Source: MarketsandMarkets announcement
CHICAGO – The brake system market is projected to reach $28.1 billion by 2027, increasing from an estimated $2 billion in 2022, according to a recently published report by MarketsandMarkets™.
The research organization predicts a compound annual growth rate (CAGR) of 4.8 percent during the forecast period.
The recent regulation to make autonomous emergency brakes mandatory in passenger cars and commercial vehicles in regions such as North America, Europe is accelerating brake system demand. Also, increasing sales of premium and high-end cars is driving adoption of advanced electronic brake systems in countries such as China, U.S., Germany, etc.
Hydraulic wet brakes are expected to witness strong growth in every geography in the coming years. This is mainly due to its growing farm mechanization, infrastructural development projects in developing countries benefits and its ability to withstand harsh working conditions which make them suitable for off-highway applications.
Also, adoption of enhanced safety system in agricultural tractors and construction equipment require highly efficient braking systems such as hydraulic and dynamic brakes system. This is in turn is driving hydraulic wet brakes adoption in construction equipment in North America and Asia Pacific.
In addition, benefits such as reduced stopping distances, low maintenance compared to mechanical brakes, better heat dissipation ability, etc. is driving hydraulic wet brakes penetration in Europe and RoW.
Moreover, leading off-highway equipment original-equipment manufacturers (OEMs) such as Hyundai Construction Equipment Ltd. (South Korea) and John Deere have launched Thus, hydraulic wet brakes growing demand is expected to present lucrative opportunities to brake manufacturers.
Better performance and longer life of Disc brakes are contributing to their growth in market share
Disc brakes offer advantages such as better stopping, heat dissipation, self-adjustment as the friction material wears, and superior working in wet conditions. However, considering their higher cost than drum brakes, most light-duty vehicles are equipped with disc brakes only on their front axles.
The North American and European countries have disc-disc combinations on many light-duty vehicles front and rear axles. Alternatively, owing to lower speed limits and leniency in stopping distance in Asia Pacific countries, the light-duty vehicles usually follow a disc-drum combination. Commercial vehicles are employed with all drum brakes globally.
However, due to stringent vehicle safety guidelines, European commercial vehicles largely use disc brakes. The same disc brakes are projected to showcase promising growth in the coming years.
The Asia Pacific would be the leading brakes market over the forecast period
Asia Pacific is the largest and fastest-growing Brake System Market. Strict regulations on stopping distance rules for commercial and off-highway vehicles are causing a higher conversion of vehicles using disc brakes instead of drum brakes.
Also, due to the increasing technological advancements, growing concerns over safety, and stringent government mandates to improve vehicle safety, the demand for automotive brake systems is estimated to increase in the coming years.
Thus, the Brake System Market is expected to witness strong growth during the forecast period. According to MarketsandMarkets, Asia Pacific is estimated to be the fastest-growing market for brake system during the forecast period.
The growth of the Asia Pacific Brake System Market can be primarily attributed to upcoming advancements in brake systems and expansions made by brake system manufacturers to cope with the increasing demand for disc brakes in passenger cars and light commercial vehicles. Companies such as Aisin Seiki Co., Ltd. (Japan), Akebono Brake Corporation (Japan), Mando Corporation (South Korea), and Hitachi Automotive Systems Ltd. (Japan) have a strong presence in the region.
As, Asia Pacific, Europe and North America are the largest Brake System Markets in the world. The large vehicle production in these countries coupled with regulatory compliance with the UN agreement on approval and recognition for motor vehicle equipment and parts (ECE-R-13) will drive the growth of Brake System Market.
Hence, with the implementation of stringent safety standards, the demand for brake systems is expected to grow further in the coming years driving the global Brake System Market.
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