Brake Components Aftermarket

Brake Components Aftermarket Outlook 2023 to 2033

A braking system aids in bringing down moving objects with the least amount of distance. This is accomplished by transforming the vehicle's kinetic energy into heat energy. Additionally, it works like a mechanical device where motion is produced and is quickly stopped by applying the brake. Consequentially functional high-quality brake components are crucial for the maintenance of passenger and vehicle safety.

The braking system's various parts all work together to keep the driver safe. As a result, maintaining them properly will be the difference between suffering from a major accident or even a potential catastrophe. Brake pads and discs function together to generate resistance that is required to stop the vehicle hence ensuring timely checks of brake parts is significant.

What are the factors driving growth in this market?

The industry has grown recently in size due to the need for brake parts replacement in aging vehicles. The growing popularity of aluminum automotive brake parts has led to an increase in demand for brake calipers in disc braking systems.

Anodizing brake calipers makes them suitable for usage in high-end automobiles. The anodizing process provides superior corrosion protection in addition to better aesthetics and wears resistance.

Additionally, painted anodized brake calipers are more weather resistant. During the assessment period, these factors are anticipated to propel the global automotive braking system & components market.

Rising road accidents and favorable government support to fuel demand for automotive components in the forecast period 2023- 2033

Vehicle safety norms and regulations are other significant factors for the growth in demand for brake components. Manufacturers also improving products with innovation to remain competitive have further excelled market in terms of wide options available for consumers.

Due to the increased number of road accidents globally, major importance is being laid on improving road safety regulations and creating laws to make vehicles safer for driving. The increasing number of design improvements in car brake components will also be one of the key trends for the growth of the global market.

Further, the market has a positive reaction from the end user side for its reliability, safety, and durability. Apart from this automotive manufacturers are also taking their chance to make sure that components are changed after regular intervals to avoid road mishaps.

For instance, the National Highway Traffic Safety Administration (NHTSA) and the United States Department of Transportation (DOT) have enforced the use of automated emergency braking, which offers dynamic braking, driving up demand.

What are hindrances likely to affect sales?

Although these components are frequently less expensive, there is no assurance that they will function properly for you. more choices. One will have more options when looking for a part because aftermarket parts can be created by any business that wants to make auto parts at a cheaper price. A lack of quality assurance can hinder sales of these components. Furthermore, the rising competition in the sector is likely to impact the marginal profit of manufacturers.

Regional Outlook

As they are mature markets with more automobile fleets, developed and emerging nations have a strong market. According to a study by the company, the market in developing nations is expected to rise rapidly over the forecast period as a result of rising demand for cars.

Among the regions mentioned above Europe, the US, and China ranks as the fastest-growing market as most vehicles manufactured in these regions come with advanced brake technologies owing to strict braking distance norms. In the APEJ region China, South Korea, and India are the top automobile-producing countries making them prominent markets.

Key Market Players

Some of the key market participants in the market are-

• Akebono Brake Industry
• Brake Parts Inc. LLC.
• Brembo S.p.A.
• CARDONE Industries
• Continental AG
• APC Automotive Technologies
• ZF Friedrichshafen AG
• Federal-Mogul Motorparts LLC.
• MAT Holding, Inc.
• Power Stop LLC.

Recent Developments

• Nov 2022- The company announced joint venture agreements between ITOCHU Corporation and ITOCHU HONG KONG LTD. and Akebono Corporation (Guangzhou) and Akebono Corporation (Suzhou), the Company's consolidated subsidiaries in China, would be dissolved, and a new joint venture agreement was signed with Fujiwa Machinery Industry (Kunshan) Co., Ltd.
• Jan 2021- The Brake Parts Inc was given Diamond Award recognition by Uni-select. This recognition is given to companies performing best of their capacities in manufacturing. This brand was recognized as the best supplier of the year 2021.

Segmentation

• Based on Vehicle :

  • Passenger
  • Commercial

• Based on Product Type :

  • Brake pads
  • Rotors
  • Discs
  • Drums
  • Hoses
  • Caliper

• Based on the Sales Channel :

  • OES
  • IAM

• Based on Regions :

  • North America
  • Latin America
  • Europe
  • CIS & Russia
  • APEJ
  • Japan
  • MEA.