Latest News - Automotive Brake Components Aftermarket Market: Brake pads are expected to lead the Product segment during 2024-2028

The Automotive Brake Components Aftermarket Market is being driven by Increasing number of parc vehicles

The Automotive Brake Components Aftermarket Market is expected to grow at a CAGR of 3.19% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 14.4 billion. The global manufacturing sector is undergoing significant transformation through the integration of advanced technologies and materials. This evolution is particularly evident in the automotive industry, where the adoption of 3D printing and virtual reality is poised to disrupt traditional manufacturing processes. For Original Equipment Manufacturers (OEMs) and consumers alike, these innovations present an opportunity to produce cost-effective spare parts through additive manufacturing, also known as 3D printing, and traditional machining. The implementation of these technologies is expected to bring about a paradigm shift in the automotive aftermarket industry. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Brake pads
  • Brake shoes
  • Brake calipers
  • Others
• Vehicle Type
  • Passenger cars
  • Commercial vehicles
• Geography
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • Russia
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing number of parc vehicles
• Government measures to enhance safety features in vehicle
• Growing demand for automotive aftermarket components

However, the market also witnesses some limitations, which are as follows:

• High installation costs of advanced brake systems
• Lack of high precision in tuning leading to possible fatalities
• Highly fragmented aftermarket causing reliability concerns

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Market Scope in Automotive Brake Components Aftermarket Market Research Report

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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 global automotive parts and equipment market encompasses businesses producing components and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers for this market include the rising demand for electronic components in automobiles, fueled by the increasing sales of EVs, motorcycles, and PCs, resulting in significant growth of electronic control units (ECUs) and other electrical components over the past decade. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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