Automotive Brake System Market: The Impact of Electric and Autonomous Vehicles
The global automotive brake system market was valued at USD 47.75 billion in 2022 and is anticipated to reach USD 72.70 billion by 2030, growing at a CAGR of 5.5% from 2023 to 2030. The rising demand for passenger and commercial vehicles in emerging economies like India and China is a major driver of this market expansion. Additionally, stringent safety regulations, growing adoption of luxury vehicles, and increasing use of disc brakes in commercial vehicles are fueling market growth. Since brake components have a limited operational lifespan, the replacement market is also seeing increased activity. Growing concerns over road traffic accidents and fatalities are encouraging manufacturers to integrate advanced safety systems. The market is further bolstered by regulatory bodies and government mandates on vehicle safety. For example, the National Highway Traffic Safety Administration (NHTSA), a division of the U.S. Department of Transportation, announce...