USD 22.2 billion
Brake System Market Size, Share, Growth Analysis, By Product(Disc brakes, drum brakes, and others), By Vehicle(Passenger cars, commercial vehicles, and two-wheelers), By Sales channel(OEM and aftermarket), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45L2012 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
88
|Figures:
76
Brake System Market Insights
Brake System Market size was valued at USD 22.2 billion in 2022 and is poised to grow from USD 23.27 billion in 2023 to USD 33.85 billion by 2031, at a CAGR of 4.8 % during the forecast period (2024-2031).
The global brake system market is experiencing significant growth, driven by increasing demand for automobiles and safety regulations. The market is witnessing technological advancements, such as the adoption of anti-lock braking systems (ABS) and electronic stability control (ESC), enhancing vehicle safety and performance.
Additionally, rising concerns about road accidents and fatalities are compelling manufacturers to focus on developing efficient and reliable brake systems.
The expansion of the automotive industry in emerging economies and the incorporation of electric vehicles are also contributing to market expansion. However, challenges like high initial costs and potential complexities in maintenance could restrain the market's growth in the foreseeable future.
US Brake System Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
commercial vehicles
Fastest Growth
commercial vehicles
Growth Rate
4.8% CAGR
Global brake system market by region
Country Share for North America (%)
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Brake System Market Segmental Analysis
The global brake system market can be segmented based on product, vehicle, sales channel, and region. Product segmentation includes disc brakes, drum brakes, and others. Vehicle segmentation covers passenger cars, commercial vehicles, and two-wheelers. Sales channel segmentation comprises OEM and aftermarket. Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Brake System Market Analysis By Product
Insights into the largest and fastest-growing sector indicate that electronic braking systems are emerging as the dominant segment. With the rise of electric and autonomous vehicles, there is a heightened demand for advanced safety features, including adaptive cruise control, collision avoidance, and automatic emergency braking. Electronic braking systems offer enhanced control and precision, making them integral components of modern vehicles. As regulatory bodies around the world prioritize road safety, automotive manufacturers are increasingly incorporating electronic braking systems into their vehicle models, further boosting their adoption, and driving growth in this sector.
Brake System Market Analysis By Vehicle
The largest sector driving the demand for brake systems is the passenger car segment. The rising global population, increasing disposable income, and the growing preference for personal mobility have spurred the demand for passenger cars, thereby bolstering the brake system market. Additionally, the emphasis on safety regulations and the incorporation of advanced braking technologies in passenger cars have further propelled this sector's growth. On the other hand, the fastest-growing sector in the brake system market is the electric vehicles (EVs) segment.
With the rising awareness of environmental concerns and the adoption of sustainable transportation, the demand for electric vehicles has witnessed a significant upswing. As a result, electric vehicles' unique brake system requirements, including regenerative braking and enhanced safety features, have fueled the growth of this sector in the brake system market.
Global brake system market by vehicle type
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Brake System Market Regional Insights
The global brake system market showed diverse regional trends. In North America, the market witnessed steady growth driven by the automotive industry's continuous technological advancements.
Europe displayed a mature market with a focus on safety regulations and high demand for premium vehicles. The Asia-Pacific region experienced significant expansion due to rising automotive production and sales in emerging economies like China and India.
Latin America and the Middle East showcased moderate growth due to improving economic conditions and increasing vehicle ownership. Overall, the global brake system market exhibited a mix of opportunities and challenges across different regions.
Global brake system market by geography
- Largest
- Fastest
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Brake System Market Dynamics
Brake System Market Drivers
Increasing Adoption of Driver Assistance Systems to Bolster Market Growth
- The increasing focus on automotive safety and the growing adoption of advanced driver assistance systems (ADAS) are driving the global brake system market. As consumers demand safer vehicles, automakers are incorporating innovative braking technologies such as anti-lock braking systems (ABS), electronic brake-force distribution (EBD), and regenerative braking systems. Additionally, stringent government regulations mandating the installation of safety features in vehicles further boost the demand for advanced brake systems.
Brake System Market Restraints
High Cost to Hinder Market
- Despite the market's growth potential, the global brake system market faces challenges due to the high cost of implementing advanced brake technologies. The integration of sophisticated electronic components and sensors increases the overall cost of vehicles, which may deter price-sensitive consumers. Moreover, retrofitting existing vehicles with advanced brake systems can be expensive, limiting the upgrade to newer and more expensive models. As a result, the cost factor poses a significant restraint to the widespread adoption of advanced brake systems, particularly in price-conscious markets and the aftermarket segment.
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Brake System Market Competitive Landscape
The global brake system market exhibited intense competition among key players. Leading companies hold significant market shares. The competition revolved around product innovation, technological advancements, and expanding their customer base across various regions. Additionally, stringent safety regulations and the rising demand for advanced driver-assistance systems (ADAS) further intensified the competition. Market players aimed to gain a competitive edge by focusing on research and development, strategic partnerships, and enhancing their manufacturing capabilities to meet the increasing demand for efficient and reliable brake systems.
Brake System Market Top Player’s Company Profiles
- ZF Friedrichshafen AG (Germany)
- Knorr-Bremse AG (Germany)
- WABCO Holdings Inc. (United States)
- Hitachi Automotive Systems, Ltd. (Japan)
- Brembo S.p.A. (Italy)
- Mando Corporation (South Korea)
- Haldex AB (Sweden)
- Federal-Mogul Corporation (United States) - Acquired by Tenneco Inc.
- Nissin Kogyo Co., Ltd. (Japan)
- Advics Co., Ltd. (Japan) - Now part of Denso Corporation
- Akebono Brake Industry Co., Ltd. (Japan)
- Magneti Marelli S.p.A. (Italy) - Acquired by CK Holdings Co., Ltd. (Japan)
- Aisin Group (Japan)
- BorgWarner Inc. (United States) - Acquired Delphi Technologies in 2020.
- Meritor, Inc. (United States)
- Hyundai Mobis Co., Ltd. (South Korea)
- TRW Automotive (United States) - Acquired by ZF Friedrichshafen AG in 2015
Brake System Market Recent Developments
- In November 2022, A significant contract for the series production of Continental AG's semi-dry brake system, also known as the Future Brake System, with a third-quarter value of around EUR 1.5 billion (USD 1.56 billion), was awarded by a significant North American automaker.
Brake System Key Market Trends
- The global brake system market was witnessing several key market trends. Firstly, there was a notable shift towards electric and hybrid vehicles, leading to increased demand for regenerative braking systems. Secondly, the industry was focusing on the development of advanced driver-assistance systems (ADAS) integrating brake-by-wire technology for improved safety and efficiency. Moreover, there was a growing preference for lightweight and eco-friendly brake materials to enhance vehicle performance and reduce emissions. Additionally, the market was experiencing a surge in research and development activities to introduce autonomous emergency braking (AEB) systems, further driving market growth.
Brake System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global brake system market is poised for promising future prospects driven by several key factors. As vehicle safety remains a paramount concern, demand for advanced and efficient braking solutions is expected to rise. The growing automotive industry, particularly in emerging economies, coupled with increasing awareness about road safety and stringent government regulations mandating the adoption of advanced braking technologies, will fuel market growth. Manufacturers are focusing on developing innovative brake systems with features like regenerative braking, autonomous emergency braking, and anti-lock braking systems (ABS) to cater to consumer demands for enhanced performance and safety.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 22.2 billion |
| Market size value in 2031 | USD 33.85 billion |
| Growth Rate | 4.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Brake System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Brake System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Brake System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Brake System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Brake System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Brake System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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