Automotive Brake System Market Trends

Growth Drivers

• Rising Road Accidents and Fatality Rates Owing Reckless Driving - In accordance with the World Health Organization, there are nearly 1.3 million people who lose their lives as a result of road traffic accidents every year worldwide.The implementation and development of the smart barking system for automobiles resulted in a reduced number of accidents. As a result of the latest advancements, the vehicle is prevented from skidding, thereby reducing the risk of accidents. The increasing number of road traffic fatalities has prompted the major players to adopt robust safety features. Thus, the rapid rise in the production of automobiles coupled with the rising number of traffic accidents is anticipated to drive automotive brake system growth over the forecast period.
• Speedy Development of the Automobile Industry Owing to Rising Purchases - For instance, between April 2021 and March 2022, almost 22,930,200 vehicles were produced by the Indian automobile industry comprising passenger cars, commercial vehicles, three and two-wheelers, which is an increase over the 22,600,600 units produced between April 2020 and March 2021. 
• Increased Investment in the Electrification of Vehicles as the Petrol Prices are Rising High - In 2022, Mahindra & Mahindra announced plans to invest USD 1 billion in electric vehicles over the next five years. With a goal of selling 2 lakh electric vehicles by FY-2027, they are embarking on a new direction.
• Regulations Imposed by Governments to Ensure Safety as They are Still Under Development -The NHTSA announced two rulemakings to require emergency braking performance for both heavy and light vehicles under the Unified Agenda of Regulatory and Deregulatory Actions in 2021. To require that light vehicles have automatic emergency braking for pedestrians.
• Rising Electric Vehicles (Evs) Sales Worldwide - It was observed that Electric car sales reached 2.5 million in 2020, up by 35% from 2019. Globally, however, there were more than 10 million electric vehicles sold in 2020.

Challenges

• Stringent Government Regulations on Product Approval
• Lofty Price of Repair and Maintenance of Technological Advance Brakes- The development and maintenance cost of brake systems in automotive vehicles is very expensive as the service of brakes includes periodic changes of brake fluid, shoes, pads, resurfacing rotors, and services such as cleaning, lubricating, and adjusting the brakes. Also, the brake sensors cost more than hundreds of dollars which includes 2 wheels. Hence, penetration of these systems in low-income countries is difficult and all these factors hamper market growth.
• Higher Prices of Advanced Technologies Such as Magnetic and Electric Braking Systems