Luton, Bedfordshire, United Kingdom, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Brake System Market.
The global brake system market is projected to reach USD 29 billion by 2029 from USD 19.33 billion in 2020, at a CAGR of 4.5% from 2022 to 2029.
Market Overview
A brake system is a mechanical or electrical mechanism that allows a vehicle to slow down or stop as requested by the driver. The brake systems are constructed to reduce the vehicle's speed and halt its motion. To achieve this, various components inside the brake system work by the principle of friction force and in turn also convert the vehicle's mechanical energy into heat. This is done by using various braking components.
The brake system market is highly interconnected with the sales and manufacture of automobiles. The growth of the automobile industry is the major market driver for the brake systems market. As long as the market for commercial vehicles and industrial trucks is growing the brake system market has a good chance to sustain itself and do well.
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The growth of the logistics industry is estimated to propel the surge in commercial vehicle sales. This increase in commercial vehicle production and sales has directly resulted in the appreciation of the brake system market. The rising number of infrastructural projects and the increase in investments in the mining industry will further help grow the brake system market.
The active safety norms generate massive demand for brake systems. The New Car Assessment Program (NCAP) on electronic brake systems is ensuring the mandatory implementation of braking technologies like ABS and EBD across the world.
Brake System Market Competitive Intelligence
The brake system market is non-fragmented and dominated by a few global players and several regional players. Some of the key players in the brake system market are AISIN CORPORATION, Brembo S.p.A., Continental AG, BorgWarner Inc., Haldex Brake Products Corp., Hitachi Automotive Systems Pvt. Ltd., Knorr-Bremse AG, NISSIN KOGYO CO., LTD., Robert Bosch GmbH, ZF Friedrichshafen AG, TE Connectivity, KSR International Inc., Protection Vessels International Ltd, Batz Group, ADVICS CO., LTD., Mando Corp., BWI Group, AUDI AG, BMW AG, Hyundai Motor Company, Toyota Kirloskar Motor, Volkswagen, AB Volvo
- November 24, 2022. Future electric vehicles will gain additional range thanks to a new brake design from Continental: The so-called Green Caliper, a newly developed brake caliper for disc brakes, is significantly lighter than previous designs and has a lower residual brake torque.
- June 09, 2022: Volvo Trucks is introducing a range of new features that improve safety and driveability, supporting precision handling in tight areas and on bumpy or slippery roads, for example on construction sites.
- September 20, 2022, Bosch Corporation started production of its electro-mechanical brake booster, the iBooster, at its Tochigi plant. At the same time, the company also started production of a smaller variant, the iBooster compact, at the plant to meet the demand from Japanese automakers for compact vehicles.
- On Jan. 10, 2022, Mando Corporation, a company specializing in EV and self-driving solutions, was awarded Innovation Award at the CES 2022. Mando's latest entry, which won the Innovation Award in the VIT (vehicle intelligence & transportation) category for the second year in a row following last year, is the IDB2 HAD
- In January 2021, Brembo acquired SBS Friction, a Danish Company which develops and manufactures eco-friendly and organic material brake pads for motorbikes.
Trends In the Automotive Brake Industry
- Quieter Brakes
- Less Brake Dust
- More Pistons
- Smaller Brakes For EVs
- Automatic Braking
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The Global Brake System Industry Segmentation:
Based On Product Type
- Hydraulic Braking System
- Electromagnetic Braking System
- Frictional Braking System
- Drum Braking System
- Servo Braking System
- Mechanical Braking System
- Parking Brakes System
- Emergency Brakes System
Drum brakes captured a little under 50% of the market share and nearly USD 20 billion in revenue in 2019. The extensive use of drum brakes is largely driven by cost-effectiveness. On the other hand, the shift in focus toward energy-efficient solutions is motoring the regenerative & dynamic braking segment forward. The segment is estimated to witness a staggering compound annual growth rate of 9% during the forecast period.
Based On Technology
- Antilock Braking System (ABS)
- Traction Control System (TCS)
- Electronic Stability Control (ESC)
- Electronic Brake Force Distribution (EBD)
- Others
Based On Vehicle Type
- Passenger Car
- Light & Heavy Commercial Vehicle
- Off-Highway Vehicles
- Others
- Based On End-Use
- Automotive
- Construction Equipment
- Agricultural Equipment
- Industrial Trucks
- Mining Equipment
The end-use of the brake system market include automotive, construction equipment, agricultural equipment, industrial trucks, and mining equipment. The requirement for automobiles is comparatively significant as opposed to the demand for the other segments. Thus, the automotive segment accounted for around USD 25 billion or nearly 55% of the global revenue share.
Based On Distribution Channel
- Original Equipment Manufacturers (OEMs)
- Aftermarket
The original equipment manufacturer (OEM) segment is anticipated to grow at a healthy rate over the forecast period, owing to the high-quality assurance, along with the quick response and efficient monitoring, offered by the manufacturers.
Based on Actuation
- Hydraulic
- Pneumatic
Hydraulic brakes are used in all passenger automobiles and light commercial vehicles. Because passenger automobiles are made of light materials and have a low total weight, this braking system works effectively. The hydraulic brake market in the Asia Pacific is the largest. Because the hydraulic brake market is directly connected to vehicle manufacturing, China and India are expected to dominate the Asia-Pacific market
Based on the Regenerative brake system
- BEV
- PHEV
Market Dynamics
Drivers
- Increase in sales & production of commercial vehicles and off-highway truck
- Stringent regulations by the government
- Increasing demand for safety features in automobiles
- Technological advancements
- Restraints
- High Costs
- Safety Concerns
- Technology Availability
Opportunities
- Technological Advancements and Innovation:
- Electric Vehicles
- Challenges
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Brake System Market Regional Insights
Asia Pacific is expected to be the largest market for the braking system at the time of forecasting. The Asia Pacific market is expected to grow due to the increased adoption of advanced electronic security systems such as ABS, ESC, and TCS. The growing partnership between domestic and international athletes is driving the production of air disc brakes in the region.
The growing popularity of ATVs for sports/recreational activities, increasing farm mechanization, and the rising number of off-road sports events/championships are expected to drive the global ATV market. This growth in ATV sales globally is expected to drive the ATV brake system market. North America contributes to more than 60-62% of the total ATV brake system market in the global ATV brake system market.
FAQS
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