Brake System Market is forecast to reach $32.02bn after growing at a CAGR of 6.31% during 2020-2025. The increase in production and sales volume of the automobiles along with the rise in demand for electric vehiclesis analyzed to drive the Brake System Market during the forecast period 2020-2025. Apart from this the growing stringency in the traffic safety applications is also analyzed to be a major factor driving the market for advanced brake systems such as antilock braking system, electronic brake force distribution system and so on
• Asia-Pacific dominates the Brake System Market owing to presence of large manufacturing base of automobilesin this regions.
• With the significant increase in the stringent safety regulations electronically controlled brakes hold the major market share over the manual brakes.
• The increase in implementation of Advanced driver assistance system (ADAS) along with automatic emergency braking (AEB) is also analyzed to boost the Brake System market during the forecast period 2020-2025.
Technology- Segment Analysis
Electronic Brake system is analyzed to hold a major market share and the market is estimated to witness significant growth rate when compared to the manual braking systems.Electronic brakes hold the major share over drum brakes, pumping brakes, vaccum assisted brake systems. Moreover the sales of electric cars, as indicated by the International Energy Agency has reached 5.1 million units in 2018 and is forecast to touch the mark of 125 million units by 2030 thereby impacting a significant increase in demand for brake systems during the forecast period 2020-2025.
Application - Segment Analysis
Passenger cars are analyzed to hold the major market and is analyzed to grow at a CAGR of 7.31% in brake systems market during the forecast period 2020-2025. The main factor impacting towards the major market share and growth of the passenger car is the implication of Advanced Driver Assistance Systems (ADAS). Moreover, a sum $65bn has been invested in the development of ADAS in the past three years (2015-2018). Therefore the increased investments towards ADAS are analyzed to impact the brake systems market due to the increase in demand for the employment of electromagnetic and electromagnetic induction braking systems in cars, bikes and so onduring the forecast period. Brake systems are not only employed in cars but also in trains mainly the vacuum brake system.Owing to the safety applications in the usage of the heavy commercial vehicles such as tractors, loaders, excavators in various off highway applications has also been analyzed to positivelyimpact the growth of the brake system market.
Geography- Segment Analysis
APAC dominated the Brake System Marketwith a share of more than 38%,followed by North America and Europe.China has the largest automobile manufacturing industry in the world. According to OICA, China held 35 percent share in global passenger cars sales in 2017. India also has excellent potential for automotive industry growth in the future. The country's automotive industry experienced 8% growth in production in 2018,over the previous year.Therefore the automobile industry being the major one in this region and the wide usage of braking systems in the automotive is analyzed to contribute to the major market share of APAC. Moreover the presence of large automobile manufacturing bases and China in the realm of electric vehicles stretching from cars and scooters to buses and heavy commercial vehicles is creating opportunities for brake systems in APAC.
Drivers –Brake System Market
• Stringent implementation of automotive active safety applications
The increasing accidents due to the brake failure are accounting to 11.4% of the total car accidents. Therefore the government bodies have made the stringent implementation of automotive active safety applications globally to ensure the safety of the people and avoid accidents. For which U.S automobilemanufacturers, have pledged voluntarily to incorporate a low-speed AEB system including forward collision warning (FCW) in all their production by 1st September, 2022. Moreover 10 automakers including Nissan, Toyota and so on have already confirmed employment of automatic emergency braking in more than half of their production between September 1, 2017, and August 31, 2018.
Challenges – Brake System Market
• High cost of Electronic brake systems
Advanced electronic braking system avails the shortest possible braking distance and enhanced stability, therefore it is widely employed in the most of thepremium vehicles these days.However the cost of these advanced braking system is much higher for use in economy class vehicles. Therefore the high cost of electronic braking system is set to impede the market growth during forecast period
Technology launches,acquisitions and R&D activitiesare key strategies adopted by players in the Brake System Market. In 2018, the market of brake systems has been consolidated by the top ten players including Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Wabco Holdings, Inc., Akebono Brake Industry Co Ltd, Autoliv Inc., Brembo S.P.A, Delphi Automotive PLC, Hitachi Automotive Systems, Ltd., Haldex ABamong others.
Investment & Product Launches
- In 2017, the Japanese Honda Motor Company has bagged a patent for its invention interrelated to its combined brake system (CBS) for a motorcycle that allows the riders to use both the brakes using a single lever.
- In 2019, Veoneer Inc., has acquired the Nissin Kogyo's Interests in US Veoneer Nissin Brake Systems (VNBS) Operations in order to focus on the ADAS systems.
IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.
Mr. Venkat Reddy
Contact Sales: +1970-236-3677