Automotive Braking System Market Anticipated to Hit USD 80 Billion by 2027 at a 6% CAGR – Report by Market Research Future (MRFR) – GlobeNewswire

May 16, 2022 by No Comments

New York, US, May 16, 2022 (GLOBE NEWSWIRE) — Automotive Braking System Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Automotive Braking System Market” information by Brake Type, by Brake System, by Component, by Vehicle Type and Region – Forecast to 2027” market size to reach USD 80 billion, growing at a compound annual growth rate of 6% by 2027.

Automotive Braking System Market Scope:
The braking system in an automobile is a mechanism that regulates motion. It is one of the most important vehicle control systems. It’s a mash-up of interactive elements. The braking system collects energy from the moving parts and uses friction to slow the vehicle down. Influences such as road accident deaths and a growing automotive aftermarket drive the market for automotive braking systems. One of the most important parts of a car is its brakes. A master cylinder, brake disc, brake rotor, brake shoes, drum, brake lining, and hoses compose the brake system. The automotive braking system is a collection of mechanical linkages and parts that transform the kinetic energy of the vehicle into heat energy in order to accelerate the vehicle. 

Dominant Key Players in Automotive Braking System Market Covered are:

  • Robert Bosch GmbH
  • ZF Friedrichshafen AG
  • Delphi Technologies
  • Continental AG
  • Mando Corp.
  • Valeo

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Market USP Exclusively Encompassed:
Market Drivers
Despite the enormous influence of the novel coronavirus on the automobile sector, there was an increase in online vehicle sales and new product launches, indicating favorable long-term growth. Other factors driving the market include increased awareness regarding safe and smooth driving in the aftermath of escalating road accidents, R&D initiatives by leading companies, and sophisticated tech that reduces the weight and friction generated in automobiles.

The expansion of the automotive brake system industry is closely related to the demand for passenger and commercial vehicles. Furthermore, new technology breakthroughs such as ABS and regenerative braking have emerged in the recent decade. Because of the increasing incidence of road accidents globally, demand for safety features such as anti-lock braking systems (ABS), tire pressure monitors, traction control, electronic stability control, airbags, and telematics has increased. Furthermore, driving accidents are the tenth biggest cause of death globally. People are concerned about these situations, as is the desire for safety features in their vehicles. Nonetheless, technological advancements, such as regenerative braking and the launch of the brake-by-wire system, and untapped potential in new countries, provide positive growth chances.

Browse In-depth Market Research Report (154 Pages) on Automotive Braking System Market: 
https://www.marketresearchfuture.com/reports/automotive-braking-system-market-4166  

Automobile manufacturers are actively evolving new and improved products to make driving more comfortable and safer. To make safer and better vehicles, players frequently develop items such as anti-lock braking systems, electronic stability control, and anti-collision technologies. As a result, technological advancements in vehicle safety features might be a driving force in expanding the automotive brake system market.

Automotive Braking System Market Restraints:
The maintenance cost of antilock braking system components is a barrier to expanding the antilock braking system market. Also, the high installation and maintenance costs of sophisticated automobile braking systems are expected to stifle …….

Source: https://www.globenewswire.com/news-release/2022/05/16/2443484/0/en/Automotive-Braking-System-Market-Anticipated-to-Hit-USD-80-Billion-by-2027-at-a-6-CAGR-Report-by-Market-Research-Future-MRFR.html

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