The global commercial vehicle braking system market to grow at a CAGR of 0.55% during the period 2017-2021.
The report, Global Commercial Vehicle Braking System Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is OEMs and tier-1 suppliers prioritizing lightweight braking system. Commercial vehicle manufacturers are aggressively working toward reducing the weight of the braking system. This has led to work on the development of lighter high-performance brake system by suppliers in the market. The requirement of lighter yet durable brakes is pushing the adoption of high-performance brakes in commercial vehicles across the world.
According to the report, one driver in the market is increasing demand for mandatory safety solutions in commercial vehicles. Rising number of road traffic accidents globally and unpredictable road conditions are driving governing bodies to formulate regulations for maintaining basic and mandatory safety solutions within commercial vehicles. For instance, the US DoT and NHTSA have been formulating a set of safety braking functions specifically for commercial vehicles since 2016. The two American departments have proposed a petition for mandatorily installing various types of safety braking systems like dynamic braking support, crash imminent braking systems, and forward crash warning systems.