The global brake system market was valued at $41,620.00 million in 2019, and is projected to reach $61,196.70 million by 2027, registering a CAGR of 7.0% from 2020 to 2027
Brake system is a mechanical or electrical device that enables vehicle slow down or stop as per the driver’s requirement. Brakes are one of the important parts of vehicles. Brake system includes aset of components such as brake pedal, master cylinder, brake calipers, brake shoes, brake disc, brake rotor, brake drum, brake lining, and hoses. Brake system market growth is totally dependent on the performance of the end use industries such as automotive, construction equipment, agricultural equipment, mining equipment,and industrial trucks. To slow down or stop the vehicle or equipment at a desired level is most crucial factor as it is associated with work efficiency and loss of human life. The extreme working conditions such as construction and mining activities require a durable and cost-effective brake system to attain the desired working output. The drum brakes are the commonly usedbrakes across all the end-use industries due to its simple construction andcost effectiveness.
The factors such as increase in sales & production of commercial vehicles and off-highway trucks, rise instringency of automotive active safety regulations, and impact of new car assessment program (NCAP) on electronic brake systems are expected to drive the global brake system market. However, high development cost of electronic brake systems andhigh installation & maintenance cost are expected to restrain the growth of market during the forecast period. Moreover, regulations related to load carrying capacity and mandates on air brakes installation, introduction of brake-by-wire system, introduction of regenerative braking are anticipatedto supplement the global brake system market growth; thus, providing a better opportunity for the growth of the market in the near future.
The global brake system market is segmented on the basis of product type, sales channel, end use, and region. Based on product type, the global brake system market has been categorized into disc brakes, drum brakes, hydrostatic brakes, hydraulic wet brakes, and regenerative & dynamic braking. Based on sales channel, the global brake system market has been categorized into original equipment manufacturers (OEM) and aftermarket. Based on end use, the market has been categorized into automotive, construction equipment, agricultural equipment, industrial trucks, and mining equipment. Region wise, the global brake system market has been studied across North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in the report include AISIN SEIKI Co., Ltd, BREMBO S.P.A., CONTINENTAL AG, Delphi Technologies, HALDEX, Hitachi Automotive Systems, Ltd, KNORR-BREMSE AG, Nissin Kogyo Co., Ltd., Robert Bosch GmbH, and ZF FRIEDRICHSHAFEN AG.
By Product Type
Regenerative & Dynamic Braking is projected as the most lucrative segment
Increase in sales & production of commercial vehicles and off-highway truck
The brake systems are integral parts of a vehicle. Thus, an increase in commercial vehicle production and sales have a direct impact on the brake system market. For instance, according to the data by the International Organization of Motor Vehicle Manufacturers (OICA), the global sales of commercial vehicles in 2019 was 27 million units, that is, a growth of 3.8% was encountered as compared to 2018. In addition, increase insales of commercial vehicles, primarily driven by the growth of logistics industry, islikely to propel the development of brake systems. Moreover, growth inproduction of commercial vehicles hasled to increase in demand for active safety system. Therefore, companies are implementing and launching active safety technologies such as advanced driver assist systems (ADAS) features in commercial vehicles. For instance, in 2020, Volvo Trucks launched four new generation of heavy-duty trucks. The truck is equipped with advanced driver assist systems (ADAS), which includeforward-collision warning, adaptive cruise control, lane departure warning, and automatic emergency braking. Furthermore, owing to increase inconstruction & infrastructure development projects, rise ininvestments in the mining industry, and surge indemand for technologically advanced trucks, the sales of off-highway trucks is expected to witness growth in the near future. Thus, increase insales & production of commercial vehicles and off-highway trucks fuelthe growth of the brake system market.
