Automotive Brake Components Aftermarket Market Size to grow by USD 14.4 billion between 2024-2028
According to a research report “ Automotive Brake Components Aftermarket Market” by Product (Brake pads, Brake shoes, Brake calipers, Others) Vehicle Type (Passenger cars, Commercial vehicles) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 14.4 billion, at a CAGR of 3.19% during the forecast period. The global automotive aftermarket for brake components is poised for significant growth due to the increasing number of parc vehicles, particularly in emerging economies. The automotive industry is experiencing a surge in demand and volume sales of passenger cars, especially in countries like China, Brazil, and India, which are witnessing robust economic growth and rising purchasing power. Concurrently, developed regions such as North America and Europe continue to contribute to the industry's expansion, with a high concentration of luxury sedans and performance vehicles. The ongoing industrialization and global trade activities in BRIC countries are fueling a vigorous growth trajectory for the automotive industry and, by extension, the aftermarket for automotive brake components..
Browse market data tables, figures, and in-depth TOC on “Automotive Brake Components Aftermarket Market” by Product (Brake pads, Brake shoes, Brake calipers, Others) Vehicle Type (Passenger cars, Commercial vehicles) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By Product, the Brake pads segment is projected to dominate the market size in 2024
The Automotive Brake Components Aftermarket represents a significant business opportunity, driven by the increasing demand for vehicle maintenance and repair services. This market encompasses various components such as brake pads, rotors, drums, and calipers. Market growth is fueled by factors including rising vehicle parc, increasing road traffic, and the growing popularity of aftermarket channels for cost-effective solutions. Companies in this sector must focus on innovation, quality, and competitive pricing to capture market share.
By Vehicle Type, Passenger cars segment is expected to hold the largest market size for the year 2024
The Automotive Brake Components Aftermarket represents a significant business opportunity, driven by the continuous demand for vehicle maintenance and repair. This market encompasses a range of products, including brake pads, rotors, drums, and hydraulic components. Market growth is fueled by factors such as increasing vehicle parc, rising disposable income, and the growing popularity of aftermarket channels for cost-effective solutions. Companies in this sector must focus on product innovation, competitive pricing, and strong distribution networks to capitalize on these trends.
APAC is forecasted to hold the largest market size by region in 2024
The Automotive Brake Components Aftermarket represents a significant business opportunity, driven by the constant demand for replacement parts due to wear and tear. This market encompasses various components such as brake pads, rotors, drums, and calipers. Market growth is fueled by factors including increasing vehicle parc, rising vehicle production, and the increasing preference for aftermarket parts due to their cost-effectiveness. Companies in this sector must prioritize product innovation, competitive pricing, and excellent customer service to capture market share.
The Automotive Brake Components Aftermarket Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Automotive Brake Components Aftermarket is witnessing significant growth due to the increasing demand for vehicle safety and advanced technologies. Robotics and automation are increasingly being adopted in the production of brake components such as brake calipers and pads, ensuring precision and consistency. Advanced air disc brakes are becoming standard in compact cars like the Hyundai i20 and ix20, while luxury vehicles like the Sonata, Creta, Kona, Accent, Tucson, Elantra, i40, Azera, and Veloster feature high-performance Brembo brakes. Brake pad wear and disc replacement are common maintenance requirements, presenting opportunities for aftermarket players. Anticollision gadgets like antilock braking systems (ABS), electronic stability control (ESC), and skid control are increasingly being demanded by consumers, driving the market for automobile brake components. Automakers are focusing on stringent safety regulations and commercial vehicles are also adopting disc brakes for enhanced safety. The market for brake components is expected to grow further with the increasing popularity of electric and autonomous vehicles, which require advanced braking systems. In summary, the Automotive Brake Components Aftermarket is poised for growth due to the increasing demand for vehicle safety, advanced technologies, and stringent safety regulations. Companies specializing in brake calipers, pads, discs, and related components stand to benefit from this trend.
Market Research Overview
The Automotive Brake Components Aftermarket is witnessing significant growth due to the increasing demand for vehicle safety and advanced technologies. OEMs like Hyundai-Kia, with models such as Creta, ix20, i20, Sonata, Kona, Accent, Tucson, Elantra, i40, Azera, and the latest Venue and Veloster, are investing in ADAS safety features and robotics to enhance vehicle safety. These advanced safety systems include anticollision gadgets, antilock braking, and electronic stability control. Automotive brake components, including pads, calipers, pistons, and electronic parking brakes, are essential parts of these safety systems. Market participants like Brembo are focusing on product lines that cater to both passenger cars and commercial vehicles, such as luxury vans like Alphard and Toyota Vellfire. Strategic activities, such as investments and contractual agreements, are driving the growth of the automotive brake components aftermarket. Automakers are increasingly focusing on stringent safety regulations and the development of disc brakes to ensure vehicle safety during skidding. The market for automobile brake components is expected to grow significantly in the coming years, driven by the increasing demand for vehicle safety and advanced technologies.
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