The Global Brake System Market was worth US$ 22.8 billion in 2022 and is anticipated to reach a valuation of US$ 30.38 billion by 2028 and is predicted to register a CAGR of 5.15% during 2023-2028.
The demand for more accurate and efficient braking systems for reducing road accidents raises the focus of manufacturers to develop more advanced and effective brake systems. The growing popularity of high-end and luxury cars is boosting the growth of the market in the period between 2022 and 2027. Additionally, the stringent regulations related to road safety and reducing accidents, government initiatives to reduce emissions, and increasing demand for technologies drive the growth of this market in the near future.
Market Drivers and Restraints:
The driving force of the automotive brake system market is the rising incidence of road accidents, government initiatives to reduce emissions, increasing demand for new technologies in automobiles, and the growing use of electronic systems in automobiles. The growing awareness about the smooth and safe drive-in wake of reducing the number of road accidents, as brake system plays a vital role in maintaining safety by slowing down or stopping the vehicle on time, thus decreasing road accidents. Various governments across the globe are implementing safety standard features such as ABS, ESC, TCS, and EBD which are mandatory features in vehicles. This is the key factor that has driven the growth of the brake system market in developed as well as developing countries.
The automobile industry is constantly producing new and advanced technologies for the comfortable and safe driving of vehicles. The key players are frequently working in the development of products like ABS, ESC, and anti-collision devices for safe and better vehicles, boosting the growth of the brake system market. The government of several countries has passed stringent regulations regarding emission which increases the demand for disc brake systems as disc brakes do not cause harmful environmental emissions. The growing demand for efficient brakes with less emission drives the growth of new advanced brake systems in the market.
High installation and maintenance cost hampers the growth of the market, especially in developing countries. The malfunctioning of the Electronic Braking System and freezing of air brakes become the major challenges that restrict the market growth of brake systems.
Market Recent Developments:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
5.15% |
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Segments Covered |
By Brake Type, Technology, Vehicle Type, Actuation, Off-Highway Break Type, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), Aisin Seiki Co, Ltd. (Japan), Knorr-Bremse AG (Germany), Brembo S.p.A (Italy), ADVICS Co., Ltd. (Japan), Haldex AB (Sweden), Mando Corporation (South Korea), Hitachi Astemo, Ltd. (Japan)., and Others. |
Market Segmentation:
The Global Brake System Market is segmented into Disc Brakes and Drum Brakes. It is estimated that Disc brakes will dominate the market in the forecast period due to the increasing adoption of disc brakes especially in North America and Europe region. The disc brakes are mounted on the front wheel axles but now a day’s rear wheels are also equipped with disc brakes. .The disc brakes are more efficient, provide better stopping power, dissipate heat easily, self-adjust as the friction material wears, and work efficiently in wet conditions. Additionally, the disc brake can also withstand stringent regulations regarding emissions.
Anti-lock braking system (ABS) is expected to boost market growth as this braking system prevents lock-ups and skidding, even in slippery conditions. Anti-lock braking system allows drivers to steer during an emergency braking situation. ABS can help in improving vehicle stability, steering ability, and stopping capability. Owing to the above reasons the ABS drives the growth of the global brake system market in the forecast period.
The Global Brake System Market is segmented into On & off Highway vehicles (Passenger Car, LCV, HCV, Construction-Mining, Tractor, and Agricultural. Passenger cars and agricultural tractors are going to boost market growth. As a transport or passenger vehicle, the bus is used very frequently due to safety and less fare than passenger cars. And tractor with disc brakes is predominantly used in agriculture because of its better performance and the growing adoption of technology in agricultural tractors drives the growth of the market in the future.
The Global Brake System Market is segmented into Hydraulic and Pneumatic. The hydraulic brake system is expected to be the largest market as hydraulic brake provides more accuracy, efficiency, and ease of maintenance. Hydraulic brakes dissipate heat thoroughly and more evenly than traditional mechanical brakes. Hydraulic brakes are generally used in all passenger vehicles and light vehicles run on a hydraulic braking system.
The Global Brake System Market is segmented into Hydraulic Wet, Hydrostatic, and Dynamic. The hydraulic wet brake system is expected to have the fastest growth as it offers better stopping power can withstand harsh working conditions and does not require much maintenance. It is quite easy to stop the vehicle when driving through water/wet roads, with the hydraulic wet brake system, therefore enhancing the safety of the vehicle. Owing to these factors the demand for hydraulic wet brake systems drives the growth of the Global Brake System Market in the near future.
Market Regional Analysis:
The Global Brake System Market Report includes the segmentation of regions:
Asia-Pacific is expected to be the largest market for brake systems, during the forecast period due to the increasing adoption of advanced safety electronic braking systems ABS, ESC, and TCS. The local players are collaborating with global players for the production of brake systems for example In April 2021, Haldex and FAST Group announced a joint venture to produce and sell air disc brakes and after-market services for buses and trucks with a key focus on the Chinese market. In the APAC region, China is one of the largest manufacturers of automobile parts. The penetration of high brake systems in buses is one of the rises of brake systems in Asia-Pacific, Europe, and North America. The government of various countries of different countries is focused on road safety and thus imposed safety regulations that drive the growth of the brake system market. The huge adoption of luxury cars in North America boosts the growth of the brake system market. In Europe and Asia Pacific region, the demand for luxury and high-end cars is increasing which drives the demand for advanced brake systems. In Asia –the Pacific region, the adoption of hydraulic wet brake systems is increasing which is highly used in passenger cars and light commercial vehicles for driving safely even on wet roads.
The entire automotive supply chain on a global scale during the second and third quarters of the year 2020, impacting new vehicle sales in FY 2020. The pandemic has presented an uncertain recovery timeline for the automotive industry due to the lockdown and shout-down of manufacturing around the globe. Due to COVID-19, the automotive industry has faced major challenges like a limited supply of vehicle parts, reduced sales of new vehicles, shutdown of production facilities, and decline in working capital. As the brake system is dependent on the production of the vehicle, this market is affected due to the pandemic. According to Indian Ratings & Research, the global dependency on China for major automobiles and parts would be affected as China is the epicenter of the outbreak and major manufacturing automobile and auto parts. But with the second half of 2021, the automobile industries are recovering which will increase the demand for brake systems in the projected period.
Market Key Players:
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