Automotive Brake Components Aftermarket Market

• Growing investments in R&D activities by key players is driving the market growth

To make driving cars more enjoyable and safe, automakers are continually developing new features. Companies offer electronic stability control (ESC) and anti-lock braking systems that work together to avoid skidding and keep vehicles under control. As a result, improvements in vehicle safety technology may spur the market for automobile brake systems to expand. Players regularly create anti-lock braking systems, electronic stability control, brake-by-wire, and anti-collision gadgets to make safer and better cars.

For instance, Brembo launched ENESYS ENERGY SAVING SYSTEM for Light Commercial Vehicles (LCVs) in the Aftermarket category in September 2022. It is asserted that this new technology will reduce brake disc and pad wear and tear. The first new structure brake caliper was introduced in the globe by Akebono Brake Industry Co. Ltd in Japan in May 2022. For Toyota Vellfire and Alphard luxury vans, the new brake caliper will be offered at GR Garage Urawa Misono, the company's official dealership.

Many major companies and automakers are leaning toward integrating high-quality brake systems in their vehicles because brakes have become an essential component of any vehicle to ensure safety when the demand for speed is increasing steadily. As a result, OEMs for automotive braking systems have contracts in place to supply brake systems to automakers. For instance, Brembo was named the primary supplier of the entire brake caliper assembly for Faraday Future Intelligent Electric Inc.'s ultra-high-tech, opulent FF 91 EV in April 2022.

For the FF 91, Brembo will supply a unique caliper assembly. This contains the electronic parking brake as well as the assembly, pistons, calipers, and pads. Following the aforementioned developments and incidents, rising R&D activities are anticipated to worsen the demand for automotive brake systems over the course of the forecast period. Thus, driving the Automotive Brake Components Aftermarket market revenue.

The expanding vehicle parc globally is a significant driver for the Global Automotive Brake Components Aftermarket Industry. As more vehicles are registered and remain in use, the demand for replacement brake components increases. This trend is particularly evident in regions with high vehicle ownership rates, where older vehicles require more frequent maintenance. The growing vehicle parc suggests a sustained need for aftermarket parts, contributing to the industry's projected growth. By 2035, the market is anticipated to reach 83.3 USD Billion, reflecting the ongoing necessity for brake component replacements as vehicles age.

The Global Automotive Brake Components Aftermarket Industry is experiencing growth driven by the rising production of vehicles worldwide. In 2024, the automotive sector is projected to produce millions of units, leading to a corresponding demand for brake components. This increase in vehicle production is likely to enhance the aftermarket for brake parts, as more vehicles on the road necessitate maintenance and replacement of these critical components. The surge in production not only supports the aftermarket but also indicates a robust automotive market, which is expected to reach a valuation of 52.9 USD Billion in 2024.

Increasing consumer awareness regarding vehicle maintenance is a pivotal driver for the Global Automotive Brake Components Aftermarket Industry. As vehicle owners become more informed about the importance of regular maintenance, the demand for brake component replacements is likely to rise. Educational campaigns and resources provided by automotive associations are contributing to this awareness, encouraging proactive maintenance behaviors among consumers. This shift in consumer mindset is expected to bolster the aftermarket, as more individuals seek to ensure their vehicles are equipped with reliable brake systems. The industry's growth trajectory appears promising as awareness continues to expand.

The Global Automotive Brake Components Aftermarket Industry is significantly influenced by stringent regulatory standards and heightened safety concerns. Governments worldwide are implementing regulations that mandate higher safety standards for vehicles, including braking systems. This regulatory landscape compels manufacturers to ensure that their brake components meet these standards, thereby increasing the demand for compliant aftermarket parts. As safety remains a priority for consumers, the emphasis on high-quality brake components is likely to drive growth in the aftermarket. This trend underscores the importance of regulatory compliance in shaping market dynamics.

