Automotive Brake Components Aftermarket Market to grow by USD 14.07 billion between 2022 to 2027, The increasing number of parc vehicles to boost market growth - Technavio
NEW YORK, Feb. 7, 2024 -- The automotive brake components aftermarket market is expected to grow by USD 14.07 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 3.2% during the forecast period. The increasing number of parc vehicles is the key factor driving the market growth. The growth in the number of parc vehicles globally, driven by increased new registrations and extended vehicle lifespans, is fueling demand for automotive brake components in the aftermarket. Developed economies like North America and Europe witness high car sales, and OEMs' extended warranties enhance car reliability. Maintenance is facilitated by diverse service packages, making it convenient for car owners to upkeep their vehicles. This trend indicates a sustained demand for brake components in the aftermarket.
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The market is segmented by product (brake pads, brake shoes, brake calipers, and others), vehicle type (passenger cars and commercial vehicles), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
The market share growth by the brake pads segment will be significant during the forecast period. Brake pads play a crucial role in the braking system, creating friction against the brake rotor to stop the vehicle with each application. The continuous wear and tear necessitates frequent replacement, driving high demand in the aftermarket. Brake pads, with lower prices and installation costs than OEM options, are widely sought as replacement parts for vehicles.
The report analyzes the market's competitive landscape and offers information on several market companies. Aisin Corp., Akebono Brake Industry Co. Ltd., ABS Friction Inc., Baer Inc., BorgWarner Inc., Brembo SpA, Carlisle Companies Inc., Continental AG, Disc Brakes Australia Pty. Ltd., First Brands Group, Freeman Automotive UK Ltd., Haldex AB, Hyundai Motor Co., Meritor Inc., Nisshinbo Holdings Inc., Robert Bosch GmbH, Tata Motors Ltd., Tenneco Inc., Valeo SA, and ZF Friedrichshafen AG
- Aisin Corp.- The company offers automotive brake components that include a brake master cylinder, brake wheel cylinder, brake booster, and brake pad.
APAC is estimated to contribute 43% to the growth of the global market during the forecast period. The region, characterized by a cost-conscious population, employs cost-reduction strategies in the aftermarket to attract customers, particularly in the vehicle sector. With an average vehicle replacement cycle of approximately 14 years in APAC, the prolonged use of vehicles is expected to extend the replacement cycle for their components. Moreover, challenging road conditions in Asian countries elevate the risk of component damage.
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Imperative Insights on the following aspects:
- What was the size of the global automotive brake components aftermarket market by value?
- What will be the size of the global automotive brake components aftermarket market in 2027?
- How has the industry performed over last 5 years?
- What factors are affecting the strength of competition in the global automotive brake components aftermarket market?
- What main segments make up the global automotive brake components aftermarket market?
Automotive Brake Components Aftermarket: Overview
The automotive brake components aftermarket offers a range of products and services essential for vehicle safety and maintenance. It includes brake pads and brake rotor replacements, crucial for ensuring efficient braking performance. Aftermarket auto parts cater to the demand for replacement and upgrade options, enhancing brake system efficiency and durability. This market provides solutions for vehicle safety, offering brake fluid replacements and brake maintenance services. Suppliers in the automotive aftermarket industry play a key role in providing quality brake components and services to meet the diverse needs of vehicle owners.
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The Global Automotive Brake Pad market size is poised to grow by USD 5.72 billion between 2023 and 2028 accelerating at a CAGR of 13.42%.
The automotive brake hoses and lines market size is estimated to grow at a CAGR of 2.56% between 2023 and 2028. The market size is forecast to increase by USD 2.99 billion.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Vehicle Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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SOURCE Technavio