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Automotive Brake System Market worth $30.1 billion by 2028 – Exclusive Report by MarketsandMarkets™
Automotive Brake System Market is projected to grow from an estimated USD 23.5 billion in 2023 to USD 30.1 billion by 2028 at a CAGR of 5.1%, according to a new report by MarketsandMarkets. The automotive brake system market growth is mainly driven by the regulations on stopping distance and safety standards in countries such as China, India, Brazil, the European Union, the US, and Canada, among others. Further, growing demand for luxury cars worldwide and country-wise car assessment programs would boost the demand for electronic and disc brake systems. The growing adoption of disc brakes in heavy commercial vehicles, especially trucks, is another driving factor for the automotive brakes market.
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Browse in-depth TOC on “Automotive Brake System Market“.
337 – Tables63 – Figures327 – Pages
Automotive Brake System Market Scope:
Report Coverage
Details
Market Size
USD 30.1 billion by 2028
Growth Rate
CAGR of 5.1%
Largest Market
Asia Pacific
Market Dynamics
Drivers, Restraints, Opportunities & Challenges
Forecast Period
2023-2028
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By brake type, By Technology, By actuation, By components, By vehicle type, Off-highway by brake type, Off-highway by application, Regenerative Brake System by electric vehicle type, All-Terrain Vehicle brake system by region, and by region.
Geographies Covered
Asia Pacific, Europe, North America, and the Rest of the World
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Government regulations to make advanced emergency braking systems mandatory
Key Market Drivers
Inclusion of advanced brake systems such as ABS and EBD to enhance vehicle safety
Anti-lock Brake Systems (ABS) is the largest technology segment during the forecast period.
ABS will hold the largest share of the automotive electronic brake system market during the forecast period. Most governments have mandated ABS for light-duty or heavy-duty vehicles or both, considering the benefits offered by ABS. Also, according to the NHTSA, ABS is quite effective in non-fatal crashes, reducing the overall crash involvement rate by 6% in passenger cars and 8% in LCVs. For light-duty vehicles, ABS is already mandated in the US, Europe, Brazil, Japan, South Korea, and other countries. ABS penetration in Asia and other developing countries is comparatively lower; however, factors such as – OEMs’ focus on NCAP rating to showcase their product build quality and upcoming mandates emphasizing enhanced safety features – will direct the growth of ABS in light-duty vehicles.
Additionally, integrating anti-lock braking systems (ABS) in pneumatic brake systems for heavy commercial vehicles substantially enhances vehicle safety by preventing wheel lock-up and maintaining stability during braking and cornering. Some countries have set regulations compelling the installation of ABS in heavy commercial vehicles. For instance, in April 2019, the European Union (EU) mandated the inclusion of ABS and ESC systems in all new heavy-duty vehicles. Similar regulations are expected to be implemented in other countries. NHTSA’s updated regulation on mandating newly manufactured heavy truck tractors to achieve a 30% reduction in stopping distance is also expected to create a demand for ABS. All these factors are expected to drive the demand for Anti-lock Brake Systems in the coming years.
Disc Brakes will account for the largest and fastest-growing market by 2028.”
Disc brakes have gained popularity mainly in light-duty vehicles as they are more efficient, provide better stopping power, dissipate heat efficiently, self-adjust as the friction material wears, and work effectively in wet conditions. Today, most passenger cars and LCVs have disc brakes on the front wheels. The developing countries of Asia Pacific are dominated by economic cars equipped with disc brakes on the front wheels and drum brakes at the rear. This is mainly due to the lower speed limits and leniency in stopping distance in Asia Pacific countries. However, Class C & above are usually offered with all four-disc brakes. Further, most of today’s passenger cars in Europe and North America are equipped with disc brakes on all four wheels as the demand for luxury vehicles is higher with higher power delivering higher speeds. Only some basic models have a disc brake on the front and drum brakes on the rear.
Alternatively, in heavy trucks and buses, disc brakes are growing steadily in Asia Pacific and North America as most vehicles are fitted with drum brakes. North American countries are gradually adapting the installation of disc brakes owing to increasing focus on safety and the stopping distance reduction mandate, along with disc brake installation government is making mandatory installation of Automatic Emergency Braking (AEB) System in heavy trucks. For instance, In June 2023, The U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) and Federal Motor Carrier Safety Administration (FMCSA) announced a notice regarding the installation of automatic emergency braking systems for heavy trucks. On the other hand, Europe has a different trend as all the heavy commercial vehicles are equipped with disc brakes. This is mainly due to the stringent standards related to reduced stopping distance. Similar strict safety standards are expected to be implemented in countries such as China, India, Japan, and South Korea for medium and heavy commercial vehicles, which constitute major production of HCVs; disc brakes are likely to have increased usage in the Asia-Pacific and North America in the coming years.
The Asia Pacific will be the leading automotive brake system market over the forecast period.
The growth of the Asia Pacific automotive brake system market can be primarily attributed to upcoming advancements in automotive brake systems and expansions made by brake system manufacturers to cope with the increasing demand for disc brakes in passenger cars and light commercial vehicles. China, Japan, South Korea, and India dominate the Asia-Pacific automotive brake system industry. Most of the cars sold in the Asia Pacific region are economy or mid-economy cars which are equipped with a disc and drum brake combination. Similarly, the majority of the heavy trucks in this region are equipped with drum brake systems. Hence, the drum brakes still have a good potential market in the Asia Pacific region. However, growing consumer preference from countries like China, Japan, India, and South Korea towards SUV cars with disc brakes will drive the demand for disc brakes.
Major countries such as China and India have a higher demand for economy & mid-range cars (including Class A, B, and C) contributing to nearly 50% and 90% in 2022. These cars are usually offered with 2 front disc brakes and 2 rear drum brakes. Further, to attract more consumers and showcase focus on enhanced safety, major regional automotive OEMs such as Toyota, Hyundai, Honda, and Suzuki have started offering all disc brakes with ABS in most of their newer Class C model cars. However, these markets are witnessing a growing demand for luxury and high-end cars that are installed with all 4-disc brakes for better stopping distance. These luxury cars are employed with advanced disc brake systems, thereby driving the disc brake market. For instance, the production of luxury cars in China has increased by 30% from 2020 to 2022. With the growing demand for luxury cars and high-end cars, the demand for premium disc brakes is anticipated to grow in the coming years.
In addition to this, Asia Pacific is the largest market for electric vehicles, especially in China. The growing sales of electric vehicles in countries such as Japan, China, and India will drive the demand for regenerative braking systems and disc brakes.
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Key Market Players:
The major players in Automotive Brake System Companies include Robert Bosch GmbH (Germany), Continental AG (Germany), Brembo S.p.A. (Italy), ZF Friedrichshafen AG (Germany), and Knorr-Bremse AG (Germany).
Recent Developments
In October 2023, Brembo S.p.A. launched a future-oriented brake kit called Greenance for light commercial vehicles. This kit will reduce particulate emissions by more than 80% with a life of more than three times compared to existing aftermarket products. The Greenance Kit offers an ideal blend of efficiency and robustness, delivering a notably reduced environmental footprint during braking, resulting in a substantial decrease in particulate emissions: a remarkable 83% reduction in PM10 and an impressive 80% reduction in PM2.5.
In May 2023, Continental AG introduced its new conventional electronic brake system, MK 120 Electronic Stability Control. The company started supplying its MK 120 ESC brake system to Chinese car manufacturer Changan.
In March 2023, ZF Industrial Technology division introduced its new brake-by-wire system. With safe and efficient brake technology, ZF supports customers in the heavy-duty, off-highway, construction, mining, and agriculture sectors. The latest brake-by-wire system from the company represents a significant advancement, offering vehicle manufacturers the capability to manage deceleration through an electronic signal that adapts brake pressure as required. This eliminates the necessity for hydraulic lines within the vehicle cabin and facilitates a transition towards remote and autonomous operation.
In October 2023, Continental AG and DeepDrive formed a technical, strategic partnership to develop core technologies for electric vehicles. Under the partnership, the two companies will collaborate to create an integrated module that includes drive and brake components designed for direct installation on a vehicle’s wheel.
In February 2023, Knorr-Bremse AG and Team Hahn Racing extended their 20 years of successful partnership. The new contract will enable Knorr-Bremse to continue to support team Hahn Racing through the 2023 racing season. Knorr-Bremse will be responsible for equipping the Iveco S-Way race truck with a range of series products, including a pneumatic braking system, air supply system, brake calipers, and steering system.
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In 2023, Sama, a leader in providing data labeling, supervised fine-tuning, and model evaluation solutions for major AI models, announced the publication of its second annual Impact Report.
This report underscores Sama’s substantial advancements towards its sustainability goals and its continued progress in delivering benefits to all stakeholders. Key achievements include creating 581 entry-level jobs, transitioning its North American offices to 100% renewable energy, and joining the United Nations Global Compact (UNGC)—the world’s largest corporate sustainability initiative.