Technological innovations in brake systems are influencing the Global Automotive Brake Components Aftermarket Industry. Advancements such as electronic brake systems and regenerative braking technologies are becoming more prevalent in modern vehicles. These innovations not only enhance vehicle safety and performance but also create new opportunities for aftermarket suppliers to provide specialized components. As manufacturers integrate advanced braking technologies, the aftermarket must adapt to supply compatible parts, thereby driving growth. This dynamic environment indicates a potential for increased revenue within the industry, as suppliers respond to evolving consumer and manufacturer demands.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Automotive Brake Components Aftermarket market dominated this market in 2022. This is because businesses in the area offer significant cost reductions due to the accessibility of cheap labor and raw supplies. Additionally, the center of the automotive manufacturing industry is located in nations like China and India, among others. The market is anticipated to develop as a result of the increased popularity of automotive brake systems and an increase in sales of luxury and premium vehicles.

Additionally, the rise in automobile ownership and the rising accident rate both contribute to the market's expansion. Moreover, China’s Automotive Brake Components Aftermarket market held the largest market share, and the Indian Automotive Brake Components Aftermarket market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Automotive Brake Components Aftermarket Market Share By Region 2022 (Usd Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Automotive Brake Components Aftermarket market accounted for the healthy market share in 2022. This is explained by the rising acceptance of active braking systems, which has increased demand for luxury and high-end vehicles. Further, the German Automotive Brake Components Aftermarket market held the largest market share, and the UK Automotive Brake Components Aftermarket market was the fastest growing market in the European region

 The North America Automotive Brake Components Aftermarket Market is expected to register significant growth from 2023 to 2032. The market in this area has grown as a result of rising consumer demand for vehicles that perform better in bad weather, the presence of major automakers, and an increase in the production of both passenger cars and light commercial vehicles. Additionally, the mandated installation of ESC technology in all light cars starting in 2018 has fueled the expansion of the regional market. Further, the U.S.

Automotive Brake Components Aftermarket market held the largest market share, and the Canada Automotive Brake Components Aftermarket market was the fastest growing market in the North America region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Automotive Brake Components Aftermarket market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Automotive Brake Components Aftermarket industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Automotive Brake Components Aftermarket industry to benefit clients and increase the market sector. In recent years, the Automotive Brake Components Aftermarket industry has offered some of the most significant advantages to medicine. Major players in the Automotive Brake Components Aftermarket market, including Hyundai Motor Co., Meritor Inc., Nisshinbo Holdings Inc., Robert Bosch GmbH, Disc, Brakes Australia Pty.

Ltd., Carlisle Companies Inc., Continental AG, Baer Inc., BorgWarner Inc., Brembo SpA, First Brands Group, Freeman Automotive UK Ltd., Haldex AB, and Akebono Brake Industry Co., are attempting to increase market demand by investing in research and development operations.

Environmental and Energy Company Nisshinbo Holdings Inc. (Nisshinbo) creates, produces, and distributes a variety of goods. It sells electronic components, brake friction materials, brake parts, tissue, printing paper, processed paper goods, machine tools, and environmental goods. It also sells wireless communication equipment and electronic parts. Nisshinbo Holdings Inc. announced in March 2022 that it would create a joint venture firm in Gurgaon, Haryana, India, with Continental AG (Continental). The newly founded business will manufacture and market valve blocks, which are essential to electronic brake systems (EBS).

Hyundai Motor Co. is a manufacturer of automobiles. The business creates, develops, produces, and distributes automobiles, including chassis, engines, and parts, as well as cars, lorries, buses, SUVs, MPVs, and hydrogen-powered vehicles. Hyundai also offers services for processing credit cards and financing vehicles. Hyundai sells its goods under a number of different brand names, including Veloster, Venue, Azera, i40, Elantra, Tucson, Accent, Kona, Creta, Sonata, i20, and ix20. The business works to create cutting-edge technologies like Advanced Air Mobility (AAM) and robotics. It operates in Europe, Asia Pacific, North and South America, and other continents.

The business has production sites in the US, Brazil, Russia, China, Korea, Turkey, India, and the Czech Republic. The headquarters of Hyundai are in Seoul, South Korea. Hyundai declared in 2022 that it would soon add ADAS safety features to its top-of-the-line Creta model in order to stay competitive.