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A modular brake system, such as is used in electronic braking system (EBS) and anti-lock brake system (ABS) that allows for exchangeability of the various brake parts including the modulator, actuator and brake assembly. Modular brake system upgrades a common braking system with electronic braking system (EBS) and anti-lock brake system (ABS). The braking system consists of numerous brake parts such as modulator, actuator, and brake assembly. EBS provides better traction control to the vehicle suppose when the brake pedal is pressed EBS sends signals to each wheel individually to distribute the brake intensity differently to each wheel as required during the situation. Whereas, when ABS is engaged the brake internally gets applied and released numerous times which avoids skidding and maintains better control over the vehicle. Furthermore, modular brake system uses combination of both the systems together which is controlled by central brake unit providing better braking and control over the vehicle. Thus, modular brake system provides more efficient braking and ensuring better safety.
COVID-19 Impact Analysis:
Modular brake system market has witnessed a downfall due to COVID-19 pandemic. Since, the rise in demand of safety features in automobile modular brake system market was an evolving sector with constant R&D which was disrupted due to lockdown. Due to the pandemic globally the manufacturing of automobile was halted thus disrupting the supply of modular brake system. Also, unavailability of labour due to social distancing norms and other restriction which affected the production modular brake system. Modular brake system consists of numerous electronic components whose supply has been disrupted due to the pandemic thus halting the manufacturing of modular brake system. Moreover, due to slowdown of global economy and fall in people’s disposable income is expected to affect the vehicle purchase. Due to the pandemic, there was a negative impact the overall modular brake system market.
Top Impacting Factors
Market Trends
Increase in government rules & regulations for vehicle safety
Government across all the major countries have made regulations to install safety measures in the vehicle due to increase in number of road accidents leading to death. For instance, Indian government has made installation of ABS mandatory for the vehicles both 2-wheeler and 4-wheeler from April 2019. Moreover, automobile manufacturers need to obtain safety rating from organisation such as insurance Institute of Highway Safety (IIHS), New Car Assessment Program (NCAP) and International Centre for Automobile Technology (ICAT) to get license for vehicle sales in the market. Therefore, the increase in government protocols for vehicle safety is expected to drive the growth of the modular brake system market.
Rise in demand for better safety in vehicles
The demand for safety features such as ABS, traction control, electronic stability control, tire pressure monitors, airbags, telematics, and others are on the rise since, the number of road accidents around the world is increasing. According to Safe International Road Travel (ASIRT) nearly 1.35 million people die in road crashes each year and on an average 3,700 people lose their lives every day on roads. In addition, 20-50 million people suffer non-fatal injuries which results in log-term disabilities. Furthermore, more than 38,000 people die every year in crashes on U.S. roadways with a traffic fatality rate of 12.4 deaths per 100,000 inhabitants. Thus, automobile companies are focusing on production of safety features which is expected to drive growth of modular brake system market.
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Key Market Segments
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