Progress and Ethical Commitment
Wendy Gonzalez, CEO of Sama, emphasized the company’s commitment to ethically developing AI. “Our commitment to ethical AI development includes being transparent about our governance, operations, compliance, and practices. By participating in initiatives like the UNGC and disclosing our efforts in our annual Impact Report, we highlight our ongoing dedication to doing right by people and the planet,” she said. Sama’s focus extends beyond quality; it actively supports social impact and adheres to rigorous ESG standards, valued by their enterprise customers.
In 2023, Sama created over 500 entry-level positions, providing underrepresented communities with opportunities for formal employment in the digital economy and fair wages. Research by Sama revealed that such employment significantly boosts the financial contributions of new employees to their families’ housing and educational expenses, demonstrating the broader positive impact of stable employment.
Environmental Goals and Global Standards
Sama also made significant progress towards its goal of achieving net-zero emissions by 2050 by switching its North American offices to 100% renewable energy. This initiative not only reduces the company’s carbon footprint but also sets a precedent for similar transitions in other Sama locations globally, including in Kenya and Uganda. These efforts are part of Sama’s broader strategy to halve its Scope 1 and 2 emissions by 2030 and reduce its Scope 3 emissions per employee by the same year.
As a new member of the UNGC, Sama aligns its operations with the UN’s Ten Principles, which cover human rights, labor, environment, and anti-corruption. The company has identified several UN Sustainable Development Goals (SDGs) that resonate with its mission, such as No Poverty, Decent Work and Economic Growth, and Reduced Inequalities. Sama commits to producing annual Communications on Progress reports detailing its advances towards these goals, with the first report expected later in 2024.
Living the Mission
Kristen Itani Koue, director of impact at Sama, highlighted the company’s dedication to its mission of empowering marginalized youth and women through digital skills training and formal employment. “Our Impact Report goes beyond just stating our mission; it shows how we actively live it out and balance multiple bottom lines as a business. I look forward to further detailing our progress in our upcoming UNGC Communication on Progress,” she stated.
In addition to these efforts, Sama has implemented key governance policies and launched a supplier responsibility program in East Africa, requiring major vendors to adhere to a comprehensive Supplier Code of Conduct. This initiative covers various aspects including health and safety, human rights, fair working conditions, sustainability, and business ethics.
Regulatory Compliance and Future Directions
In 2023, Sama also adhered to critical legislation, such as the Sustainable Finance Disclosure Regulation (SFDR) in the European Union, reporting on diversity, equity, inclusion and belonging, climate action, and governance. Additionally, in response to the German Supply Chain Due Diligence Act (SCDDA), Sama completed multiple disclosures regarding its ESG governance, human rights and labor standards, health and safety, and climate action, supporting its customers in meeting their compliance requirements.
These initiatives reflect Sama’s comprehensive approach to developing AI responsibly and ethically, setting a benchmark for corporate responsibility in the tech industry and reinforcing its commitment to creating a positive impact on both society and the environment.
Source: businesswire.com
The post Sama Releases Annual Impact Report; Highlights ESG Progress appeared first on HIPTHER Alerts.
As artificial intelligence (AI) continues to make global headlines, ethical concerns and regulatory compliance are becoming increasingly critical.
This is especially true in Africa, where the tech landscape is rapidly changing amid unique challenges and opportunities. Vishala Panday, Head of Compliance and Business Services at Afriwise, emphasizes that AI should be seen as a tool that enhances, rather than alters, core values.
“AI is an enabler; it’s a vehicle, a mechanism, but does it change your core values? It shouldn’t,” asserts Panday. She underscores that despite the rapid evolution of technology, the fundamental ethical considerations should remain constant. This insight is crucial for African businesses navigating the complex terrain of innovation and compliance.
With a background spanning law, industry, procurement, and compliance, Panday offers a unique perspective on the regulatory technology (regtech) challenges facing African businesses. “I’m just an outlier when it comes to legal people,” Panday reflects, acknowledging her non-traditional career path which has equipped her with a rare blend of legal knowledge and business acumen, essential for bridging the gap between compliance requirements and practical implementation.
A significant challenge she identifies is the gap between legal practitioners and technology. “The two most counterintuitive concepts are legal and technology because they just don’t mesh,” she explains. This disconnect can hinder the implementation of effective compliance solutions, especially in Africa where many businesses are just beginning their digital transformation journey.
