COVID-19 impact on Automotive Braking System Market. Use of electronic components has given way to the development of various technologies like Traction Control System (TCS), Antilock Braking System (ABS), Electronic Brake-Force Distribution (EBD) and Electronic Stability Control (ESC). With the high adoption rate of these advanced technologies along with rising popularity of vehicle safety among consumers can work in favor of the market in the years ahead.
But, high cost of integration can retard the sale of advanced braking systems in the near future. However, the automotive brake systems market growth is definite in the coming years, given the growing stringency in vehicle safety norms. Additionally, automotive associations all over the world are striving to improve vehicle safety. Case in point, the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) along with Insurance Institute for Highway Safety (U.S.) as well as 20 renowned vehicle manufacturers in 2016 are planning to incorporate Automatic Emergency Braking (AEB) systems as a basic feature in every new car produced from September 2022.
Surge in advanced ride-by-wire technology or electronically controlled braking system does not require hoses, pumps, fluids, belts, vacuum servos, and cylinders, with the use of electrical actuators and electronic sensors. Rising sales of electric and hybrid vehicles also boost demand for the brake-by-wire system, which is bound to offer a host of growth opportunities to various industry participants in the forthcoming years.
The worldwide COVID-19 impact on Automotive Braking System Market has been studied with respect to segments like brake type, brake system, and vehicle type.
With regard to the brake type, the market is considered for disc brake and drum brake. Disc brake is projected to hold the largest share in the market during the review period, given the surge in safety regulations by various government bodies. The focus on increasing the stopping distance has resulted in the growth of the disc brake market. At present, the production of passenger cars is on the rise, which further stimulates the growth of the disc brake market.