Increase instringency of automotive active safety regulations
The governments around the world aremainly focusing on the standard that will lead to increased safety of the driver and passengers. Therefore, the regulatory authorities have established stringent regulations aiming to improve active safety in vehicles. For instance, the U.S. Department of Transportation's National Highway Traffic Safety Administration (NHTSA) and Insurance Institute for Highway Safety (U.S.), along with 20 prominent vehicle manufacturers, announced to incorporate automatic emergency braking (AEB) systems as a standard feature in all new cars from September 2022. From September 1, 2018, to August 31, 2019, 12 manufacturers equipped more than 75% of their new passenger vehicles with automatic emergency braking (AEB) systems. In addition, theGovernment of India mandated anti-lock braking system (ABS) for all two-wheelers above 125 cc and combined-braking system (CBS) for all two-wheelers below 125 cc, for the launches planned on or after April 1, 2018 to meet the norms. Therefore, stringency of automotive active safety regulations results in increased demand for active safety system in the vehicles. Thus, the brake system manufacturers are focusing on the development of advanced braking system to meet the new regulations, which, in turn, drivesthe growth of the air brake system market.
By Sales Channel
Aftermarket is projected as the most lucrative segments
High development cost of electronic brake systems
Advanced electronic braking systems availthe shortest possible braking distance and enhanced stability of the vehicles; therefore, it is widely employed in most of the premium vehicles these days. However, the cost of electronic braking system is much higher for use in economy class vehicles. Thus, organizations are striving for innovative and affordable solutions for vehicles of all classes. However, the necessary capital expenditure is high for development and commercialization of new braking technologies such as electronic braking systems. Thus, the new and advanced braking technologies have been achieved by only a few major automotive companies because of high initial investment in development of such braking technologies. Therefore, the high development cost of electronic braking system is set to impede the growth of the brake system market.
Regulations related to load carrying capacity and mandates on air brakes installation
The increased transportation of goods by means of roads has led vehicle manufacturers to increase the load carrying capacity of the vehicles. Thus, the governments across the globe have made rules and regulations for the load carrying capacity of the vehicle;thereby, ensuring the safety and security while driving. For instance, the Indian government has increased the load carrying capacity of heavy vehicle by 20%-25% besides scrapping the mandatory annual renewal of fitness certificates for freight carriers. In addition, the government has mandated the use of air brakes in the vehicle for ensuring the safety while driving, which has led to the growth of the market. In addition, owing to the regulations related to load carrying capacity and air brake installation, the leading manufacturers are focusing on development of air brake as per the norms. For instance, in September 2017, Meritor, Inc., a commercial vehicle component manufacturer, introduced the EX+ air disc brakes compatible with tractors and trailers. The EX+ air disc brake has been weight optimized by 10 pounds per brake without sacrificing performance and offers the lightest-weight truck air disc brakes in the market. In addition, in March 2018, Meritor, Inc. received a supply contract from Daimler Trucks North America (DTNA) to provide EX+ L air disc brakes. These EX+ L air disc brakes will be a standard on all wheel positions for DTNA's new freightliner Cascadia model to further enhance safety & performance and to reduced overall vehicle weight. Therefore, the regulations related to load carrying capacity and mandates on air brakes are anticipated to provide numerous opportunities for the brake system market in coming years.
By End Use
Automotive is projected as the most lucrative segments
COVID-19 Impact on Brake System Market
The ongoing COVID-19 health crisis has already hit the world economy harder than the deep recession of 2008. In brake system market, a dramatic negative spike in demand followed by a reduction in manufacturing and shipping, along with inventory management issues has brought on an abrupt change in consumer buying behavior. The COVID impact on the brake system market is unpredictable and it is expected to remain in force till the second quarter of the 2021. The covid-19 outbreak across the globe has forced the central government to give directives to ensure the safety of the workers and to contain the spread of the coronavirus.Many original equipment manufacturers (OEM) will likely soon face liquidity issues as operating cash flow diminishes during the crisis. The brake system manufacturer are slowing down the production as end use industries are experiencing negative momentum.
