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(I-AutoNewsWire.com, August 27, 2021 ) Brake System Market is forecast to reach $34.0 billion by 2026 after growing at a CAGR of 6.1% during 2021-2026. The increase in production and sales volume of the automobiles along with the rise in demand for electric vehicles is analyzed to drive the Brake System Market during the forecast period 2021-2026. Apart from this, the growing stringency in the traffic safety applications is also analyzed to be a major factor driving the market for advanced brake systems such as antilock braking system, electronic brake force distribution system and so on.
The brake system controls the motion of the vehicle by converting kinetic energy developed by the vehicle into heat energy. The advancement in technologies related to drum brakes, Pumping brakes, Electromagnetic brakes and vacuum assisted brake systems will drive the market. Owing to the large automobile safety concerns to avoid accidents the brake systems are driving the growth of the market. New trends and technologies developed to make brake systems for safety of transportation are also fueling the market growth.
Brake System Market Segment Analysis – By Technology
Electronic Brake system is analyzed to hold a major market share at 21.3% in 2020 and the market is estimated to witness significant growth rate when compared to the manual braking systems. Electronic brakes hold the major share over drum brakes, pumping brakes and vacuum assisted brake systems. Moreover the sales of electric cars, as indicated by the International Energy Agency has reached 5.1 million units in 2018 and is forecast to touch the mark of 125 million units by 2030 thereby impacting a significant increase in demand for brake systems during the forecast period 2021-2026.
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Brake System Market Segment Analysis – By Application
Passenger cars are analyzed to hold the major market and is analyzed to grow at a CAGR of 7.1% in brake systems market during the forecast period 2021-2026. The main factor impacting towards the major market share and growth of the passenger car is the implication of Advanced Driver Assistance Systems (ADAS). Moreover, a sum $65bn has been invested in the development of ADAS in the past three years 2016-2019. Therefore the increased investments towards ADAS are analyzed to impact the brake systems market due to the increase in demand for the employment of electromagnetic and electromagnetic induction braking systems in cars, bikes and so on during the forecast period. Brake systems are not only employed in cars but also in trains mainly the vacuum brake system. Owing to the safety applications in the usage of the heavy commercial vehicles such as tractors, loaders, excavators in various off highway applications has also been analyzed to positively impact the growth of the brake system market.
Brake System Market Segment Analysis – By Geography
APAC dominated the Brake System Market with a share of more than 36.1%, followed by North America and Europe. China has the largest automobile manufacturing industry in the world. According to OICA, China held 35 percent share in global passenger cars sales in 2019. India also has excellent potential for automotive industry growth in the future. The country's automotive industry experienced 8% growth in production in 2018 before a major slowdown in both Indian and Chinese markets in 2019. Therefore the automobile industry being the major one in this region and the wide usage of drum brakes, pumping braking systems in the automotive is analyzed to contribute to the major market share of APAC. Moreover the presence of large automobile manufacturing bases and China in the realm of electric vehicles stretching from cars and scooters to buses and heavy commercial vehicles is creating opportunities for brake systems in APAC.
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Brake System Market Drivers
Stringent implementation of automotive active safety applications
The increasing accidents due to the brake failure are accounting to 11.4% of the total car accidents. Therefore the government bodies have made the stringent implementation of automotive active safety applications globally to ensure the safety of the people and avoid accidents. The U.S automobile manufacturers, have pledged voluntarily to incorporate a low-speed AEB system including forward collision warning (FCW) in all their production by 1st September, 2022. Moreover 10 automakers including Nissan, Toyota and so on have already confirmed employment of automatic emergency braking in more than half of their production between September 1, 2018, and August 31, 2019.
Surge in adoption of new technology brake systems for automobile manufacturing:
The Anti-lock braking system is widely used in most of the automobiles owing to the benefits of accurate grip even in the slippery road. All-electric intelligent anti-lock braking technology is a new technology that could replace the traditional mechanical breaks and hybrid ABS system as well. Owing to its reaction speed, shortening the braking time, and easier integration in the electric central control unit. Furthermore, in the recent year vehicle safety is more and more concerned by the people along with the quantity and demand in speed performance of the automobiles thereby surging the adoption of more accurate and efficient braking systems. According to the World Health Organization, ABS technology is internationally recognized as proven measure to reduce both crash and injuries in road accidents. Germany, India and Indonesia evidences proved Abs helps in preventing motorcycle crashes by 26%, 33% and 26% ABS technology cuts the road crashes by around one-fourth to one-third. The rate of fatal crashes among motorcycles equipped with ABS is 37% lower than those with non-ABS.
Brake System Market Challenges
High cost of Electronic brake systems
Advanced electronic braking system avails the shortest possible braking distance and enhanced stability, therefore it is widely employed in the most of the premium vehicles these days. However the cost of these advanced braking system is much higher for use in economy class vehicles. Therefore the high cost of electronic braking system is set to impede the market growth during forecast period.
Brake System Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Brake System Market. In 2020, the market of brake systems has been consolidated by the top ten players including Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Wabco Holdings, Inc., Akebono Brake Industry Co Ltd, Autoliv Inc., Brembo S.P.A, Delphi Automotive PLC, Hitachi Automotive Systems, Ltd., Haldex AB among others.
Investment & Product Launches
In August 2019, Veoneer Inc., has acquired the Nissin Kogyo's Interests in US Veoneer Nissin Brake Systems (VNBS) Operations in order to focus on the ADAS systems.
Asia-Pacific dominates the Brake System Market owing to presence of large manufacturing base of automobiles in this regions.
With the significant increase in the stringent safety regulations electronically controlled brakes hold the major market share over the manual brakes.
The increase in implementation of Advanced driver assistance system (ADAS) along with automatic emergency braking (AEB) is also analyzed to boost the Brake System market during the forecast period 2021-2026.
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