Automotive Brake Components Aftermarket Market size is set to grow by USD 14.4 billion from 2024-2028, Increasing number of PARC vehicles boost the market, Technavio

NEW YORK, Aug. 13, 2024 /PRNewswire/ -- The global automotive brake components aftermarket market size is estimated to grow by USD 14.4 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 3.19% during the forecast period. Increasing number of PARC vehicles is driving market growth, with a trend towards emerging 3D printing in automotive aftermarket industry. However, high installation costs of advanced brake systems poses a challenge. Key market players include ABS Friction Inc., AISIN CORP., Akebono Brake Industry Co. Ltd., Baer Inc., BorgWarner Inc., Brembo Spa, Carlisle Companies Inc., Continental AG, Cummins Inc., Disc Brakes Australia, First Brands Group, EBC Brakes, Haldex AB, Hyundai Motor Co., Nisshinbo Holdings Inc., Robert Bosch GmbH, Tata Motors Ltd., Tenneco Inc., Valeo SA, and ZF Friedrichshafen AG.

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Market Driver

The global manufacturing industry is undergoing significant transformation through the adoption of advanced technologies such as 3D printing and automation. This evolution is particularly noticeable in the automotive sector, where 3D printing is poised to revolutionize the aftermarket industry. Currently, 3D printing is mainly used for low-volume production tooling, but advances in software optimization, high printing speeds, and decreasing machine prices are expected to expand its application. OEMs can capitalize on this trend by producing cost-effective aftermarket components, safeguarding intellectual property, and competing against third-party manufacturers. Carbon3D is one of the companies leading this innovation, collaborating with automotive OEMs to make 3D printing commercially viable. Benefits of 3D printing in the automotive industry include reduced waiting periods, lower overall costs, and increased customization, which will drive market growth during the forecast period.

The Automotive Brake Components Aftermarket is experiencing significant growth due to increasing demand for vehicle safety in luxury vehicles and commercial vehicles. Disc brakes, electronic stability control, antilock braking systems, and anticollision gadgets are trending components. Automakers like Brembo, Toyota (Vellfire, Alphard, luxury vans), and OEMs are expanding their product lines to cater to this demand. Electronic parking brakes, pistons, calipers, and pads are key components in focus. Market participants are engaging in strategic activities such as investments, contractual agreements, and technological advancements like robotics and ADAS safety. Mid-sized cars such as Hyundai Veloster, Venue, Azera, i40, Elantra, Tucson, Accent, Kona, Creta, Sonata, i20, ix20, and advanced airbag systems are also driving market growth. Overall, the market is expected to continue its upward trend due to the importance of vehicle safety and the increasing popularity of luxury and commercial vehicles.

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Market Challenges

• Advanced automotive brake components, such as the Anti-Lock Braking System (ABS), consist of various parts that need proper maintenance to function effectively. Dirt and dust accumulation in ABS sensors can cause malfunctions, leading to system disorientation and compensation of brake sensors. This results in vehicle shuddering, loud noises, and deteriorating brake systems, increasing the cost of ownership. Advanced systems add to vehicle expenses, with an average ABS replacement costing USD1,000-USD1,500. Proper calibration and addressing disorientation issues are crucial to prevent these complications and maintain the market growth.
• The Automotive Brake Components Aftermarket faces challenges in serving luxury van models like Toyota Vellfire and Alphard. OEMs, such as GR Garage, dominate these markets with proprietary parts and contractual agreements. Electronic parking brakes and advanced safety features, like those found in the Creta model, require specialized components. Pistons, calipers, and pads remain the core product lines. Market participants must invest in research and development to meet the needs of OEMs and consumers. Electronic components, like those in the Veloster and Venue, are increasingly popular. ADAS safety features and robotics, such as Advanced Air in the Azera, i40, Elantra, Tucson, Accent, Kona, Creta, Sonata, i20, ix20, and other models, pose additional challenges. Strategic activities, like partnerships and acquisitions, will be crucial for market success. Staying up-to-date with the latest technology and consumer trends is essential for long-term growth.

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Segment Overview

This automotive brake components aftermarket market report extensively covers market segmentation by

1. Product
• 1.1 Brake pads
• 1.2 Brake shoes
• 1.3 Brake calipers
• 1.4 Others
2. Vehicle Type
• 2.1 Passenger cars
• 2.2 Commercial vehicles
3. Geography
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Brake pads- The Automotive Brake Components Aftermarket represents a significant portion of the automotive aftermarket industry. This market involves the production and sale of replacement brake parts for various vehicle makes and models. Key components include brake pads, rotors, drums, and calipers. Demand is driven by vehicle age, usage, and maintenance requirements. Market growth is influenced by factors such as increasing vehicle parc, rising consumer awareness, and advancements in technology. Companies in this market focus on innovation, quality, and competitive pricing to meet customer needs and gain market share.

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The automotive parts aftermarket market in the US is experiencing robust growth, driven by increasing vehicle age and rising demand for cost-effective repair solutions. Globally, the auto parts market is expanding due to advancements in technology and rising vehicle production. Meanwhile, the automotive aftermarket e-retailing market is booming, offering consumers convenient access to a wide range of parts and accessories online. This digital shift is reshaping the industry, enhancing customer experience, and driving significant growth across various regions.

Research Analysis

The Automotive Brake Components Aftermarket is witnessing significant growth due to the increasing demand for vehicle safety in luxury vehicles and commercial vehicles. Stringent safety regulations are driving the market, with disc brakes being a popular choice for their superior stopping power. Automakers are integrating advanced safety features such as electronic stability control, antilock braking systems, and anticollision gadgets to enhance vehicle safety. Skidding and pad wear are common issues addressed by the market, with companies offering solutions like brake discs, pads, calipers, and robotic systems for efficient and precise brake repair. Brands like Brembo are leading the way with innovative technologies, while models like the Hyundai Veloster, Venue, Azera, i40, Elantra, Tucson, Accent, Kona, Creta, Sonata, i20, ix20, and their advanced air brake systems continue to boost market growth.

Market Research Overview

The Automotive Brake Components Aftermarket is witnessing significant growth due to the increasing demand for vehicle safety in luxury vehicles and commercial vehicles. Stringent safety regulations and the integration of advanced safety features such as disc brakes, electronic stability control, antilock braking systems, and anticollision gadgets are driving market growth. Automakers are focusing on developing high-performance brake components, including brake discs, pads, calipers, pistons, and electronic parking brakes, for their product lines. The market participants are engaged in strategic activities such as contractual agreements, investments, and collaborations to expand their presence in the market. The demand for brake components is high in popular models like the Toyota Vellfire, Alpharad, and GR Garage, as well as compact cars such as the Hyundai Veloster, Venue, Azera, i40, Elantra, Tucson, Accent, Kona, Creta, Sonata, i20, ix20, and Advanced Air robotic braking systems. The integration of ADAS safety features and the use of advanced materials in brake components are expected to further boost market growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Brake Pads
• Brake Shoes
• Brake Calipers
• Others
• Vehicle Type
• Passenger Cars
• Commercial Vehicles
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio