North America Automotive Disc Brake Market
The US, Canada, and Mexico are the major economies in North America that have witnessed growth in their automotive industry. The region has the largest vehicle industry due to the presence of the majority of car manufacturers. Increased supply of passenger cars and light commercial vehicles are expected to increase the demand. The region is witnessing an exponential rise in the vehicle production in past few years. This rise can be attributed to favorable economic conditions and government initiatives to promote safety while driving and reducing road accidents. These factors have helped in improving the economy and increasing disposable income of consumers. Therefore, with the boosted demand for improved performance and luxury cars in North America, evolving road safety regulations & norms have resulted into decreased stopping distance for vehicles. This, in turn, has increased the preference for disc brakes over old drum brakes. Electric vehicles are projected to play an increasingly important role in North American transportation networks as a result of falling electric vehicle prices and increased acceptance by the general public. Studies claim that electric vehicles would account for at least 65% of overall car purchases in the US by 2050. As electric cars have regenerative braking in their system, the requirement of hydraulic braking got reduced. For instance, in 2020, the automobile industry in the US, delivered almost 14.5 million light vehicle units. The rising vehicle sales is a key enabler for the market, especially in developed economies such as the US and Canada. The rising demand for electric cars is affecting disc brake sales in the region. Owing to all these factors, the market for automotive disc brakes in the region will gradually grow.
In case of COVID-19, the US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients across North America. The continuous growth of infected individuals has led the North America governments to impose lockdown across the nation’s borders. Majority of the manufacturing plants are shut down, municipalities are functioning slowly as compared to past, and the automotive & semiconductor industries are at a halt. The COVID-19 outbreak has negatively impacted the automotive industry in the region. In the United States, assembly plant closures are adding to the intense pressure on an increasingly distressed North America supply base where companies are at risk of defaulting on covenants, potentially requiring banks to step in. Further, sales forecast for the US estimate a decline of 9% annually that consumers are not buying new vehicles due to the pandemic, according to Accenture website data. Thus, limited supply of vehicle parts, shut of manufacturing, supply chain disruption, and drop in new vehicle sales has negatively impacted the North America automotive disc brake market. However, in 2021, with the uplifting of lockdown restrictions and vaccination processes, the automotive production has started again, and people are looking for purchase, which helps in creating a positive scenario for the North America automotive disc brake market growth.
Strategic insights for the North America Automotive Disc Brake provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2,851.20 Million |
| Market Size by 2028 | US$ 3,490.86 Million |
| Global CAGR (2021 - 2028) | 2.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Automotive Disc Brake refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The North America automotive disc brake market is expected to grow from US$ 2,851.20 million in 2021 to US$ 3,490.86 million by 2028; it is estimated to grow at a CAGR of 2.9% from 2021 to 2028. With the rising growth of the electric vehicles (EVs) industry, the adoption of braking systems is growing exponentially. With an aim to reduce harmful impact of emissions on environment, the government bodies operating across the region are taking necessary steps to promote electric vehicles. For instance, the electric vehicles initiative is a multi-government policy forum which fosters introduction and adoption of electric vehicles. With an increase in the use of electric vehicles, the scope of using advanced braking systems will also increase. Many electric cars utilize both regenerative & mechanical braking systems together. In an electric car brake system, the regenerative & mechanical braking systems assist in saving the energy. In addition to energy-saving, the regenerative braking technology also assists in enhancing the life of friction brake system. For instance, Brembo focuses on developing advanced brakes suitable for electric vehicles. Similarly, Continental AG is putting emphasis on restructuring disc brakes for electric vehicles. The company has created a minimalist brake caliper which removes all superfluous material to lower weight to a bare minimum. In addition, the company is exploring the possibility of lightweight aluminum brake components with a potential to handle electric vehicle’s reduced braking demands with minimal price and weight as compared to brakes used today. Additionally, with rising demand for lightweight auto-components, an inclination of disc brakes manufacturers has been witnessed. The demand for lightweight components is encouraging companies like Continental AG to use aluminum instead of iron cast in their braking system & design. This factor is predicted to generate beneficial opportunities for the manufacturers of both auto and components like disc brakes across North America region.
In terms of type, the floating caliper type disc brake segment accounted for the largest share of the North America automotive disc brake market in 2020. In terms of material type, the stainless steel segment held a larger market share of the North America automotive disc brake market in 2020. Further, the passenger vehicles segment held a larger share of the North America automotive disc brake market based on vehicle type in 2020.
A few major primary and secondary sources referred to for preparing this report on the North America automotive disc brake market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are ADVICS Aftermarket North America; Akebono Brake Industry Co., Ltd; Brembo S.p.A.; EBC Brakes; Haldex Group; Hitachi Astemo Americas, Inc.; Hyundai Mobis; Knorr-Bremse AG; Mando Corporation; and Nissin Kogyo Co., Ltd.
The North America Automotive Disc Brake Market is valued at US$ 2,851.20 Million in 2021, it is projected to reach US$ 3,490.86 Million by 2028.
As per our report North America Automotive Disc Brake Market, the market size is valued at US$ 2,851.20 Million in 2021, projecting it to reach US$ 3,490.86 Million by 2028. This translates to a CAGR of approximately 2.9% during the forecast period.
The North America Automotive Disc Brake Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Automotive Disc Brake Market report:
The North America Automotive Disc Brake Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Automotive Disc Brake Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Automotive Disc Brake Market value chain can benefit from the information contained in a comprehensive market report.
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