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

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 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. 'Bosch (Germany)', 'Continental AG (Germany)', 'Aisin Seiki Co., Ltd. (Japan)', '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'

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.

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.

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.