Global Brake System market report 2024, Forecast To 2033
29 Feb, 2024
The brake system market size has witnessed robust growth in recent years, escalating from$29.62 billion in 2023 to$31.68 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to the expansion of the automotive industry, growing consumer awareness and safety concerns, the increasing vehicle fleet, innovation in brake materials, government initiatives for road safety, adoption of disc brakes, and the increased vehicle weight and performance. Looking ahead, the market is expected to see strong growth, reaching$40.9 billion in 2028, with a CAGR of 6.6%. This growth is fueled by factors such as regulatory push for advanced safety, emergence of energy recovery systems, research and development investments, market competition and product differentiation, and global supply chain challenges. Major trends in the forecast period include electrification and regenerative braking, advanced driver assistance systems (ADAS), brake-by-wire technology, lightweight materials and design, integration of electronic stability control (ESC), and digitalization and connectivity.
Global Brake System Market Key Driver
An increase in road accidents is expected to propel the growth of the brake system market going forward. Car accidents also referred to as car collision, are accidents with a car that involves a collision with another vehicle or stationary objects. The installation of modern braking systems by car makers in cars helps to prevent traffic accidents. Also, the use of braking systems reduces the loss of lives and accidents due to car accidents. For instance, according to the National Safety Council, a US-based non-profit, public service organization promoting health and safety, in 2021, car accidents have resulted in fatalities of 1.3 million people worldwide. Furthermore, in June 2022, according to the World Health Organization, a US-based specialized health agency, there was almost 1.3 million people die each year from road accidents. Therefore, the increase in road accidents is driving the growth of the brake system market. In 2023, the market size for brake systems is valued at X, and it is projected to reach Y by 2028.
Get A Free Sample Of The Global Brake System Market ReportGlobal Brake System Market Segments
The global brake system market covered in this report is segmented –
1) By Product Type: Disc Brakes, Drum Brakes, Hydrostatic Brakes
2) By Technology: Antilock Braking Systems (ABS), Electronic Stability Control (ESC), Traction Stability Control (TCS), Electronic Brakeforce Distribution (EBD)
3) By Vehicle Type: Passenger Car, Light-Commercial Vehicles (LCV), Truck
4) By End User: Automotive, Construction Equipment, Agricultural Equipment, Industrial Trucks
By Geography: The regions covered in the brake system market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the brake system market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the brake system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Brake System Industry Players
Aisin Corporation, Brembo S.p.A., Continental AG, Haldex Brake Products Corp., Hitachi Automotive Systems Pvt. Ltd., Knorr-Bremse AG, Robert Bosch GmbH, ZF Friedrichshafen AG, Mando Corp., Nissin Kogyo Co. Ltd., TE Connectivity Ltd., KSR International Inc., Protection Vessels International Ltd., Batz S. Coop., ADVICS Co. ltd., Bwi Automotive Technologies Private Limited, AUDI AG, BMW AG, Hyundai Motor Company, Toyota Kirloskar Motor Private Limited, Akebono Brake Industry Co. Ltd., Disc Brakes Australia, Aptiv PLC, Federal-Mogul Holding Co., Hella Pagid GmbH, Performance Friction Corporation Brakes, TVS Brake Linings Co., Mando Corporation, Autoliv Inc., Denso Corporation, Freeman Automotive UK Ltd., Hawk Corp.
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Brake System Market Overview
A brake system refers to a system that enables the car or any vehicle to slow down or stop as needed by the driver. One of the most crucial components of a car is its brakes.
Brake System Global Market Report 2023 provides data on the global brake system market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The brake system market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.