For many African companies, the concept of AI-driven compliance is still nascent. Panday observes that these companies often lack clarity about what they need from compliance programs, leading them to invest in complex solutions that exceed their current capabilities. Instead, she advocates for “fit for purpose” technology—solutions that align with a company’s existing maturity level and can grow with it. “Can we take you to the end, and connect the dots backwards?” she poses, stressing the importance of developing solutions that not only advance technologically but also adapt to local conditions.
While concerns about AI bias dominate discussions in more developed markets, these issues have yet to become a priority in Africa. Instead, the focus is on utilizing AI to foster compliant business practices and reshape perceptions about doing business on the continent. However, Panday acknowledges the potential for future concerns regarding bias in AI systems, emphasizing the importance of vigilance and accountability.
“We want Africa to be more attractive,” states Panday. By leveraging AI to enhance regulatory compliance, she aims to change the narrative around African business environments, often perceived as high-risk. This vision extends beyond just adopting new technologies; it involves using innovation to tackle systemic challenges and foster economic growth.
Panday also warns against a superficial approach to compliance, where businesses merely tick boxes without adding real value. She argues that true compliance transcends mere documentation and requires a deep understanding of regulatory demands and their practical business implications.
The evolving landscape necessitates a new skill set among legal and compliance professionals, one that bridges the gap between legal expertise and technological acumen. “To scope for technology, you need to know the end-to-end process,” Panday explains, highlighting the importance of comprehensive understanding in developing effective compliance programs.
As Africa’s tech ecosystem matures, there is a unique opportunity to bypass legacy systems and set new standards for responsible innovation. Panday’s vision for AI in reshaping Africa’s business landscape is both ambitious and timely, calling on tech leaders and policymakers to consider long-term implications over short-term gains. As AI adoption grows, the focus on ethics and compliance will likely intensify, setting the stage for Africa to potentially lead in developing a model for ethical AI that could influence practices worldwide. In this evolving context, voices like Panday’s are crucial in steering the continent toward a future where technology is a catalyst for inclusive and sustainable growth.
Source: ventureburn.com
The post Ethical AI: More Than Just a Buzzword appeared first on HIPTHER Alerts.
A recent report from Citigroup has highlighted the potential for AI to significantly impact the global banking industry, suggesting that AI could add as much as $170 billion to banking profits globally by 2028. This represents an increase of approximately 9% to the sector’s profit pool.
The report also notes that the banking sector is particularly susceptible to automation, with 54% of jobs having a high potential to be automated and an additional 12% that could be augmented by AI technologies. This is the highest rate of potential job displacement compared to other industries.
Despite the risks to jobs, the adoption of AI is expected to boost profits substantially. A survey by Citi Treasury & Trade Solutions revealed that 93% of respondents anticipate profit increases in the coming years due to AI implementation.
David Birch, the author mentioned in the report, sees considerable opportunities for AI-led transformation in the banking sector. Simple tasks, such as assisting customers with opening financial accounts, could be streamlined with AI. “Even a basic bot could help make better and faster decisions,” Birch stated.
Job Implications
The transition toward AI will likely impact employment in banking, particularly roles that involve manual and repetitive tasks. Roles in back offices, analyst positions, and banking jobs that involve tasks like transferring data between systems are most at risk.
However, new job opportunities are also expected to emerge, particularly in areas like AI compliance, ethics, and governance. The importance of “soft skills” is also expected to grow, with interpersonal skills and the ability to understand customer needs becoming more valued.
Challenges and Considerations
The banking sector’s reliance on data offers significant potential for increased efficiency through automation. However, as a heavily regulated global industry, the implementation of AI in finance faces several challenges. These include slow adoption rates due to risk factors, the cost of acquiring skilled talent, and increased competition.
Shameek Kundu, CDO at Truera and an AI entrepreneur, points out accuracy issues as one of the major obstacles to the use of generative AI in corporate settings. Additionally, the finance industry’s long-standing proficiency with statistical models may slow AI adoption, as the advantages of AI and machine learning over traditional methods are not always clear.
Despite these challenges, Citigroup remains optimistic about AI’s transformative potential in banking, suggesting that the way banks and financial firms operate could evolve rapidly, echoing the changes seen over previous decades. AI is expected to accelerate this evolutionary process, reshaping the industry much like past technological advancements.
Source: computing.co.uk
The post Citi: AI threatens 54% of current banking jobs, but will create new ones appeared first on HIPTHER Alerts.
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