Automotive brake system market is expected to witness substantial growth over the forecast period on account of growing automotive industry particularly in developing economies of the world. Furthermore, increasing concerns over safety resulting in government mandates to improve the vehicle safety is expected to drive demand over the next seven years. Growth in the automotive brake industry would primarily be led by the passenger car segment and commercial vehicle segment.
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Population explosion, better standard of living, the rise of the middle class, easier finance options has significantly increased the demand for automobiles. Mass production techniques used by car manufacturers and lower manufacturing cost boost the production of passenger cars. This increase in demand for passenger cars has increased the demand for efficient and reliable braking systems. The industry has witnessed rapid evolution over the past decade in terms of vehicle safety industry.
Technologies such as ABS, TCS, and regenerative braking are technologies which have developed in the last decade. Continuous evolution and development of braking technology would serve as a boost to the overall automotive braking industry. However, the higher cost of developing new technologies in the braking industry is a restraint to the industry growth.
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Brake market is segmented on the basis of product into disc brake and drum brake. Disc brake uses a pair of callipers to squeeze against a disc to create friction that reduces the speed of the vehicle in motion whereas the drum brake is a brake in which brake shoe presses against the inside of a drum on the wheels. Disc brakes are preferred in commercial vehicles only in Europe. Elsewhere, Disc brakes are used in passenger vehicles.
Market can be further segmented on the basis of applications as two wheelers motor market, passenger cars, light commercial vehicles and heavy commercial vehicles. Growing demand for passenger cars as compared to its counterparts owing to rising disposable income coupled with improved standard of living is expected to propel demand for automotive braking systems over the forecast period. Growing R&D investment related to improving vehicle safety by light and heavy commercial vehicle companies is expected to have a positive impact on market growth over the projected period.
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