Analysis of Electric Brake Booster Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
An essential component of automotive safety technology is an automated braking system. It is a sophisticated technology that is intended to either prevent potential collisions or slow down a moving vehicle before hitting another car, a pedestrian, or some other impediment.
Continued innovation and development in the product development of braking systems to ensure passenger and pedestrian safety is driving the demand for the brake booster. The rising automotive industry and increase in demand for more efficient braking systems have propelled the growth.
Moreover, the rising need for lightweight and cost-effective components especially for the EV segment coupled with favorable government policies promoting the sales of electric and hybrid vehicles will bolster the production and sales of the target product in the long run. Motor vehicle brake systems are anticipated to cross a valuation of USD 137.6 million USA by end of 2024.
Consistent R&D efforts to establish customer trust will present a myriad of opportunities to the industry. For instance, manufacturers are focusing on delivering improvised products which are lightweight and cost-efficient. Additionally, innovations such as two-level along with integrated and compact braking systems will drive future demand and sales.
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The demand for more efficient auto parts has multiplied as a result of a rise in safety recalls involving faulty vehicle components including seat belts, airbags, and braking systems.
For instance, manufacturers are now more cautious about the development of braking systems as a result of safety calls from numerous automotive giants, including Fiat, Mazda, Nissan, and Citroen, as well as the call for the failure of the brake booster water shield.
Moreover, over the forecast period, the demand is expected to be driven by tight rules and guidelines to make braking components more efficient.
For trailers with electric brakes, federal laws in the majority of states mandate the use of a safety circuit. This system also referred to as a breakaway system, is intended to deploy the brakes in the event that the trailer separates from the towing vehicle.
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Asia Pacific region is expected to dominate the brake booster demand attributed to the presence of a large number of automotive manufacturing companies and OEMs in the region. Additionally, the growing EV market in China is fuelling the growth in the region.
Two-wheelers, which totaled over 231,000 units, were the most popular form of EV sales in India during the fiscal year 2022. Compared to the value from the previous year, this was a huge gain. That year, all markets experienced significant growth. This is anticipated to see growth in demand in the upcoming period.
Moreover, the EV market in China is booming with huge investments in charging infrastructure and innovation. For instance, a record 1.3 million EVs were sold in China in 2020. All these factors have led to a significant rise in the demand for brake boosters in China.
Sales of EVMs are anticipated to reach just under seven million units globally in 2021. The new energy vehicle market in China helped make the Asia-Pacific region the largest market for battery EVs. While Tesla now leads the globe in production, Chinese producers have risen to the top of the list for 2021. Six of the 10 plug-in electric models with the highest global sales that year came from Chinese manufacturers.
The North American region is expected to show impressive growth for the brake booster market pertaining to a well-established and mature automotive industry. Moreover, the presence of prominent players in the region coupled with increased R&D investments will bolster the demand in the region.
Moreover, rising awareness regarding various technological developments is compelling manufacturers to deliver an experience that is both safe and cost-effective at the same time.
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The global market was valued at US$ 900 million in 2021.
Demand is being driven by continued advancements and innovation in the development of braking systems to ensure the safety of passengers and pedestrians.
Asia Pacific is set to dominate the global market.
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