By Region
Asia Pacific would exhibit the highest CAGR of 8.7% during 2020-2027.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global brake systemmarket analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall brake system market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities ofthe global brake system market with a detailed impact analysis.
- The current brake systemmarket is quantitatively analyzed from 2020 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Brake System Market Report Highlights
| Aspects | Details |
 By Product Type |
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 By End Use |
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 By Distribution Channel |
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| By DISTRIBUTION CHANNEL |
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 By Region |
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 Key Market Players | KNORR-BREMSE AG, Hitachi Automotive Systems, Ltd., ZF FRIEDRICHSHAFEN AG, BREMBO S.P.A., Nissin Kogyo Co., Ltd., Delphi Technologies, Robert Bosch GmbH, CONTINENTAL AG, HALDEX, AISIN SEIKI Co. Ltd |
Analyst Review
Brake system is a mechanical or electrical device that enables vehicle slow down or stop as per the driver’s requirement. Brakes are one of the important parts of vehicles. Brake system includes a set of components such as brake pedal, master cylinder, brake calipers, brake shoes, brake disc, brake rotor, brake drum, brake lining, and hoses.
The brake system market growth is totally dependent on the performance of the end use industries such as automotive, construction equipment, agricultural equipment, mining equipment, and industrial trucks. The extreme working conditions such as construction and mining activities require a durable and cost-effective brake system to attain the desired working output. The drum brakes are most commonly used brake system across all the end-use industries due to its simple construction and cost effectiveness.
The factors such as increase in sales & production of commercial vehicles and off-highway trucks, rise in stringency of automotive active safety regulations, and impact of new car assessment program (NCAP) on electronic brake systems are expected to drive the global brake system market. However, high development cost of electronic brake systems and high installation & maintenance cost are expected to restrain the growth of the brake system market during the forecast period. Moreover, regulations related to load carrying capacity and mandates on air brakes installation, introduction of brake-by-wire system, introduction of regenerative braking are anticipated to supplement the global brake system market growth; thus, providing a better opportunity for the growth of the market in the near future.
Among the analyzed regions, Asia-Pacific is the highest revenue contributor, followed by Europe, North America, and LAMEA. On the basis of forecast analysis, Asia-Pacific is expected to maintain its lead during the forecast period in terms of revenue generation, owing to manufacturing facilities of automotive, industrial trucks, and construction equipment in the said region.
COVID-19 health crisis will have negative impact on the overall supply chain and demand for the brake system owing to slow down in the production acttivities and negative growth of end use industries such as automotive, construction equipment, and material handling equipment.
Based on product type, in 2019, the disc brakes holds approximately 30% to 33% of the market share for brake system market.
The sample of Global Brake System Market market can be obtained on demand from the website. Our 24*7 chat support system is available on the website which will help the customer to obtain a sample for the report.
Agreements, partnerships, product developments, and product launches are the topmost competitive developments which are adopted by the leading market players in the global market
AISIN SEIKI Co., Ltd, BREMBO S.P.A., CONTINENTAL AG, Delphi Technologies, HALDEX, Hitachi Automotive Systems, Ltd, KNORR-BREMSE AG, Nissin Kogyo Co., Ltd., Robert Bosch GmbH, and ZF FRIEDRICHSHAFEN AG are the leading players in the global brake system market.
The company profiles of the top ten players of the market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry along with their last three year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated
Based on the brake system market analysis, Asia-Pacific accounts to be highest revenue contributor in 2019 and expected to see a lucrative growth provides more business opportunities during the forecast period
The service providers of automotive brake system industry are AISIN SEIKI Co., Ltd, BREMBO S.P.A., CONTINENTAL AG, Delphi Technologies, HALDEX, Hitachi Automotive Systems, Ltd, KNORR-BREMSE AG, Nissin Kogyo Co., Ltd., Robert Bosch GmbH, and ZF FRIEDRICHSHAFEN AG.
The key growth startegies of global brake system market players includes joint venture, partnership, product launch, and others.
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