The Brake System Market is projected to be USD 39.9 Billion in 2021 from USD 22.8 Billion in 2016 and is projected to grow at a CAGR of 6.94% during the forecast period. The market for brake systems is primarily driven by the increase in vehicle production because of growing demand. Additionally, the market is also influenced by government regulations reducing the stopping distance and environmental regulations surrounding brake pad and shoe residue.
Some of the key manufacturers operating in the market are Continental AG (Germany), Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Wabco Holdings, Inc. (U.S.), and Knorr-Bremse AG (Germany).
Passenger cars are the fastest-growing vehicle type in the automotive brake system market
The passenger car segment is estimated to dominate the brake system market. According to the Organization Internationale des Constructeurs d’Automobiles (OICA), the global new passenger car sales increased from 55.8 million units in 2010 to 69.4 million units in 2016. The increase in the number of passenger cars, combined with increasing adoption of disc brakes, makes passenger cars the fastest-growing vehicle type in the brake system market. The rapid increase in the adoption of safety systems in passenger cars plays a significant role in the increasing demand for brake systems in passenger cars. The braking function, combined with other active and passive safety systems, assists a driver in avoiding crashes and protects passengers during accidents.
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Disc brakes are expected to hold the largest market size in the automotive brake system market during the forecast period
The automotive industry has witnessed rapid evolution over the past decade in terms of technology, and the major credit goes to the safety regulations imposed by the governments, especially for braking distance. The stopping distance mandate in North America and Europe has led to increasing market penetration of disc brakes over drum brakes. Most of the passenger cars have disc brakes as a standard product but gradually commercial vehicles are also adapting this product for better safety. Alternatively, the market for drum brakes will continue to grow at a steady pace, given the predominant use of drum brakes in heavy commercial vehicles as well as economic passenger cars in cost-sensitive automotive markets of China, Brazil, India, and Russia.
Electronic Stability Control is the largest segment of the braking technology market
Electronic Stability Control (ESC) is a computerized system that applies brakes to individual wheels and reduces engine power to ensure driver control over the vehicle. ESC is considered as one of the most important advancements in automotive safety. A research study conducted by the U.S. Insurance Institute for Highway Safety (IIHS) in 2006 concluded that ESC reduces the likelihood of crashes by 43%, fatal single-vehicle crashes by 56%, and fatal single-vehicle rollovers by 77%–80%. ESC has become a mandatory component for passenger cars in many parts of North America and Europe. According to the U.S. Federal Motor Vehicle Safety Standard no. 136, ESC has also been proposed to be a mandate for commercial vehicles.
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Asia Oceania is expected to be the largest market for brake systems followed by North America during the forecast period
Asia Oceania is estimated to dominate the global brake system market and is projected to grow at the highest CAGR during the forecast period. Asia Oceania is one of the largest vehicle producing regions in the world. As the demand for brake systems is directly co-related with vehicle production, Asia Oceania will be the largest market for brake systems. The high popularity of SUVs and Pickup trucks in North America has resulted in the region is a key market for brake systems. Additionally, the majority of such vehicles have disk brakes installed in both front and rear, further increasing the overall cost of the brake system. Owing to the above reasons, North America is estimated to be the second-largest Brake system market over the forecast period.
Key Questions Addressed by the Report:
• Which brake type is expected to dominate in the future?
• How are the players addressing the challenge of different brake technologies in the automotive market?
• How are the players addressing the challenge of different brake technologies in the off-highway equipment market?
• What are the countries having major demand for the brake system?