and disorientation increase the cost of ownership for people who own vehicles equipped with ABS. On average, replacing an ABS at dealers may cost $1,000-$1,500. However, the cost varies, depending on the vehicle type and the repair shop that chooses to fix a specific problem.
Key Automotive Brake Components Aftermarket Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Automotive Brake Components Aftermarket Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
aisin.com - The company offers automotive brake components that include a brake master cylinder, brake wheel cylinder, brake booster, and brake pad.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the brake pads segment will be significant during the forecast period. Brake pads are a very important part of the brake system. Every time the brake is applied, the pad rubs against the rotating rotor to give the braking force to stop the vehicle. Thus, as the brake pads wear out with every braking, the demand for this brake component is high for replacement parts for vehicles.
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The brake pads segment was valued at USD 36.57 billion in 2017 and continue to grow by 2021. The outer surface of brake pads has brake linings that help in increasing the friction against the brake rotor, thereby helping to stop the vehicles. Further, the linings of brake pads are subject to extensive wear and tear, and they must frequently be replaced. The price of these brake pads and their installation cost in the aftermarket is lower than those offered by OEMs. This factor will drive the global automotive brake components aftermarket for brake pads during the forecast period.
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APAC is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The region consists of an extremely price-sensitive population that solely focuses on cost reduction with maximum use of any products, especially vehicles. The aftermarket in APAC uses these strategies to attract its customers. The average replacement cycle for a vehicle in APAC is around 14 years. Therefore, the replacement cycle of the components in a vehicle in APAC is expected to increase over time due to the extensive use of the vehicle. Additionally, road conditions in Asian countries are quite rough. This increases the threat of component damage. This is the main factor that is boosting the aftermarket components, such as brake systems, during the forecast period.
COVID-19 negatively impacted the growth of the market, as the demand for new cars declined in 2020. However, developed economies in APAC, namely Japan, South Korea, and Australia, have been able to control COVID-19, which will support market growth in these countries. China has also controlled the spread of the disease and resumed manufacturing automobile and auto components and accessories. These factors are expected to drive the demand for automotive brake component aftermarket products and propel the market growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Product (Brake pads, Brake shoes, Brake calipers, and Others), Vehicle Type (Passenger cars and Commercial vehicles), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
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Automotive Brake Components Aftermarket Market Scope |
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Report Coverage |
Details |
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Page number |
179 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.2% |
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Market growth 2023-2027 |
USD 14.07 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
2.53 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 43% |
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Key countries |
US, China, Japan, Russia, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aisin Corp., Akebono Brake Industry Co. Ltd., ABS Friction Inc., Baer Inc., BorgWarner Inc., Brembo SpA, Carlisle Companies Inc., Continental AG, Disc Brakes Australia Pty. Ltd., First Brands Group, Freeman Automotive UK Ltd., Haldex AB, Hyundai Motor Co., Meritor Inc., Nisshinbo Holdings Inc., Robert Bosch GmbH, Tata Motors Ltd., Tenneco Inc., Valeo SA, and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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