Automotive Brake Components Aftermarket Market is Expected to Reach at a Value of USD 73.0 Billion, with CAGR of 4.50% By 2032

Automotive Brake Components Aftermarket Industry Overview

The study documents by MRFR state that the Automotive Brake Components Aftermarket Market Research Report Information by Sales Channel, Vehicle Type, Product Type, and Region – Forecast Till 2030, the Automotive Brake Components Aftermarket market is predicted to expand substantially during the evaluation era from 2023 to 2032 at a sizable CAGR of closely 4.50%.

The study documents suggest projections related to the global market’s mounting revenue data, which will likely attain a market of USD 73.0 Billion by the end of 2032. As per the reports, the market was priced at almost USD 49.1 Billion in 2022. The Automotive Brake Components Aftermarket market has recently advanced. The main feature causing a rise in market performance is the adoption of luxury vehicles. Furthermore, factors such as a rise in the use of disc brakes in commercial vehicles and the enforcement of stringent safety regulations are also likely to positively impact the growth of the global market over the coming years.

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Competitive Analysis

• Akebono Brake Industry Co. Ltd.
• Carlisle Companies
• ABS Friction Inc.
• Continental AG
• Baer
• Disc Brakes Australia Pty. Ltd.
• BorgWarner Inc.
• First Brands Group
• Brembo SpA
• Freeman Automotive U.K. Ltd.
• Robert Bosch GmbH
• Hyundai Motor Co.

Market Drivers

The Automotive Brake Components Aftermarket market has recently advanced. The main feature causing a rise in market performance is the adoption of luxury vehicles. Furthermore, factors such as a rise in the use of disc brakes in commercial vehicles and the enforcement of stringent safety regulations are also likely to positively impact the growth of the global market over the coming years.

Market Restraints

On the contrary, various aspects may harm expanding the global market for Automotive Brake Components Aftermarket. One of the main restraints in advancing the market’s growth is the elevated prices allied with raw materials.  

Segment Analysis

The global Automotive Brake Components Aftermarket market is divided into Sales Channels, region, vehicle type, and Product type segments.

Based on type, the global Automotive Brake Components Aftermarket market is divided into drum brakes and disc brakes.  

Based on Vehicle Type, the global Automotive Brake Components Aftermarket market is divided into heavy commercial vehicles, light commercial vehicles, and passenger vehicles.

Based on the Sales Channel, the global Automotive Brake Components Aftermarket market is divided into aftermarket and OEM.

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Regional Analysis

The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.

The study documents by MRFR entail that The Asia-Pacific ensured the prime position across the Global Automotive Brake Components Aftermarket market in 2022. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional market is that businesses in the area offer significant cost reductions given the accessibility of cheap labor and raw supplies.

Furthermore, the center of the automotive manufacturing industry is in countries such as India and China. Moreover, the increased popularity of automotive brake systems is also likely to boost the regional market’s development over the review timeframe. In addition, factors such as the rising accident rate, the rise in automobile ownership, and increase in sales of luxury and premium vehicles are also projected to positively impact the growth of the regional market over the coming years.

The European Region is estimated to hold the second position across the Global Automotive Brake Components Aftermarket market over the assessment era. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting regional market development is the rising acceptance of active braking systems. Furthermore, the increased demand for luxury and high-end vehicles is also considered to be one of the vital parameters enhancing the growth of the regional market.

The North American Region will grow at the maximum CAGR across the Global Automotive Brake Components Aftermarket market from 2023 to 2032. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional market is the rising consumer demand for vehicles that operate better in bad weather. Furthermore, the presence of major automakers is also considered to be one of the vital parameters enhancing the growth of the regional market.

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Moreover, factors such as mandated installation of ESC technology in all light cars starting in 2018 and an increase in the production of both passenger cars & light commercial vehicles are also likely to positively impact the performance of the regional market over the coming years.

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