Brake System Market worth $26.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 27, 2021 /PRNewswire/ -- According to the new market research report "Brake System Market by Type (Disc, Drum), Technology (ABS, ESC, TCS, EBD), On & Off-Highway Vehicle (Passenger Car, LCV, HCV, Construction-Mining, Tractor), OHV Brake (Hydraulic Wet, Hydrostatic, Dynamic), Actuation and Region – Global Forecast to 2026", published by MarketsandMarkets™, the Brake System Market is projected to reach USD 26.5 billion by 2026 from an estimated USD 20.9 billion in 2021, at a CAGR of 4.9% during the forecast period.
Browse in-depth TOC on "Brake System Market"
154 – Tables
56 – Figures
211 – Pages
The growth of the Brake System Market is influenced by a major factor such as the stringency in safety standards in countries such as China, India, Brazil, European Union, US, Canada, etc. In addition, the anticipated increase in demand for premium and luxury cars are expected to boost the disc brake market growth. Also, the growing adoption of disc brakes in commercial vehicles due to its technical benefits in North America, Asia Pacific is expected to drive Brake System Market. Therefore, the Brake System Market is expected to witness significant growth in the coming years.
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Anti-lock brake systems is expected to be the fastest market during the forecast period
ABS prevents lockups and skidding and offers enhanced stopping power. Not only does it offer technical benefits, but also advantages such as lower insurance costs and higher resale value. Stringency in safety standards has made ABS a mandatory feature in vehicle models. ABS has become a mandatory feature in the US, Europe, Brazil, India, Japan, South Korea, and many more countries. Also, vehicles fitted with ABS have a lower risk of crash/accidents. Asia Pacific is the largest ABS market, with the main markets being China and India. This is attributed to the implementation of regulations, making it a mandatory feature. For instance, in 2017, in India, the Ministry of Road Transport & Highways (MoRTH) released a notification, which makes ABS mandatory for all cars to be sold from April 2019. Thus, with increasing vehicle production globally, the ABS market is expected to witness constant growth.
Passenger Car segment is expected to be the largest growing market
Increasing adoption of electronic brakes is expected to further drive the passenger car Brake System Market. Although electronic brakes are popular in Europe and North America, the increasing penetration of such brakes in Asia Pacific is expected to boost the Brake System Market. For instance, in 2017, ZF with Brakes India successfully started production of the first Electric Park Brake (EPB) system with a global OEM, marking it the first launch of its kind for the Indian market. Although electronic parking brakes have been a feature in European and North American cars, their adoption in cost-sensitive countries such as India and China is expected to drive the passenger car Brake System Market.
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North America is expected to lead the market during the forecast period
Asia Pacific has emerged as a hub for automotive production in recent years due to changing consumer preferences, increasing disposable income of the middle-class population, and cost advantages for OEMs. Manufacturers such as BMW (Germany) and Volkswagen AG (Germany) have already set up their manufacturing units in these countries on a large scale. The implementation of safety standards in China, India is expected to drive adoption of electronic braking systems. Japan has the highest penetration of advanced electronic braking systems in its vehicles. This is due to the already implemented stringent safety regulations. For instance, ABS and ESC are mandatory in all passenger cars and LCVs. In 2019, the Japanese government implemented a new policy that requires all new cars, minicars, and minitrucks to be equipped with automatic braking systems (AEB) from fiscal 2021 to meet international standards and help prevent accidents. Thus, considering the above-mentioned factors, Brake System Market is expected to witness significant growth in the coming years.
The Brake System Market is dominated by globally established players such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), Aisin Seiki Co, Ltd. (Japan), Knorr-Bremse AG (Germany), and Brembo S.p.A (Italy), ADVICS Co., Ltd. (Japan).
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