Global Automotive Brake System Market: Trends, Growth Drivers, and Forecast 2023-2030
The global automotive brake system market size is expected to reach USD 72.70 billion by 2030, registering a CAGR of 5.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. Factors such as the increasing number of road accidents have led to the rising demand for the safety features such as traction control system, anti-lock braking system, advanced driver system, etc. Passengers are concerned about the rising fatality which is prompting automotive manufacturers to install more efficient automotive systems. Furthermore, the demand for semi-luxury and luxury high-performance automobiles has increased significantly in recent years. As a result, the demand for effective brake systems in vehicles such as passenger cars, large and light commercial vehicles, and two-wheelers continue to increase. These factors are driving the growth of the automotive brake system market significantly, throughout the forecast period. In addition, due to increased d...