Overview and Scope
A brake system refers to a system that enables the car or any vehicle to slow down or stop as needed by the driver. One of the most crucial components of a car is its brakes.
Sizing and Forecast
The brake system market size has grown strongly in recent years. It will grow from $29.62 billion in 2023 to $31.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to automotive industry growth, consumer awareness and safety concerns, increasing vehicle fleet, innovation in brake materials, government initiatives for road safety, adoption of disc brakes, increased vehicle weight and performance.
The brake system market size is expected to see strong growth in the next few years. It will grow to $40.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to regulatory push for advanced safety, emergence of energy recovery systems, research and development investments, market competition and product differentiation, global supply chain challenges. Major trends in the forecast period include electrification and regenerative braking, advanced driver assistance systems (adas), brake-by-wire technology, lightweight materials and design, integration of electronic stability control (esc), digitalization and connectivity.
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Segmentation & Regional Insights
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
North America was the largest region in the brake system market in 2023. 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.
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Major Driver Impacting Market Growth
An increase in road accidents is expected to propel the growth of the brake system market going forward. Car accidents also referred to as car collision, are accidents with a car that involves a collision with another vehicle or stationary objects. The installation of modern braking systems by car makers in cars helps to prevent traffic accidents. Also, the use of braking systems reduces the loss of lives and accidents due to car accidents. For instance, according to the National Safety Council, a US-based non-profit, public service organization promoting health and safety, in 2021, car accidents have resulted in fatalities of 1.3 million people worldwide. Furthermore, in June 2022, according to the World Health Organization, a US-based specialized health agency, there was almost 1.3 million people die each year from road accidents. Therefore, the increase in road accidents is driving the growth of the brake system market.
Key Industry Players
Major companies operating in the brake system market report are 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, Mando Corp., Nissin Kogyo Co. Ltd., TE Connectivity Ltd., KSR International Inc., Protection Vessels International Ltd., 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.
The brake system market report table of contents includes:
- Executive Summary
- Brake System Market Characteristics
- Brake System Market Trends And Strategies
- Brake System Market – Macro Economic Scenario
- Global Brake System Market Size and Growth
- Brake System Market Segmentation
- Brake System Market Regional And Country Analysis
……………….
- Key Mergers And Acquisitions In The Brake System Market
- Brake System Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Brake System Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Brake System Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Brake System Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
……………….
Table 75: Aisin Corporation Financial Performance
Table 76: Brembo S.p.A. Financial Performance
Table 77: Continental AG Financial Performance
Table 78: Haldex Brake Products Corp. Financial Performance
Table 79: Hitachi Automotive Systems Pvt. Ltd. Financial Performance
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