The global brake system market is estimated to touch $ 31.9 billion in 2021, growing at a compound annual growth rate of about 7% during the calculated period.
Brakes are the essential mechanical elements in the automotive and mechanical equipment that do not slow down the system. The typical life cycle of the brake is shorter; thus, the introduction of improved brakes stimulates the market. This ultimately stimulated the expansion of sectors such as the automotive, oil and gas industry, industry, etc. In recent years, rapid urbanization and the demand for a practical lifestyle have fueled the market. These factors are expected to pave the way for growth opportunities during the outlook period. The global brake system market is often segmented in terms of compatible products, operation, technology, vehicle, and region. The disc brake segment is expected to develop considerably during the forecast period.
The brake systems market is mainly stimulated by increased vehicle production due to rising demand. Also, the rising government regulations to control braking distance and environmental regulations around the residue from pads and shoes are foreseen to accelerate this business in future.
Drivers and Restraints of Brake System:
Regulatory authorities around the world are improving active safety systems. One indication is the implementation of regulations on braking distance and pedestrian protection. Regulations are introduced with a reduced braking distance, which has successively affected the brake because of the automotive industry as a whole. Therefore, brake manufacturers specialize in the case of disc braking solutions to comply with new regulations regarding braking distance. Electronic braking systems are among the most widely used active safety systems. They offer benefits such as the shortest possible stopping distance and improved stability. Organizations strive to find innovative and affordable solutions for vehicles of all kinds.
However, the event and commercialization of the latest braking technologies require high costs. Therefore, large auto companies only achieve milestones in braking technologies. Furthermore, the low-quality duplicate brake system is also hampering the market growth.
Brake System Market, By Brake Type
The disc brake segment had a slightly higher revenue share in the automotive brake system market in 2017 and is expected to reach $ 14 billion at the beginning of the forecast period. However, a better CAGR must be found in the drum brake segment and key stakeholders in the automotive brake system market should take this into account when developing long-term strategies. Europe represents the most important regional contribution in the drum brake segment and companies should focus their attention on this to get the maximum return on investment.
Brake System Market, By Vehicle Type
The passenger car segment is believed to dominate the global brake system market. According to the International Organization of Automobile Manufacturers (OICA), world sales of new automobiles increased from 55.8 million units in 2010 to 69.4 million units in 2016. The surge in the number of passenger cars along with the increasing adoption of disc brakes is promoting the expansion of this segment in this market. The rapid increase in the adoption of passenger car safety systems plays an essential role in the growing demand for passenger car brake systems. The braking function, combined with other active and passive safety systems, helps the driver avoid collisions and protects passengers in the event of an accident.
Brake System Market, By Technology
Based on technology, the electronic automotive stability control segment is growing at a rapid rate thanks to multiple advantages over traditional systems, such as reduced number of brake components, predictive brake controls, reduced maintenance, and improved vehicle diagnostics of the whole system.
Off-Highway Brake System Market, By Application
Brake System Market Region-wise analysis:
Marked Segmentation based on the region:
a. Middle East
North America is considered as the dominant region in the global brake system business. Europe is expected to be the second-largest market in the world for automotive brake systems. The Asia Pacific is foreseen to develop in the future due to the growing demand for utility and passenger vehicles. Japan also makes a notable contribution to the global brake system market. China should be the most important opportunity in terms of industry revenue.
IMPACT OF COVID-19 ON BRAKE SYSTEM MARKET:
Nations that have been hit hard by COVID-19 contributed about half of worldwide business in 2019, including 1.7% from India, which will affect its vehicle and coordination division. Worldwide industry is likely to decrease by 15%, with the top 20 sending out economies right now under pressure. All the more promptly, the part will confront difficulties as supply chain disturbance, limit requirements, and cost pressures. Notwithstanding, the emergency will propel the structure of stun versatile supply chains in food and human services coordination while making a more noteworthy driving force for supply chain digitization. Warehousing will increase more noteworthy operational efficiencies using mechanical technology, AI, and enlarged reality instruments.
The span and seriousness of COVID-19's effect on economies and segments will without a doubt shift. In any case, organizations should get underway a "look forward, foresee, and alter" guide. Over the close to term, organizations ought to investigate supply chain broadening and influence new open doors emerging from changing client requests. Over the long haul, item and administration portfolio broadening will be basic to guaranteeing more noteworthy strength.
Key Players of Market:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Brake System Market, By Brake Type
6.1.1 Disc Brake
6.1.2 Drum Brake
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Brake System Market, By Vehicle Type
6.2.1 Passenger Cars
6.2.2 Light Commercial Vehicles
6.2.3 Heavy Commercial Vehicles
6.2.4 Market Size Estimations & Forecasts (2019-2024)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Brake System Market, By Technology
6.3.1 Anti-Lock Braking System (ABS)
6.3.2 Electronic Stability Control (ESC)
6.3.3 Traction Control System (TCS)
6.3.4 Electronic Brake-Force Distribution (EBD)
6.3.5 Market Size Estimations & Forecasts (2019-2024)
6.3.6 Y-o-Y Growth Rate Analysis
6.3.7 Market Attractiveness Index
6.4 Brake System Market, By Application
6.4.1 Agricultural Tractor
6.4.2 Construction Equipment
6.4.3 Market Size Estimations & Forecasts (2019-2024)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Brake Type
7.2.3 By Vehicle Type
7.2.4 By Technology
7.2.5 By Application
7.3.1 By Country
18.104.22.168 Rest of Europe
7.3.2 By Brake Type
7.3.3 By Vehicle Type
7.3.4 By Technology
7.3.5 By Application
7.4 Asia Pacific
7.4.1 By Country
22.214.171.124 South Korea
126.96.36.199 South East Asia
188.8.131.52 Australia & NZ
184.108.40.206 Rest of Asia-Pacific
7.4.2 By Brake Type
7.4.3 By Vehicle Type
7.4.4 By Technology
7.4.5 By Application
7.5 Latin America
7.5.1 By Country
220.127.116.11 Rest of Latin America
7.5.2 By Brake Type
7.5.3 By Vehicle Type
7.5.4 By Technology
7.5.5 By Application
7.6 Middle East and Africa
7.6.1 By Country
18.104.22.168 Middle East
7.6.2 By Brake Type
7.6.3 By Vehicle Type
7.6.4 By Technology
7.6.5 By Application
8. Key Player Analysis
8.1 Tenneco Inc.
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Federal-Mogul LLC.
8.3 AISIN SEIKI Co., Ltd.
8.4 Miba AG
8.5 Robert Bosch GmbH
8.6 Nisshinbo Holdings Inc.
8.7 Brembo S.p.A.
8.8 SGL Group
8.9 Akebono Brake Corporation
8.10 Delphi Automotive LLP
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures