What Is The Definition Of The Global Brake-By-Wire System Market?
A brake-by-wire (BBW) system is an advanced braking technology that uses electronic controls to convert the driver's brake pedal input into electronic signals that regulate the level of braking power supplied to the wheels. Brake-by-wire systems offer faster and more precise braking responses than older systems, enhancing vehicle safety and handling.
Brake-By-Wire System Global Market Report 2024 provides data on the global brake-by-wire system market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The brake-by-wire system market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Brake-By-Wire System Market Size Expected To Expand, And At What Annual Growth Rate?
The brake-by-wire system market has grown steadily, increasing from $8.16 billion in 2023 to $8.77 billion in 2024, at a CAGR of 7.5%. Past growth was driven by increasing safety regulations, the rise of electric vehicles, demand for lightweight vehicles, and advancements in driver assistance systems. By 2028, the market is expected to grow to $11.75 billion, with a CAGR of 7.6%. Factors supporting future growth include the rise of autonomous vehicles, advancements in automotive electronics, and a focus on safety and emissions reduction. Key trends include integration with autonomous driving systems, wireless communication technologies, and regenerative braking features.
What Are The Key Drivers Fueling Growth In The Brake-By-Wire System Market?
The growing adoption of electric vehicles is anticipated to propel the growth of the brake-by-wire system market. With rising concerns over environmental sustainability and government incentives, the electric vehicle (EV) market is expanding rapidly. Brake-by-wire systems, which use electronic controls instead of hydraulic components, enhance vehicle efficiency and reduce weight, making them ideal for EVs. According to the International Energy Agency, the number of hybrid and electric vehicles is rising steadily, further boosting the demand for advanced braking technologies like brake-by-wire systems.
Get Your Free Sample Of The Global Brake-By-Wire System Market Report
What Are The Principal Market Segments In The Global Brake-By-Wire System Industry?
The brake-by-wire system market covered in this report is segmented –
1) By Type: Hydraulic Or Wet Type, Electronic Or Dry Type
2) By Sales Channel: Original Equipment Manufacturers (OEMs), Aftermarket
3) By Application: Passenger Vehicles, Commercial Vehicles
Which Emerging Market Trends Are Altering The Brake-By-Wire System Market?
In the brake-by-wire system market, companies are innovating with advanced braking technologies like electro-mechanical brake systems to improve safety and efficiency. ZF Friedrichshafen AG unveiled the ‘dry’ brake-by-wire system in November 2023, which enhances braking performance by reducing stopping distances and improving energy recuperation, making it ideal for electric vehicles.
What Is The Leading Region In The Brake-By-Wire System Market?
North America was the largest region in the brake-by-wire system market in 2023. The regions covered in the brake-by-wire system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
