The global automotive disc brake market is projected to expand from US$ 15,485.3 million in 2021 to US$ 20,016.4 million by 2028, reflecting a compound annual growth rate (CAGR) of 3.7% during the period from 2021 to 2028.
As the electric vehicle (EV) sector continues to flourish, the demand for advanced braking systems is witnessing a significant surge. Governments worldwide are implementing measures to mitigate the environmental impact of emissions, thereby promoting the adoption of electric vehicles. For example, the Electric Vehicles Initiative serves as a multi-government policy forum aimed at facilitating the introduction and acceptance of electric vehicles. With the increasing prevalence of electric vehicles, the need for sophisticated braking systems is also on the rise. Many electric vehicles employ a combination of regenerative and mechanical braking systems, which work together to conserve energy. Regenerative braking not only saves energy but also extends the lifespan of traditional friction brake systems. Companies like Brembo are dedicated to developing cutting-edge brakes tailored for electric vehicles, while Continental AG is focusing on redesigning disc brakes specifically for EVs. They have introduced a streamlined brake caliper that minimizes excess materials to achieve a lightweight design. Furthermore, Continental is investigating lightweight aluminum brake components that can meet the reduced braking requirements of electric vehicles while maintaining cost-effectiveness and low weight compared to conventional brakes.
In addition, the growing preference for lightweight automotive components has influenced disc brake manufacturers to adapt their designs. The shift towards lighter materials is prompting companies like Continental AG to favor aluminum over traditional iron castings in their braking systems.
The automotive disc brake market is categorized based on several factors, including type, material, vehicle type, and geographical region. In terms of type, the market is divided into opposed piston type disc brakes and floating caliper type disc brakes. The floating caliper type segment held a larger market share in 2020. Regarding material type, the market is segmented into cast iron, aluminum, stainless steel, and others, with cast iron dominating the market in 2020. The vehicle type segmentation includes passenger vehicles, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs), where passenger vehicles represented the largest share in 2020. Geographically, the market is divided into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM), with APAC accounting for a significant portion of the global market in 2020.
The COVID-19 pandemic severely impacted North America, with the US, Canada, and Mexico experiencing a high number of cases in early 2020. This led to widespread lockdowns, resulting in the closure of numerous manufacturing facilities and a slowdown in municipal operations. The automotive and semiconductor industries faced significant production halts, and assembly plant closures in the US exacerbated the challenges faced by the North American supply chain. As a result, many companies were at risk of defaulting on financial covenants, necessitating potential bank interventions. According to data from Accenture, the sales forecast for the US indicated a 9% decline as consumers refrained from purchasing new vehicles during the pandemic. Consequently, the automotive disc brake market in North America suffered due to limited vehicle parts supply, manufacturing shutdowns, supply chain disruptions, and decreased vehicle sales. However, in 2021, as lockdown restrictions eased and vaccination efforts progressed, automotive production began to recover, leading to an uptick in new vehicle purchases and a more favorable outlook for the North American automotive disc brake market.
The overall size of the automotive disc brake market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aimed to provide an overview and forecast for the automotive disc brake market across all segments. Additionally, primary interviews were conducted with industry stakeholders and experts to validate the data and gain deeper analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the automotive disc brake sector.
Key players in the global automotive disc brake market include Akebono Brake Industry Co., Ltd, Nissin Kogyo Co., Ltd., EBC Brakes, Hitachi Astemo Americas, Inc., Knorr-Bremse AG, Haldex Group, Mando Corporation, Brembo S.p.A., ADVICS Aftermarket North America, and Hyundai Mobis.