Enjoy complimentary customisation on priority with our Enterprise License!
The automotive brake wear sensors market is estimated to grow at a CAGR of 6.04% between 2022 and 2027. The size of the market is forecast to increase by USD 1,091.42 million. The growth of the market depends on several factors, including the rising need to reduce damage to braking systems, increased end-user concern for vehicle security, and increasing demand for automotive vehicles.
This report extensively covers market segmentation by application (passenger cars and commercial vehicles), product (electronic brake wear sensors and disc brake wear sensors), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, Download Report Sample
The increased end-user concern for vehicle security is notably driving the market growth, although factors such as improper tuning of sensors 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 Wear Sensors Market Driver
The increased end-user concern for vehicle security is notably driving market growth. The automotive industry has seen an increase in consumer demand for safety, fuel efficiency, and reduction of emission levels in the interest of promoting a better commute and travel experience. This has significantly impacted the global market in a positive manner. Various sensors such as seat pressure, A/C compressor, night driving lamps, solar radiation sensors, and brake wear sensors offer occupants a comfortable traveling experience. Therefore, consumer preferences tend to favor automotive sensor manufacturers as the demands are primarily inclined toward better safety and comfort.
The players in the global market claim that consumer knowledge of vehicle security and safety technology is increasing at a steady pace. This sensor is a safety device that alerts the customer when the efficiency of the brake pad is decreasing. It provides accurate information, such as a mileage estimate until the brake pad wears out and the time when to change the brake pad. This helps to decrease the number of accidents caused due to the failure of the braking system. As it is a crucial component, it is present in both passenger cars and commercial vehicles. Thus, such factors are anticipated to boost the growth of the global market during the forecast period.
Significant Automotive Brake Wear Sensors Market Trend
Integrated smart sensors are emerging trends in the market. An integrated smart sensor (ISS) is a chip that contains the functions of signal conditions, sensing, AD conversion, and bus output. It may also have on-chip calibration and self-test. Smart sensors take input commands from the physical environment and use the available resources to perform predefined functions. They offer better control of all operations of a sensor across all ranges. Such technology will not only integrate communication sections and data changes of a sensor but will also facilitate the elimination of traditional sensing technology.
With the use of integrated sensors, the need for an expensive multi-pole ring magnet completely disappears because integrated sensors will make use of the metallic hub and the printed circuit board to sense the speed. With the increase in demand for reliability and safety, integrated sensors have become more important and find application in all automotive segments. It has been estimated that integrated smart sensor solutions can increase the production of automotive sensors by 5%-10% in the coming years. Hence, these factors will boost the market growth during the forecast period.
Major Automotive Brake Wear Sensors Market Challenge
Improper tuning of sensors is a major challenge impeding market growth. The government and the consumers are making efforts to encourage proactive maneuvering of vehicles to avoid and decrease the number of road accidents. hence, vehicles are equipped with various safety devices to provide a safe and comfortable driving experience. Sensors help to detect changes in their immediate environment by capturing stimuli changes and updating the system electronically.
Sensors must be tuned properly to maximize the driving experience and prevent failure of the same. Improper tuning might result in inappropriate alert information, which could result in unwanted stoppages of the vehicle. The purpose of the autonomous car technology system is lost if the technology is tuned to generate only high-risk alerts. Therefore, electronic system manufacturers need to be wary of such consequences if they are to deliver as per user expectations. Even occasional faults in the system can lead to users discarding sensor technology. Sensors must be tuned on a regular basis to ensure that there is no incorrect information alert sent to the driver as it might misguide them. This will have the potential to increase the number of road accidents and hamper the safety of commuters, which, in turn, will negatively affect the growth of the global market during the forecast period.
Key Automotive Brake Wear Sensors 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 Wear Sensors 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.
CARiD.com - The company operates under one segment. The company under this segment focuses on providing basic repair and maintenance parts, accessories such as floor mats and window visors, and custom wheel and tire selections. The key offerings of the company include automotive brake wear sensor solutions.
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 passenger cars segment will be significant during the forecast period. The automotive braking system is an integral part of a vehicle. It involves safety and control standards. As the demand for passenger cars in developing economies is estimated to increase in the coming years, the demand for automotive brake wear sensors will also rise as it helps in providing safety to commuters.
Get a glance at the market contribution of various segments Request a PDF Sample
The passenger cars segment was valued at USD 1,792.52 million in 2017 and continued to grow until 2021. Automotive brake wear sensors are gaining more traction in luxury and mid-level passenger cars when compared with entry-level vehicles. As the customers who prefer to buy luxury and mid-level passenger cars are less price-sensitive and focus on safety, comfort, driving experience, and advanced technologies, the auto manufacturers ensure that the vehicles are equipped with automotive brake wear sensors. The penetration rate of automotive brake wear sensors in developed economies is higher than in developing economies as the customers are not price-sensitive and emphasize safety during the commute. Furthermore, as many regulatory bodies are making efforts to increase safety and decrease the number of road accidents, automotive brake wear sensors might become a mandatory component in vehicles. Such factors are likely to drive the growth of the passenger cars segment during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
North America is estimated to contribute 34% 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.
North America, being a developed economy, takes the first-mover advantage in adopting any technological development in an automobile. As this region comprises mature markets and technologically advanced nations such as the US, and Canada, it has resulted in the development of a high concentration of passenger and commercial vehicle manufacturers. The region also has the presence of major automotive OEMs, such as General Motors, Ford Motor, and Fiat Chrysler Automobiles. Other factors like an increase in awareness of passenger safety, road safety, and vehicle security will also drive the market in the region during the forecast period.
The US is the second-largest automotive market in the world and witnesses a high demand for SUVs and light trucks. The high consumer preference for large utility vehicles, which can be used for both personal and commercial purposes, is driving the sales of SUVs and pickup trucks in the country. In 2021, midsized SUVs contributed to approximately 20.1% of new vehicle sales in the US. This will result in an increase in the demand for these sensors in the region during the forecast period. Furthermore, various auto manufacturers are shifting their manufacturing facilities to Mexico due to low production costs. This is expected to increase vehicle production in Mexico, thereby increasing the demand for such sensors during the forecast period.
In 2020, the outbreak of COVID-19 negatively impacted the market in the region. However, in 2021, the success of vaccination drives across the countries in this region, and the rise in investment inflows in the auto sector helped the plants and service units to reopen and start their operations. As a result of all these factors, the demand for automotive brake wear sensors has increased, which, in turn, will propel the growth of the market in the region 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.
Technavio categorizes the global automotive brake wear sensors market as a part of the global automotive components and accessories market within the global auto components market. The global automotive components and accessories market covers companies engaged in the production of parts and accessories for automobiles like passenger cars (PCs), 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.
Automotive Brake Wear Sensors Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.04% |
Market growth 2023-2027 |
USD 1,091.42 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.57 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Akebono Brake Industry Co. Ltd., Beck Arnley Holdings LLC, BorgWarner Inc., Brembo SpA, CARiD.com, Carlisle Companies Inc., Continental AG, DENSO Corp., FMP Group (Australia) Pty Ltd., General Motors Co, Herth Buss Fahrzeugteile GmbH and Co. KG, Holstein Automotive Group, Mitsubishi Electric Corp., Otto Zimmermann Maschinen und Apparatebau GmbH, PEX German O.E. Parts LLC, Robert Bosch GmbH, SADECA SYSTEMS SLU, Sensata Technologies Inc, Standard Motor Products Inc., and Shandong Frontech Auto Parts Co. Ltd |
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, and Market condition analysis for the 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. |
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 Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.