Dublin, Aug. 31, 2021 (GLOBE NEWSWIRE) -- The "Brake System Market by Type (Disc, Drum), Technology (ABS, ESC, TCS, EBD), On & Off-Highway Vehicle(Passenger Car, LCV, HCV, Construction-Mining, Tractor), OHV Brake (Hydraulic Wet, Hydrostatic, Dynamic), Actuation and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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%
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.
Disc brake segment is expected to be the largest market by brake type
Disc brakes are found on most vehicles today. These brakes are mounted mainly on front-wheel axles, but nowadays, even rear wheels are equipped with disc brakes in Europe and North America. The reasons disc brakes are gaining popularity are that they are more efficient, provide better-stopping power, dissipate heat easily, self-adjust as friction material wears, and work effectively in wet conditions.
Most of today's passenger cars are equipped with disc brakes on all four wheels in Europe and North America. This is mainly due to the advantages like high stopping power and strict regulations regarding vehicle safety.
However, the penetration is quite low in the Asia Pacific as disc brakes are quite expensive to repair and maintain. Also, presently, they are part of the only premium and luxury cars in the region. But in the coming years, it is expected to gain momentum.
Agricultural Tractors brake system market segment is expected to be the fastest
Agricultural tractors are mostly equipped with brakes on the rear axle. Four-wheel drive tractors are also equipped with brakes on the rear axle. Wet disc brake type is used predominantly in agricultural tractors because of its better performance. Also, older tractor models in use are equipped with hydraulic single-line braking systems.
The new tractors are equipped with dual-line braking systems. Dual-line hydraulic braking system allows to separate the normal braking system from the emergency braking system and is designed to stop the vehicle in the event of failure of the braking system.
Pneumatic dual-line braking systems have long been used for heavy-duty vehicles and now have proved suitable for tractors with heavy machinery at speeds of 40 km/h and above. Thus, the growing adoption of advanced brake systems in tractors is expected to drive its brake market significantly in the coming years.
Asia Pacific market is expected to register the highest growth during the forecast period
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 study includes an in-depth competitive analysis of these key players in the brake system market with their company profiles, top five companies, recent developments, and key market strategies.
Some of the key players in the brake system market are Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), Aisin Seiki Co, Ltd. (Japan), Knorr-Bremse AG (Germany), Brembo S.p,A (Italy), Haldex AB (Sweden), Mando Corporation (South Korea), and Hitachi Astemo, Ltd. (Japan).
Market Dynamics
Drivers
- Stringent Automotive Active Safety Regulations
- Stopping Distance for Light- and Heavy-Duty Vehicles
- Enhanced Vehicle Safety with Abs and Ebd
- Integration of Acc in Electronic Braking Systems
- Impact of Ncap on Electronic Brake Systems
Restraints
- High Development and Maintenance Costs
Opportunities
- Brake-By-Wire Systems
- Regenerative Braking to Create Lucrative Growth in Ev Ecosystem
Challenges
- Malfunctioning of Electronic Braking Systems
- Air Brake Freeze-Ups
Impact of COVID-19 on Brake System Market
Trends/Disruptions Impacting Customer's Business
Brake System Market, Scenarios (2021-2026
Companies Mentioned
- 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
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