The global automotive electronic brake system market is estimated to grow at a CAGR close to 5% over the forecast period. Technological proliferation and favorable government regulations in countries such as India, China are expected to drive the automotive electronic brake system market. Increasing awareness among consumers regarding on-road safety is anticipated to push industry growth over the next seven years.
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Automotive electronic braking systems offer improved vehicle safety and require minimal maintenance. Moreover, advanced electronic braking systems such as Anti-Lock Braking Systems (ABS) and the Innovative Electro Magnetic Braking System introduced by automotive OEMs have created breakthrough developments in the industry.
The market can be subdivided on the basis of vehicle, channel, and product. On the basis of On the basis of product, the market can be bifurcated into disc brakes and drum brakes. Electronic brake systems comprise disc type and drum type braking elements. On the basis of application, such devices can be categorized into passenger cars, two wheelers and light commercial vehicles.
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Advanced electronic brake systems include technologies such as Traction Control System (TCS), Anti-lock Braking System (ABS), and Electronic Stability Control (ESC). The introduction of electronic braking system in locomotive and automotive sector has bought change in the trade. ABS and ESC are obligatory in the developing countries. Such safety inducers like ABS and ESC are expected to help in the growth of the business.
Increasing demand and the gradual rise in automotive production is expected to fuel the growth for such advanced automotive parts and components. Rise in disposable incomes and increased purchasing power amongst consumers can be attributed for the steady growth for the automobile industry. Favorable government regulations and increasing safety norms is expected to significantly drive the demand for such advanced electronic braking system components.
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