Source: ResearchAndMarkets.com announcement
DUBLIN — The brake system market is projected 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, according to a new report from ResearchAndMarkets.com.
The Brake System Market by Type (Disc, Drum), Technology (ABS, ESC, TCS, EBD), On & Off-Highway Vehicle (Passenger Car, LCV, HCV, Construction-Mining, Tractor, ATV), OHV Brake (Hydraulic Wet, Hydrostatic, Dynamic), Actuation and Region – Global Forecast to 2027 report has been added to ResearchAndMarkets.com’s report roster.
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 OEMs 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.
Many countries in Asia Pacific are adopting regulations that requires use of electronic brake system to be compulsorily installed on new vehicles. In April 2019, the Ministry of Road Transport & Highways of India under Bharat NCAP, announced that India will have safety braking features such as electronic stability control and autonomous braking as mandatory features on passenger cars by 2023.
North America will continue to lead the ATV brake system market in coming years.
The growing popularity of sports/recreational activities, increasing use in farms, and rising number of off-road sports events/championships would drive the global ATV market. This growth in ATVs globally would create opportunities for the ATV brake system market. Australia is the leading market for ATVs in the Asia Pacific; Utility ATVs are the most used ATVs in the Asia Pacific. As most ATVs in Asia Pacific uses drum brakes, the market for ATV drum brake system would be the largest in Asia Pacific.
On the other hand, North America contributes to more than 60 percent of the global ATV brake system market as it it is the largest ATV market in the world. Factors such as large forests, the prevalence of recreational sports, and use in military and agriculture are instrumental in higher market share of North America in ATV Market. Hence, North America would remain a major ATV brake system market in the forecast period.
Asia Pacific would register the highest growth in on adoption of electronic advanced brake system during the forecast period
Asia Pacific has emerged as the largest hub for vehicle production in recent years due to growth in favorable incentives by local governments, growing domestic market, and cost advantages for local automobile OEMs. Manufacturers such as BMW Motors (Germany) and Volkswagen AG (Germany) have already set up their manufacturing units in these countries on a large scale. The rise in automotive production is driving the automotive brake systems market in the region.
For further information about the report and its contents, click HERE.