Market Research Report
Automotive Disc Brake Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Material Type, Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles )
|Automotive Disc Brake Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Material Type, Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles )|
Published: July 30, 2021
The Insight Partners
Content info: 154 Pages
Delivery time: 1-2 business days
The global automotive disc brake market is expected to grow from US$ 15,485.3 million in 2021 to US$ 20,016.4 million by 2028; it is estimated to grow at a CAGR of 3.7% during 2021-2028.
With the rising growth of the electric vehicles (EVs) industry, the adoption of braking systems is growing exponentially. To reduce the harmful impact of emissions on the environment, the government bodies operating globally are taking necessary steps to promote electric vehicles. For instance, the Electric Vehicles Initiative is a multi-government policy forum that fosters the introduction and adoption of electric vehicles. With an increase in the use of electric vehicles, the scope of using advanced braking systems will also increase. Many electric cars utilize both regenerative and mechanical braking systems together. In an electric car brake system, the regenerative and mechanical braking systems assist in saving energy. In addition to energy-saving, regenerative braking technology assists in enhancing the life of friction brake systems. For instance, Brembo focuses on developing advanced brakes suitable for electric vehicles. Similarly, Continental AG is emphasizing restructuring disc brakes for electric vehicles. The company has created a minimalist brake caliper that removes all superfluous materials to lower weight to a bare minimum. In addition, the company is exploring the possibility of lightweight aluminum brake components with the potential to handle electric vehicle's reduced braking demands with minimal price and weight as compared to brakes used today.
Additionally, with the rising demand for lightweight auto-components, an inclination of disc brakes manufacturers has been witnessed. The demand for lightweight components is encouraging companies such as Continental AG to use aluminum instead of iron cast in designing braking systems.
The automotive disc brake market is segmented based on type, material type, vehicle type, and geography. Based on type, the market is bifurcated into opposed piston type disc brake and floating caliper type disc brake. The floating caliper type disc brake segment represented a larger share of the overall market in 2020. In terms of material type, the automotive disc brake market is segmented into cast iron, aluminum, stainless steel, and others. In 2020, the cast iron segment accounted for a substantial share of the market. Based on vehicle type, the market is categorized into passenger vehicles, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). The passenger vehicles segment represented a larger share of the overall market in 2020. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, APAC accounted for a significant share in the global market.
North America is among the worst-hit regions by the COVID-19 pandemic. The US, Canada, and Mexico recorded a significant number of COVID-19 positive cases during the first quarter of 2020. This led to lockdown across the region. A majority of manufacturing plants were shut down, municipalities were functioning slowly as compared to the past, and the production processes at automotive and semiconductor industries were halted. In the US, the assembly plant closures added more pressure on an increasingly distressed North America supply base where companies were at risk of defaulting on covenants, thereby potentially requiring banks to step in. Furthermore, sales forecast for the US estimated a decline of 9% as the consumers were not buying new vehicles due to the pandemic, according to Accenture website data. Thus, the limited supply of vehicle parts, shutdown of manufacturing plants, supply chain disruption, and drop in new vehicle sales have negatively impacted the North American automotive disc brake market. However, in 2021, with the uplifting of lockdown restrictions and vaccination processes in place, automotive production started to revive and people have begun purchasing new vehicles, which is subsequently creating a positive scenario for the North American automotive disc brake market growth.
The overall automotive disc brake market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the automotive disc brake market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the automotive disc brake market.
A few major players operating in the global automotive disc brake market are Akebono Brake Industry Co., Ltd; Nissin Kogyo Co., Ltd., EBC Brakes; Hitachi Astemo Americas, Inc.; Knorr-Bremse AG; Haldex Group; Mando Corporation; Brembo S.p.A.; ADVICS Aftermarket North America; and Hyundai Mobis.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global automotive disc brake market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the global automotive disc brake market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution