Brake System Market worth $28.1 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 16, 2022 /PRNewswire/ -- The global Brake System Market is projected to grow from USD 22.2 billion in 2022 to USD 28.1 billion by 2027, at a CAGR of 4.8%, according to a new report by MarketsandMarkets™. The Brake System Market growth is mainly driven by the regulations on stopping distance and safety standards in countries such as China, India, Brazil, European Union, the US, and Canada, among others. In addition, increased demand for luxury cars would boost the market for electronic brake systems and disc brakes. An increase in the implementation of disc brakes in heavy commercial vehicles, especially trucks, is another driving factor for the brakes industry.

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Better performance and longer life of Disc brakes are contributing to their growth in market share

Disc brakes offer advantages such as better stopping, heat dissipation, self-adjustment as the friction material wears, and superior working in wet conditions. However, considering their higher cost than drum brakes, most light-duty vehicles are equipped with disc brakes only on their front axles. The North American and European countries have disc-disc combinations on many light-duty vehicles front and rear axles. Alternatively, owing to lower speed limits and leniency in stopping distance in Asia Pacific countries, the light-duty vehicles usually follow a disc-drum combination. Commercial vehicles are employed with all drum brakes globally. However, due to stringent vehicle safety guidelines, European commercial vehicles largely use disc brakes. The same disc brakes are projected to showcase promising growth in the coming years.

Anti-lock Brake Systems (ABS) would be the leading market over the forecast period

ABS prevents brake lockups, and wheel skidding and offers enhanced stopping power; most governments around the globe have mandated ABS for light-duty or heavy-duty vehicles or both. Also, according to the NHTSA, ABS is quite effective in non-fatal crashes, reducing the overall crash involvement rate by 6% in passenger cars and 8% in LCVs. Installing ABS is already a mandate in the US, Europe, Brazil, India, Japan, South Korea, and other countries. Almost every On-highway vehicle in North America and Europe is installed with an ABS. Alternatively, though the penetration of ABS in the Asia Pacific and other developing countries is lower, owing to the adoption of NCAP and upcoming mandates on the ABS installation, these regions would be the most potential markets for ABS suppliers.

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The Asia Pacific would be the leading brakes market over the forecast period

The study scope covers China, Japan, India, South Korea, and the Rest of Asia Pacific countries under the Asia Pacific region. As China, India, Japan, and South Korea are among the top 5 leading global vehicle manufacturing countries, the Asian region is the leading automobile producer and is projected to retain its position in the coming years. Due to price sensitive nature of Asia Pacific automobile market, most passenger cars are equipped with drum-drum and disc-drum brake combination. However, the market trend is changing due to increasing per capita income thus driving the increase in market share of SUVs and luxury cars like sedans. As SUVs and other sedans predominantly use disc-disc brake combinations, the market share of disc brakes is projected to increase in Asia Pacific. Further, the national governments in the region have adopted their own New Car Assessment Programs (Bharat New Car Assessment Program, Japan New Car Assessment Program and New Car Assessment Program for Southeast Asian countries (ASEAN)) which have been encouraging automobile OEMs to offer advanced electronic brake technologies such as ABS, ESC, EBD and TCS as a standard feature on passenger vehicles.

In 2021, the Japanese government implemented a new policy that requires all new cars, minicars, and minitrucks to be equipped with automatic emergency braking systems (AEB) to meet international standards and help prevent accidents. Thus, considering the factors mentioned above, the Brake System Market in the Asia Pacific is expected to witness significant growth in the coming years. Thus, the Brake System Market is expected to witness substantial growth during the forecast period.

The Brake System Market is dominated by globally established players such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), Aisin Seiki Co, Ltd. (Japan), Knorr-Bremse AG (Germany), and Brembo S.p.A (Italy), ADVICS Co., Ltd. (Japan).

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