Automotive Electronic Brake System Market Growth Boost Rising Electrification in Vehicles
According to a comprehensive research report by Market Research Future (MRFR),”Automotive Electronic Brake System Market Research Report By Components, Technology, Sales Channel, Vehicle Type: Forecast 2022-2030″, the global market will reach USD 41,930.2 million at a 6.4% CAGR by 2030.
Automotive Electronic Brake System Market Analysis
The growing electrification of automobiles is significantly driving the growth of the automotive electronic brake system market. Electronic components used in modern automobiles have been shown to improve operational efficiency, manage emissions, and reduce overall weight. The car industry’s electrification has improved driving technologies, fuel systems, brake systems, and safety systems.
Preference for Automotive EBS over Others to offer Robust Opportunities
Automotive EBS is favored over alternative braking systems principally due to the enhanced benefits of concurrent operation of Antilock Braking System, Anti-Slip Reduction, load sensing system, and others. This will offer robust opportunities for the market over the forecast period.
Eminent industry players profiled in the automotive electronic brake system market report include,
- Advics (OH)
- Küster (Germany)
- Continental AG (Germany)
- Haldex (Sweden)
- Knorr Bremse AG (Germany)
- Robert Bosch GmbH (Germany)
- ZF Friedrichshafen AG (Germany)
- Halla Mando (South Korea)
- Akebono Brake Industry Co. Ltd (Japan)
- and Brembo (Italy).
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High Development Cost to act as Market Restraint
The high development price of electronic brake systems coupled with a fall in automotive production owing to the severe COVID-19 epidemic across the globe may act as market restraints over the forecast period.
High Maintenance Cost of Automotive EBS to act as Market Challenges
The high maintenance cost of automotive EBS may act as a market challenge over the forecast period.
|Market Size by 2030||2030: USD 41,930.2 Million|
|CAGR during 2022-2030||6.4%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Augmented sales of luxury vehicles and growing demand for lightweight products|
|Key Market Drivers||Transition to EV mobility and an increasing number of road accidents Growing demand for automotive electronic brake systems in the aftermarket|
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Automotive Electronic Brake System Market Segmentation
The automotive electronic brake system market is bifurcated based on components, technology, sales channel, and vehicle type.
By components, control units will lead the market over the forecast period. The control unit is in fact the most vital component of an automobile’s electronic braking system. The control unit of an automotive electronic braking system is a computerized equipment that ensures the vehicle’s maximum safety.
By technology, electronic stability control will dominate the market over the forecast period. Electronic stability control systems assist the driver in maintaining vehicle control in difficult driving situations by automatically computer-controlled braking of individual wheels.
By sales channel, OEM will spearhead the market over the forecast period. OEMs obtain and install automotive parts and components during the assembly process. Major automotive component manufacturers spend in R&D to provide sophisticated components and modules, as well as to enhance existing automotive technologies.
By vehicle type, passenger cars will have the lions share in the market over the forecast period. Passenger automobiles are four-wheeled vehicles that transport passengers and have no more than eight seats, including the driver’s seat. The rising demand for passenger automobiles has prompted foreign automakers to expand their production capacities.
Automotive Electronic Brake System Market COVID-19 Analysis
Because of the market disruption induced by the pandemic, worldwide automobile electronic brake system market growth projections through 2030 are likely to be slightly lower than those prior to COVID-19. The epidemic has had a negative influence on the global vehicle electronic brake system sector. The global onset of the pandemic has resulted in a decrease in demand for automotive electronic brake systems due to the shutdown or partial operation of manufacturing facilities, as well as a slowdown in supply of components & raw materials due to lockdown limitations. Manufacturers have seen a reduction in demand for car electronic brake systems as the market for automotive sectors has declined. However, as governments attempt to restore normalcy, demand for car electronic brake systems is expected to rise. As a result, this market will regain pre-pandemic levels of growth in a few years.
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Automotive Electronic Brake System Market Regional Analysis
APAC to Lead Automotive Electronic Brake System Market
Asia-Pacific grabs a sizable portion of the industry. The Asia-Pacific automotive electronic brake system market is being driven by the ongoing need for sophisticated braking systems and rising vehicle production. Furthermore, rising government demands to improve vehicle safety have boosted demand for Asia-Pacific automobile electronic brake systems. Asia-Pacific is predicted to expand the fastest since manufacturers in this region offer significant cost savings due to the availability of low-priced labor and raw materials. Furthermore, the area includes countries such as India, China, Japan, and others that make for a sizable portion of worldwide car production. Furthermore, the automotive electronic braking system market in China is predicted to rise rapidly in the next years as a result of improved vehicle safety and legal requirements in driving. Increased road safety regulations and collaboration among major businesses are projected to drive the growth of the automotive electronic brake system market. With regards to growth rate, Asia Pacific is the fastest expanding market. Because of strict government rules and safety standards, Japan & South Korea are likely to contribute significantly to revenue growth in the worldwide anti-lock system. China is predicted to emerge as one of the primary regions contributing to the growth of this company due to an increase in the number of significant accidents and growing fleet.
North America to Have Admirable Growth in Automotive Electronic Brake System Market
Because of the planned volume of truck and bus production and the increasing acceptance of vehicle safety and efficiency technology, North America remains a long-term growth market for the automotive electronic braking system market, notably in the United States. The North American automobile electronic brake system market has grown due to a variety of factors, including the country’s vast and ageing light vehicle fleet and the greater average number of kilometers travelled per light vehicle. Legislative regulation and changes are important factors driving the vehicle electronic brake system industry.
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Furthermore, the continuing development of innovative safety technologies for light and heavy commercial vehicles to keep drivers safe from accidents will assist support the growth of the automotive electronic brake system market in the future.
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