Global Brake By Wire System Market Drivers 2024, Forecast To 2033
10 Oct, 2024
The brake-by-wire system market has experienced solid growth in recent years, rising from $8.16 billion in 2023 to $8.77 billion in 2024 at a CAGR of 7.5%. This growth can be attributed to increasing safety regulations, rising demand for electric vehicles, growth in luxury and high-performance cars, the need for weight reduction in vehicles, and advancements in driver assistance systems. By 2028, the brake-by-wire system market is expected to reach $11.75 billion at a CAGR of 7.6%. Factors driving this growth include the increasing adoption of electric and autonomous vehicles, advancements in automotive electronics, emphasis on safety and stability control systems, government regulations promoting emissions reduction, and the expansion of connected vehicle technologies. Key trends during this period include integration with autonomous driving systems, developments in software-driven control algorithms, the adoption of wireless communication technologies, the growing use of regenerative braking features, and advancements in sensor technologies.
Major Driver In The Brake By Wire System Market
The increasing adoption of electric vehicles is expected to propel the growth of the brake-by-wire system market in the coming years. Electric vehicles (EVs) are automobiles powered by electric motors that operate on electricity stored in batteries. Due to growing environmental concerns, the development of EV infrastructure, and government incentives, there is a substantial push towards EV adoption. Brake-by-wire systems utilize electronic controls for precise and responsive braking, enhancing vehicle handling and stability by removing hydraulic components. This technology leads to weight reduction and improved overall efficiency and range. For instance, a report from the International Energy Agency in May 2022 projected that in 2023, the total number of plug-in hybrid electric vehicles and hybrid electric vehicle cars would reach 9.5 million and 4.35 million, respectively, rising from 7.3 million and 2.9 million in 2022. Thus, the growing adoption of electric vehicles is driving the brake-by-wire system market, which is expected to reach $5.2 billion in 2023, $6.4 billion in 2024, and is projected to grow to $9.5 billion by 2028.
Request A Free Sample Of The Brake By Wire System Market ReportBrake By Wire System Market Competitive Landscape
Major companies operating in the brake-by-wire system market are Robert Bosch GmbH, Nissan Motor Co. Ltd., ZF Friedrichshafen AG, Continental AG, Hyundai Mobis Co. Ltd., Schaeffler Technologies AG & Co. KG, Microelectronics N.V., Parker Hannifin Corporation, Infineon Technologies AG, NXP Semiconductors N.V., Knorr Bremse AG, HELLA GmbH & Co. KGaA, Mando Corp., Brembo N.V., Akebono Brake Industry Co. Ltd., BWI Group, Haldex AB, KSR International Inc., Delphi Technologies Plc, FUTEK Advanced Sensor Technology Inc., Chassis Autonomy SBA AB
Key Brake By Wire System Market Trend
Major companies in the brake-by-wire system market are developing advanced braking technologies like electro-mechanical brake systems to enhance vehicle safety and improve braking efficiency. An electro-mechanical brake system replaces traditional hydraulic components with electric actuators and mechanical linkages, employing electronic controls for precise braking that reduces weight and enhances overall efficiency. For instance, in November 2023, ZF Friedrichshafen AG, a Germany-based technology company specializing in advanced mobility products, launched the 'dry' brake-by-wire system. This system ensures safety by duplicating all connections and systems for data transmission, processing, and motor power supply. It provides up to 9 meters shorter stopping distances during automatic emergency braking at 100 km/h and offers up to 17% additional range for electric vehicles due to improved brake energy recuperation. Furthermore, the dry brake-by-wire system reduces particle emissions from brake abrasion by limiting residual drag torques and eliminating the need for brake fluid changes, thereby lowering maintenance requirements.
Purchase The Global Brake By Wire System Market Report Directly And Get A Swift DeliveryGlobal Brake By Wire System Market Segmentation
The brake-by-wire system market covered in this report is segmented –
1) By Type: Hydraulic Or Wet Type, Electronic Or Dry Type
2) By Sales Channel: Original Equipment Manufacturers (OEMs), Aftermarket
3) By Application: Passenger Vehicles, Commercial Vehicles
By Geography:The regions covered in the brake-by-wire system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the brake-by-wire system market in 2023.
The Brake By Wire System Global Market Report 2024 furnishes information about the global brake by wire system market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.