Automotive Brake Wear Sensors Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: May 2021
  • Pages: 120
  • SKU: IRTNTR41285
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The automotive brake wear sensors market size has the potential to grow by USD 1.03 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 6.14%. 

This report provides a detailed analysis of the market by application (passenger cars and commercial vehicles) and geography (North America, Europe, APAC, South America, and MEA). 

Automotive Brake Wear Sensors Market Size

Automotive-Brake-Wear-Sensors-Market-Market-Size-2020-2025

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Market Competitive Analysis

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

 

  • Akebono Brake Industry Co. Ltd.
  • BorgWarner Inc.
  • Brembo Spa
  • Continental AG
  • DENSO Corp.
  • General Motors Co.
  • Mitsubishi Electric Corp.
  • Robert Bosch GmbH
  • Sensata Technologies Holding Plc
  • Standard Motor Products Inc.

 

The automotive brake wear sensors market is fragmented and the vendors are deploying growth strategies such as developing advanced and cost-effective brake wear sensors to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

The market players also significantly leverage external market drivers such as the rising need to reduce the damage of braking systems to achieve growth opportunities. However, factors such as the high replacement cost of brake wear sensors will challenge the growth of the market participants. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the automotive brake wear sensors market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

This automotive brake wear sensors market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities. 

Automotive Brake Wear Sensors Market: Key Drivers and Trends

  • The need to reduce the damage of braking systems will be one of the major factors driving the market growth.
  • The automotive industry has been adopting various measures to enhance the safety features to avoid accidents as the vehicle is exposed to different weather conditions and the external environment.
  • The implementation of sensors such as brake wear sensors helps in alerting the driver when the efficiency of the brake pad reduces.
  • This will assist in replacing the brake pads regularly or whenever they are alerted by the sensors to prevent accidents.
  • The introduction of integrated smart sensors, one of the critical automotive brake wear sensors market trends, will fuel market growth.
  • Technological advances in sensors have increased the possibility of integrating components of an automotive sensor on a chip.
  • Integrated sensors provide better control of all operations of a sensor across all ranges.
  • These technologies will not only integrate communication sections and data changes of a sensor but also simplify the elimination of the traditional sensing technology. 

 

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Automotive Brake Wear Sensors Market: Segmentation by Geography

Automotive-Brake-Wear-Sensors-Market-Market-Share-by-Region-2020-2025

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36% of the market’s growth will originate from Europe during the forecast period. Germany, Spain, and Italy are the key markets for automotive brake wear sensors in Europe. Market growth in this region will be faster than the growth of the market in MEA, North America, and South America.

The increase in safety norms and rising focus on road safety will facilitate the automotive brake wear sensors market growth in Europe over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report. 

Automotive Brake Wear Sensors Market: Segmentation by Application

Automotive-Brake-Wear-Sensors-Market-Market-Share-by-Application-2020-2025

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The automotive brake wear sensors market share growth by the passenger cars segment will be significant during the forecast period. 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. 

Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive brake wear sensors market size.

 

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Key Highlights of the Automotive Brake Wear Sensors Market Report for 2021-2025

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive automotive brake wear sensors market growth during the next five years
  • Precise estimation of the automotive brake wear sensors market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the automotive brake wear sensors industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of automotive brake wear sensors market vendors

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Automotive Brake Wear Sensors Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 6%

Market growth 2021-2025

$ 1.03 billion

Market structure

Fragmented

YoY growth (%)

2.98

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

Europe at 36%

Key consumer countries

US, Germany, China, Spain, Italy, and Japan

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Akebono Brake Industry Co. Ltd., BorgWarner Inc., Brembo Spa, Continental AG, DENSO Corp., General Motors Co., Mitsubishi Electric Corp., Robert Bosch GmbH, Sensata Technologies Holding Plc, and Standard Motor Products Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

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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.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The automotive brake wear sensors market growth will increase by $1384.22 million during 2019-2024.
The automotive brake wear sensors market is expected to grow at a CAGR of 7.13% during 2019-2024.
Technavio has segmented the automotive brake wear sensors market by application (Passenger cars and Commercial vehicles) and geographic (North America, Europe, APAC, and South America).
Akebono Brake Industry Co. Ltd., Brembo Spa, Continental AG, Delphi Technologies Plc, DENSO Corp., General Motors Co., Mitsubishi Electric Corp., Robert Bosch GmbH, Sensata Technologies Holding Plc, Standard Motor Products Inc. are a few of the key vendors in the automotive brake wear sensors market.
Europe will register the highest growth rate of 34.76% among the other regions. Therefore, the automotive brake wear sensors market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the automotive brake wear sensors market growth are:
  • Rising need to reduce damage of braking system
  • Emergence of data analytics and artificial intelligence
The automotive brake wear sensors market vendors should focus on grabbing business opportunities from the passenger cars segment as it accounted for the largest market share in the base year.
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