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The automotive brake components aftermarket market size is estimated to grow by USD 14.4 billion at a CAGR of 3.19% between 2023 and 2028. The sector experiences continuous expansion, driven by several influential factors. The escalating number of parcel vehicles, such as delivery trucks and fleets, necessitates frequent brake component replacements, thereby fueling market growth. Moreover, government regulations mandating enhanced safety features in vehicles, particularly advanced braking systems, create a significant demand for aftermarket brake components. Additionally, the increasing popularity of customization and performance upgrades among vehicle owners further boosts the market for aftermarket brake components. Consequently, this sector is expected for substantial growth in the coming years.
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The market thrives on innovations in brake disc, pad wear, and brake caliper technologies, catering to both luxury vehicles and commercial vehicles. With automakers focusing on stringent safety standards, advancements in electronic stability and antilock braking systems enhance vehicle safety and reduce incidents of skidding. The aftermarket segment also sees growth in anticollision gadgets and advanced air technologies, ensuring enhanced safety features across models like Veloster, Venue, Azera, i40, Elantra, Tucson, Accent, Kona, Creta, Sonata, i20, and ix20. Regions like the Czech Republic play a pivotal role in robotics and automotive innovation, supporting a robust market for automobile brake components. Our researchers analyzed the data with 2023 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.
The increasing number of parc vehicles is the key factor driving the global 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.
Emerging 3D printing in the automotive aftermarket industry is the primary trend in the global 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.
High installation costs of advanced brake systems are a major challenge to the global 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 USD1,000-USD1,500. However, the cost varies, depending on the vehicle type and the repair shop that chooses to fix a specific problem.
The market forecasting 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 market growth analysis strategies.
Customer Landscape
Companies 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 CORP. - The company offers automotive brake components that include a brake master cylinder, brake wheel cylinder, brake booster, and brake pad.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies 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 37.20 billion in 2018. 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 57% 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 market forecast period.
The market report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Automotive Brake Wear Sensors Market - Automotive Brake Wear Sensors Market by Application, Product, and Geography - Forecast and Analysis
Automotive Brake-by-wire Systems Market - Automotive Brake-by-wire Systems Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, Japan, Germany, France - Size and Forecast
Automotive Brake Pad Market - Automotive Brake Pad Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, India, Germany - Size and Forecast
The market for luxury vehicles and commercial vehicles is evolving with advanced disc brakes, ensuring stringent safety standards. Models like Toyota Vellfire and Alphard showcase innovations in electronic parking and ADAS safety, enhancing vehicle performance and safety. Market participants engage in strategic activities such as developing new product lines and forming contractual agreements to meet evolving consumer demands. Investments in pistons and other critical components support technological advancements across the sector. The aftermarket sector benefits from the growing adoption of electronic stability technologies and the expansion of GR Garage initiatives, demonstrating a commitment to innovation and quality in automotive braking systems.
Market Scope |
|
Report Coverage |
Details |
Page number |
190 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.19% |
Market growth 2024-2028 |
USD 14.4 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.07 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 57% |
Key countries |
US, China, Japan, Russia, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABS Friction Inc., AISIN CORP., Akebono Brake Industry Co. Ltd., Baer Inc., BorgWarner Inc., Brembo Spa, Carlisle Companies Inc., Continental AG, Cummins Inc., Disc Brakes Australia, First Brands Group, EBC Brakes, Haldex AB, Hyundai Motor Co., Nisshinbo Holdings Inc., Robert Bosch GmbH, Tata Motors Ltd., Tenneco Inc., Valeo SA, and ZF Friedrichshafen AG |
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 |
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. |
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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