What Fueled The Previous Growth In The Brake System Market?
The brake system market has seen considerable growth due to a variety of factors.
• In recent times, the brake system market has experienced significant growth. The market size is predicted to expand from $31.23 billion in 2024 to $33.21 billion in 2025, with a compound annual growth rate (CAGR) of 6.3%. The historic period's growth can be linked to several factors including the expansion of the automotive industry, rising consumer awareness and safety issues, an increase in vehicle fleet, innovations in brake materials, government efforts towards road safety, the utilization of disc brakes, and an increase in both vehicle weight and performance.
What Is The Expected Growth In The Brake System Market Size?
The Brake System market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, there is a prediction for substantial growth in the size of the brake system market. It is expected to reach a valuation of $43.32 billion in 2029, registering a compound annual growth rate (CAGR) of 6.9%.
This anticipated growth within the forecast period is largely due to the push from regulatory bodies for improved safety measures, advancements in energy recovery systems, investments in research and development, competition among market players, product differentiation, and challenges in the global supply chain. Key trends projected for this period include the move towards electrification and regenerative braking, the incorporation of advanced driver assistance systems (ADAS), the application of brake-by-wire technology, use of lightweight materials and innovative design, integration of electronic stability control (esc), as well as digitalization and connectivity.
What Main Forces Are Fueling Expansion In The Brake System Market?
The brake system market is predicted to grow with a rise in road accidents. These mishaps, involving cars colliding with another vehicle or static objects, are often labeled as car accidents or car collisions. The incorporation of contemporary braking systems in cars by manufacturers can help avert these incidents. The employment of such systems also assists in lowering the occurrence and human loss associated with car accidents. For example, provisional statistics for road traffic mishaps in January 2024 from the Road Safety Authority, an agency based in Ireland, showed a 19% surge in road fatalities in 2023 in comparison to 2022. In 2023, 184 fatalities resulted from 173 deadly collisions, an increase from 155 deaths from 149 collisions the previous year. This indicates a rise in 29 deaths, hence a 19% escalation in road fatalities compared to the previous year. Consequently, the rising number of road accidents is fuelling the expansion of the brake system market.
What Are The Primary Segments In The Global Brake System Market?
The brake system market covered in this report is segmented –
1) By Product Type: Disc Brakes, Drum Brakes, Hydrostatic Brakes
2) By Technology: Antilock Braking Systems (ABS), Electronic Stability Control (ESC), Traction Stability Control (TCS), Electronic Brakeforce Distribution (EBD)
3) By Vehicle Type: Passenger Car, Light-Commercial Vehicles (LCV), Truck
4) By End User: Automotive, Construction Equipment, Agricultural Equipment, Industrial Trucks
Subsegments:
1) By Disc Brakes: Ventilated Disc Brakes, Slotted Disc Brakes,
2) By Drum Brakes: Leading-Trailing Drum Brakes, Duo-Servo Drum Brakes,
3) By Hydrostatic Brakes: Fixed Hydrostatic Brakes, Variable Hydrostatic Brakes.
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Which Key Trends Are Driving Changes In The Brake System Market?
Technological advancements are becoming increasingly prevalent in the brake system market, with key players introducing new technologies to maintain their market standing. For example, in July 2022, Orbis Brakes, an American brake manufacturing company, teamed up with NASA, the US's National Aeronautics and Space Administration, to debut new periodic brake systems that rely on aerodynamics technology. This technology enables the production of brakes that are 50% lighter than average cast-iron brakes, significantly reducing the energy required in production and lowering carbon output in the supply chain. This innovative brake consists of an incredibly light disc brake rotor and pad that is predicted to cost much less than similar performance brakes. Additionally, this new brake serves as a high-performance, environmentally-friendly alternative.
Who Are the Key Players In The Brake System Market?
Major companies operating in the brake system market include:
• Aisin Corporation
• Brembo S.p.A.
• Continental AG
• Haldex Brake Products Corp.
• Hitachi Automotive Systems Pvt. Ltd.
• Knorr-Bremse AG
• Robert Bosch GmbH
• ZF Friedrichshafen AG
• Nissin Kogyo Co. Ltd.
• TE Connectivity Ltd.
• KSR International Inc.
• Batz S. Coop.
• ADVICS Co. ltd.
• Bwi Automotive Technologies Private Limited
• AUDI AG
• BMW AG
• Hyundai Motor Company
• Toyota Kirloskar Motor Private Limited
• Akebono Brake Industry Co. Ltd.
• Disc Brakes Australia
• Aptiv PLC
• Federal-Mogul Holding Co.
• Hella Pagid GmbH
• Performance Friction Corporation Brakes
• TVS Brake Linings Co.
• Mando Corporation
• Autoliv Inc.
• Denso Corporation
• Freeman Automotive UK Ltd.
• Hawk Corp.
What Is The Most Dominant Region In The Brake System Market?
North America was the largest region in the brake system market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the brake system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
