Press release
Brake System Market - Global Forecast to 2026
The Automotive 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.
The growth of the brake system market is influenced by major factors such as the stringency in safety standards in countries such as China, India, Brazil, European Union, the US, Canada, etc. In addition, the anticipated increase in demand for premium and luxury cars is expected to boost the disc brake market growth. Also, the growing adoption of disc brakes in commercial vehicles due to its technical benefits in North America, and the Asia Pacific is expected to drive the brake system market. Therefore, the brake system market is expected to witness significant growth in the coming years.
The brake system market is dominated by globally established players such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), Aisin Seiki Co, Ltd. (Japan), Knorr-Bremse AG (Germany), and Brembo S.p.An (Italy), ADVICS Co., Ltd. (Japan).
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Anti-lock brake systems are expected to be the fastest market during the forecast period
ABS prevents lockups and skidding and offers enhanced stopping power. Not only does it offer technical benefits, but also advantages such as lower insurance costs and higher resale value. Stringency in safety standards has made ABS a mandatory feature in vehicle models. ABS has become a mandatory feature in the US, Europe, Brazil, India, Japan, South Korea, and many more countries. Also, vehicles fitted with ABS have a lower risk of crash/accidents. Asia Pacific is the largest ABS market, with the main markets being China and India. This is attributed to the implementation of regulations, making it a mandatory feature. For instance, in 2017, in India, the Ministry of Road Transport & Highways (MoRTH) released a notification, which makes ABS mandatory for all cars to be sold from April 2019. Thus, with increasing vehicle production globally, the ABS market is expected to witness constant growth.
The hydraulic brake is expected to be the largest market, by actuation
All passenger cars and light commercial vehicles run on a hydraulic brake system. This braking system works well in passenger cars as they have light construction and low overall weight. Hydraulic brakes require low storage space than pneumatic brakes, and as passenger cars have limited storage space, hydraulic brakes are the most suitable option. Also, pneumatic brakes offer multiple benefits such as better heat dissipation than mechanical brakes, which makes them last longer. Additionally, hydraulic brake systems are the most accessible systems to repair due to the readily available brake parts in the aftermarket. The Asia Pacific is the largest hydraulic brake market. As the hydraulic brake market is directly linked to vehicle production, China and India are expected to hold the largest market shares in the Asia Pacific. Also, Asia Pacific is the second-fastest-growing hydraulic brake market, considering the growing adoption of hydraulic brakes in passenger cars and light commercial vehicles.
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North America is expected to lead the market during the forecast period
The Asia Pacific has emerged as a hub for automotive production in recent years due to changing consumer preferences, increasing disposable income of the middle-class population, and cost advantages for OEMs. Manufacturers such as BMW (Germany) and Volkswagen AG (Germany) have already set up their manufacturing units in these countries on a large scale. The implementation of safety standards in China, India is expected to drive the adoption of electronic braking systems. Japan has the highest penetration of advanced electronic braking systems in its vehicles. This is due to the already implemented stringent safety regulations. For instance, ABS and ESC are mandatory in all passenger cars and LCVs. In 2019, the Japanese government implemented a new policy that requires all new cars, minicars, and minitrucks to be equipped with automatic braking systems (AEB) from fiscal 2021 to meet international standards and help prevent accidents. Thus, considering the above-mentioned factors, the brake system market is expected to witness significant growth in the coming years.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
The growth of the brake system market is influenced by major factors such as the stringency in safety standards in countries such as China, India, Brazil, European Union, the US, Canada, etc. In addition, the anticipated increase in demand for premium and luxury cars is expected to boost the disc brake market growth. Also, the growing adoption of disc brakes in commercial vehicles due to its technical benefits in North America, and the Asia Pacific is expected to drive the brake system market. Therefore, the brake system market is expected to witness significant growth in the coming years.
The brake system market is dominated by globally established players such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), Aisin Seiki Co, Ltd. (Japan), Knorr-Bremse AG (Germany), and Brembo S.p.An (Italy), ADVICS Co., Ltd. (Japan).
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1070
Anti-lock brake systems are expected to be the fastest market during the forecast period
ABS prevents lockups and skidding and offers enhanced stopping power. Not only does it offer technical benefits, but also advantages such as lower insurance costs and higher resale value. Stringency in safety standards has made ABS a mandatory feature in vehicle models. ABS has become a mandatory feature in the US, Europe, Brazil, India, Japan, South Korea, and many more countries. Also, vehicles fitted with ABS have a lower risk of crash/accidents. Asia Pacific is the largest ABS market, with the main markets being China and India. This is attributed to the implementation of regulations, making it a mandatory feature. For instance, in 2017, in India, the Ministry of Road Transport & Highways (MoRTH) released a notification, which makes ABS mandatory for all cars to be sold from April 2019. Thus, with increasing vehicle production globally, the ABS market is expected to witness constant growth.
The hydraulic brake is expected to be the largest market, by actuation
All passenger cars and light commercial vehicles run on a hydraulic brake system. This braking system works well in passenger cars as they have light construction and low overall weight. Hydraulic brakes require low storage space than pneumatic brakes, and as passenger cars have limited storage space, hydraulic brakes are the most suitable option. Also, pneumatic brakes offer multiple benefits such as better heat dissipation than mechanical brakes, which makes them last longer. Additionally, hydraulic brake systems are the most accessible systems to repair due to the readily available brake parts in the aftermarket. The Asia Pacific is the largest hydraulic brake market. As the hydraulic brake market is directly linked to vehicle production, China and India are expected to hold the largest market shares in the Asia Pacific. Also, Asia Pacific is the second-fastest-growing hydraulic brake market, considering the growing adoption of hydraulic brakes in passenger cars and light commercial vehicles.
Request FREE Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1070
North America is expected to lead the market during the forecast period
The Asia Pacific has emerged as a hub for automotive production in recent years due to changing consumer preferences, increasing disposable income of the middle-class population, and cost advantages for OEMs. Manufacturers such as BMW (Germany) and Volkswagen AG (Germany) have already set up their manufacturing units in these countries on a large scale. The implementation of safety standards in China, India is expected to drive the adoption of electronic braking systems. Japan has the highest penetration of advanced electronic braking systems in its vehicles. This is due to the already implemented stringent safety regulations. For instance, ABS and ESC are mandatory in all passenger cars and LCVs. In 2019, the Japanese government implemented a new policy that requires all new cars, minicars, and minitrucks to be equipped with automatic braking systems (AEB) from fiscal 2021 to meet international standards and help prevent accidents. Thus, considering the above-mentioned factors, the brake system market is expected to witness significant growth in the coming years.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
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