Opportunities in the Global Brake System Market to 2026: 4.9% CAGR Forecast, with Market Set to Reach USD 26.5 billion by 2026
DUBLIN, Oct. 22, 2021 /PRNewswire/ -- The "Brake System Market by Type, Technology, On & Off-Highway Vehicle, OHV Brake, Actuation and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The automotive industry plays a crucial role in building the global economy. However, the COVID-19 outbreak disrupted the entire automotive supply chain on a global scale during the second and third quarters of 2020, impacting new vehicle sales in FY 2020. According to the analysis, vehicle production (including LDV and HDV) witnessed a decline of 19.6% in 2020. The pandemic presented an uncertain recovery timeline for the automotive industry due to lockdowns and shutdown of manufacturing facilities in various parts of the world. The automotive industry faced four major challenges amid COVID-19 - limited supply of vehicle parts, reduced sales of new vehicles, shutdown of production facilities, and decline in working capital. As the brake system market is dependent on the production of vehicles, this market was impacted due to the outbreak. However, according to various industry experts, the recovery may regain momentum by the second half of 2021.
The brake system market is projected to reach USD 26.5 billion by 2026 from an estimated USD 20.9 billion in 2021, at a CAGR of 4.9% during the forecast period. Various governments globally are implementing safety standards by making safety features such as ABS, ESC, TCS, and EBD a mandatory feature in vehicles. This has strongly driven the brake system market in developed as well developing countries. Also, the growing popularity of high-end and luxury cars is boosting the brake system market.
Countries such as India, China, Brazil, Mexico, Argentina are focusing on enhanced automotive safety standards. However, the high maintenance and repair costs can hinder market growth, especially in developing countries.
The Asia Pacific brake system market is estimated to be the fastest-growing regional market. The growing adoption of advanced braking system technologies in China, Japan, South Korea, and India is expected to drive market growth in the region. China's passenger car production is expected to reach 24 million units by 2026, presenting a huge opportunity for brake system manufacturers globally as well as domestically. Not only passenger cars but trucks are also set to reach 2 million units by 2026. According to the European Transport Safety Council, the South Korean transport ministry announced that it requires all new large passenger vehicles and trucks to be fitted with AEB and LDW systems from January 2019. Also, ABS and ESC are already mandatory in passenger cars and LCVs. Thus, the implementation of government mandates is expected to drive the South Korean brake system market. Such factors would boost the growth of the installation of advanced braking systems, which in turn would drive the growth of the brake system market during the forecast period.
The brake system market is segmented by region, vehicle type, brake type, technology, off-highway application, off-highway brake type and actuation.
The study also includes an in-depth competitive analysis of the key players in the market along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Stringent Automotive Active Safety Regulations
5.2.1.1.1 Stopping Distance for Light- and Heavy-Duty Vehicles
5.2.1.1.2 Enhanced Vehicle Safety with ABS and EBD
5.2.1.2 Integration of ACC in Electronic Braking Systems
5.2.1.3 Impact of NCAP on Electronic Brake Systems
5.2.2 Restraints
5.2.2.1 High Development and Maintenance Costs
5.2.3 Opportunities
5.2.3.1 Brake-By-Wire Systems
5.2.3.2 Regenerative Braking to Create Lucrative Growth in Ev Ecosystem
5.2.4 Challenges
5.2.4.1 Malfunctioning of Electronic Braking Systems
5.2.4.2 Air Brake Freeze-Ups
5.2.5 Impact of COVID-19 on Brake System Market
5.3 Trends/Disruptions Impacting Customer's Business
5.4 Brake System Market, Scenarios (2021-2026)
5.5 Ecosystem/Market Map
5.6 Technology Analysis
5.7 Case Study Analysis
5.9 Average Selling Price Analysis, 2021-E
5.10 Value Chain Analysis
5.11 Trade Analysis
5.12 Tariff and Regulatory Landscape
5.13 Porter's Five Forces Analysis
6 Brake System Market, by Brake Type
7 Brake System Market, by Technology
8 Brake System Market, by Vehicle Type
9 Brake System Market, by Actuation
10 Off-Highway Brake System Market, by Application
11 Off-Highway Brake System Market, by Brake Type
12 Brake System Market, by Region
13 Competitive Landscape
14 Company Profiles
- Advics Co., Ltd.
- Aisin Seiki Co., Ltd.
- Akebono Brake Industry Co., Ltd.
- Beringer
- Brembo S.P.A
- BWI Group
- Continental Ag
- Denso Corporation
- EBC Brakes
- Haldex Ab
- Hitachi Astemo Ltd.
- Hyundai Mobis
- Knorr-Bremse AG
- Mando Corporation
- Meritor, Inc.
- Muller Brakes America Inc.
- Nifo Srl
- Robert Bosch GmbH
- Wagner Brake
- Wuhan Youfin Auto Parts Co., Ltd.
- Wuhu Bethel Automotive Safety System Co., Ltd.
- ZF Friedrichshafen AG
For more information about this report visit https://www.researchandmarkets.com/r/xhptpi
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