According to a new Global Info Research (GIR) study, the automotive disc brake market is predicted to grow over the next five years at a compound annual growth rate (CAGR) of close to 3 percent.
The market is expected to increase by over $2 billion between 2017 and 2023.
What are disc brakes?
Disc brakes are now included on most modern cars. Wooden block brakes were implemented into the first vehicles ever created, followed by mechanical drum brakes and shoe brakes.
Contemporary vehicles either have disc brakes on all four wheels, or just on the front two.
These brakes are made up of brake pads, calipers, and rotors. It's helpful to think of how you've seen a brake on a bicycle work: a caliper squeezes pairs of brake pads against the wheel, making it stop rotating.
This is largely how disc brakes work on automobiles, except the brake pads squeeze the rotor instead of the wheel itself. The force is transmitted hydraulically and the friction between the disc and the pads ends up slowing or stopping the wheel. This type of hydraulic disc brake is the most common version seen in vehicles today.
Who are the key players in the market?
The GIR report focused primarily on the following regions of the global disc brake market:
- North America – U.S., Canada, Mexico
- Europe – Germany, France, U.K., Russia, Italy
- Asia-Pacific – China, Japan, Korea, India, Southeast Asia
- South America – Brazil, Argentina, Columbia
- Middle East and Africa – Saudi Arabia, UAE, Egypt, Nigeria, South Africa
China, Europe, and North America were the "main consumption regions" in the report.
What were the determining factors?
The report gathered data about the market such as opportunities, trends, challenges, competitive analysis, and size.
Potential demands from the market and future impact of both propellants and limits were evaluated, as well as the key drivers of growth and the challenges manufacturers face.
The market size was analyzed, encompassing its past, present, and future potential.
The CAGR is expected to be 2.9 percent over the next five years, and in 2023, the market will reach $14.9 billion, up from $12.6 billion in 2017.
Other questions the report sought to answer were which manufacturers are at the top of the market and how sales, revenue, and price analysis vary by region.
The brake industry is complex and continues to grow and change on a global level. To ensure brakes and related components are manufactured up to exacting standards, request a complimentary brake testing consultation from Greening.