Sign up for our weekly email to stay on top of the latest news and insights!
Source: ReportLinker.com announcement
NEW YORK — Reportlinker.com announced the release of the report Brake System Market by Type, Technology, On & Off-Highway Vehicle, OHV Brake, Actuation and Region – Global Forecast to 2027 which projects this market to reach $28.1 billion by 2027 from an estimated $22.2 billion in 2022, at a compound annual growth rate (CAGR) of 4.8 percent during the forecast period.
Various governments globally are implementing safety standards by making safety features such as anti-lock brakes (ABS), electronic-stability control (ESC), traction-control systems (TCS), and electronic-brake-force distribution (EBD) mandatory in vehicles. This has strongly driven the electronic brake system market.
This demand would be further fueled by the growing popularity of high-end and luxury cars.
Countries such as India, China, Brazil, Mexico, and Argentina focus on enhanced automotive safety standards. However, the high maintenance and repair costs can hinder market growth, especially in developing countries.
The hydraulic brake is expected to be the largest market, by actuation.
The growth in the production of passenger cars and light commercial vehicles (LCV) is driving the growth of hydraulic brake systems. Advantages, such as better heat dissipation than mechanical brakes, better braking power transmission, compact size, and ease of repair due to the readily available brake parts in the aftermarket are instrumental in increasing the penetration of hydraulic brake systems.
As the hydraulic brake market is directly linked to the production of passenger cars and LCVs, China, Japan and India are the largest markets for hydraulic brakes.
Also, North America and Europe have a significant presence in hydraulic brakes.
Still, as the local automobile original-equipment manufacturers outsource their manufacturing to developing countries, the brake products aftermarket is expected to showcase promising growth in these developing regions.
Passenger Car, brake systems market, would be the fastest-growing market.
Passenger cars contribute to more than 60 percent of global vehicle production; hence, the segment has the leading demand for brakes. Passenger cars employ two braking systems: service brakes and parking brakes.
The market for passenger car brakes is mainly driven by increased production owing to increased personal use cars and ride sharing and government safety mandates.
Although advanced brakes are popular in Europe and North America, the increasing penetration of such brakes in Asia Pacific is expected to boost the brake system market.
To view the entire announcement, click HERE.
