Electric Brake Booster Market Forecast and CAGR
According to the latest study by Fact.MR, the electric brake booster market is expected to show significant growth over the forecast period (2021-2031) and shall surpass net valuation of business to US$ 900 Mn by 2021. Substantial growth in production and sales seems to provide a positive outlook to the overall industry. Moreover, constant demand from the automotive industry is projected to propel the demand over the next decade.
What is Driving Demand for Electric Brake Booster?
Continued innovation and development in the product development of braking system to ensure the passenger and pedestrians safety is driving the demand for the brake booster. Rising automotive industry and increase in demand for more efficient braking system has propelled the growth of electric brake booster.
Moreover, rising need for lightweight and cost-effective components especially for the electric vehicle segment coupled with favourable government policies promoting the sales of the electric and hybrid vehicle will bolster the production and sales of target product in the long run.
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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Stringent Safety Regulations to Drive the Market Growth
With increase in safety recalls about faulty auto parts such as seat belts, airbags and brake systems, demand for more efficient auto components has increased multifold.
For instance, safety calls by various automotive giants such as Fiat, Mazda, Nissan and Citroen including the call for the failure of brake booster water shield have made manufacturer more vigilant regarding the development of braking systems.
Moreover, strict regulations and guidelines to make braking components more efficient are projected to drive the demand for electric brake booster over the forecast period.
Asia Pacific Electric Brake Booster Market Outlook
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, growing EV market in China is fuelling the growth of electric brake booster in the region.
Moreover, the EV market in China is booming with huge investment 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 booster in China.
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North America Electric Brake Booster Market Outlook
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.
Who are the Key Manufacturers and Suppliers of Electric Brake Booster?
Some of the key players in this industry are
- Ford Motor Company
- Crown Automotive
The aforementioned players have mainly relied on organic growth strategies such as product launches to expand their market share. For instance:-
- In 2017, Bosch launched iBooster which is an electromagnetic, vacuum independent brake booster. This innovation is expected to meet the demand for an advanced braking system. Advanced trends like vehicle light weighting are gaining the customers' traction.
- Moreover, ZF Friedrichshafen AG has developed a brake system powered by an electric motor which replaces the conventional vacuum booster.
The aforementioned key innovations by leading players will drive the market growth for electric brake booster over the projected forecast period.
An Adaptive Approach to Modern-day Research Needs
Electric Brake Booster Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
- Single Diaphragm Booster
- Dual Diaphragm Booster
By Electric Vehicle Type
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Hybrid Electric Vehicle
By Sales Channel
By Vehicle Type
- Passenger Vehicle
- SUV/ MPV
- Commercial Vehicle
- Heavy Commercial Vehicle
- Light Commercial Vehicle
- Buses & Coaches
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- Northern Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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