The brake systems are constructed to reduce the vehicle's speed and halt its motion. To achieve this, various components inside the brake system work by the principle of friction force and in turn also convert the vehicle's mechanical energy into heat. This is done by using various braking components. The different types of components and products in the brake system market include disc brake, drum brake, hydrostatic brake, hydraulic wet brake, regenerative and dynamic brakes. The brake system market spread is now an integral part of major sectors such as the automotive sector, Construction equipment, Agricultural tools, Industrial vehicles, and Quarry machines. Brake systems work majorly on the principle of friction.
The brake system market size was estimated at 30 billion USD dollars in 2019 and is expected to grow at a CAGR of 6.7 % from 2020-2026.
The brake system market is highly interconnected with the sales and manufacture of automobiles. The growth of the automobile industry is the major market driver for the brake systems market. As long as the market for commercial vehicles and industrial trucks is growing the brake system market has a good chance to sustain and do well. According to OICA (Organization Internationale des Constructeurs d'Automobiles), the sales of passenger cars have taken an upward slope from 55.8 million units in 2010 to 69.4 million units in 2016 globally, thereby leading to a demand for brake systems market. The Indian brake system market is projected to grow to $1.55 billion by 2024.
Emerging new technologies in the brake system market that provide the improved performance along with better safety are likely to be commercialized soon. The anti-lock braking system (ABS) enables vehicles to have better grip even on slippery surfaces and is thus increasingly being adopted by automobile manufacturers across the world. The ABS improves reaction speed leading to a shorter and smooth braking time, thereby improving the overall customer experience. Recently, Hyundai Motors recalled a huge amount of its electric cars and fuel cell cars from Korea on account of faulty electronic braking systems as per the order from the transport ministry. This has led to consumer concerns regarding electronic brake system safety thereby impacting the market growth adversely. However, it is evident from the key market trends that demand a braking system with higher accuracy is increasing thereby providing new opportunities for players present in the value chain of the brake systems market.
The global pandemic has altered the dynamics of the supply chain of the brake systems market. This industry has also been impacted by the significant intrusion of government regulations on the automobile industry. The lockdown has further impacted consumer purchasing, thereby reducing the number of vehicles sold thus affecting the brake system industry as well.
The Upcoming MG Gloster will be the first SUV to feature an autonomous emergency braking system with adaptive cruise control. The automotive high-performance braking system is estimated to bring back the market of the braking system despite the ill effects of covid 19. The recovery of brake system market conditions looks optimistic with the gradual opening of economies post easing of lockdown conditions.
Increasing Safety Norms:
The growth of the brake system market is also being driving by increasing safety norms implemented by regulatory authorities across the world. This has made it imperative for automotive manufacturers to work closely with the brake system and brake component manufacturers.
High Costs:
The growth of the electronic brake system sub-segment of the market is hindered by its high development and installation costs.
Safety Concerns:
The accuracy of electronic brake systems is still questioned and the inability of the system to react immediately can cause severe damage on the road.
Technology Availability:
In addition to that, the technology available for manufacturing advanced braking systems is limited to certain parts of the world only. These uncertainties pull down the overall market for the electronic brake systems market.
Technological Advancements and Innovation:
The introduction of by-wire technologies in the brake system and regenerative braking systems create opportunities for growth in the market. Technological advancements and innovations present new avenues in the brake system.
Electric Vehicles:
Developing brakes for Electric Vehicles is emerging as new opportunity area for brake system manufacturers
Brake Wear Reduction:
Reducing the emissions from brake wear is the biggest challenge for the brake industry. Exhaust and non-exhaust vehicular emission sources are estimated to contribute almost equally to particulate matter (PM) emissions.
The Asia Pacific includes regions such as India, China, and South Korea. This region is expected to exhibit the highest CAGR of 8.7% during 2020-2027 and is expected to witness a lucrative growth that provides more business opportunities during the forecast period, compared to North American and Europe regions. Asia Pacific region is also expected to account for the largest share in terms of revenue. There are new market opportunities in agricultural tractor brake systems in this region.
Key players profiled in the report include AISIN SEIKI Co., Ltd, BREMBO S.P.A., CONTINENTAL AG, Delphi Technologies, HALDEX and Hitachi Automotive Systems.
The research report analyses the ecosystem of Brake Systems Market and categorizes the Brake Systems Market to forecast the revenues and analyse the trends in each of the following below-mentioned market segments.
The key players operating in the market are:
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.
Research Methodology
Log in / Register