Brake Systems Market to Hit $29B by 2029

Source: Exactitude Consultancy announcement

LUTON, U.K. — The global brake system market is projected to reach $29 billion by 2029, up from $19.33 billion in 2020, at a compound-annual-growth rate (CAGR) of 4.5 percent from 2022 to 2029, according to a recently published report by Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited.

Market Overview

A brake system is a mechanical or electrical mechanism that allows a vehicle to slow down or stop as requested by the driver. The brake systems are constructed to reduce the vehicle’s speed and halt its motion. To achieve this, various components inside the brake system work by the principle of friction force and in turn also convert the vehicle’s mechanical energy into heat. This is done by using various braking components.

The brake system market is highly interconnected with the sales and manufacture of automobiles. The growth of the automobile industry is the major market driver for the brake systems market. As long as the market for commercial vehicles and industrial trucks is growing the brake system market has a good chance to sustain itself and do well.

The growth of the logistics industry is estimated to propel the surge in commercial vehicle sales. This increase in commercial vehicle production and sales has directly resulted in the appreciation of the brake system market. The rising number of infrastructural projects and the increase in investments in the mining industry will further help grow the brake system market.

Brake System Market Competitive Intelligence

The brake system market is non-fragmented and dominated by a few global players and several regional players. Some of the key players in the brake system market are AISIN CORPORATION, Brembo S.p.A., Continental AG, BorgWarner Inc., Haldex Brake Products Corp., Hitachi Automotive Systems Pvt. Ltd., Knorr-Bremse AG, NISSIN KOGYO CO., LTD., Robert Bosch GmbH, ZF Friedrichshafen AG, TE Connectivity, KSR International Inc., Protection Vessels International Ltd, Batz Group, ADVICS CO., LTD., Mando Corp., BWI Group, Audi AG, BMW AG, Hyundai Motor Company, Toyota Kirloskar Motor, Volkswagen, AB Volvo.

Nov. 24, 2022: Future electric vehicles will gain additional range thanks to a new brake design from Continental: The so-called Green Caliper, a newly developed brake caliper for disc brakes, is significantly lighter than previous designs and has a lower residual brake torque.

June 09, 2022: Volvo Trucks is introducing a range of new features that improve safety and driveability, supporting precision handling in tight areas and on bumpy or slippery roads, for example on construction sites.

September 20, 2022, Bosch Corporation started production of its electro-mechanical brake booster, the iBooster, at its Tochigi plant. At the same time, the company also started production of a smaller variant, the iBooster compact, at the plant to meet the demand from Japanese automakers for compact vehicles.

On Jan. 10, 2022, Mando Corporation, a company specializing in EV and self-driving solutions, was awarded Innovation Award at the CES 2022. Mando’s latest entry, which won the Innovation Award in the VIT (vehicle intelligence & transportation) category for the second year in a row following last year, is the IDB2 HAD

In January 2021, Brembo acquired SBS Friction, a Danish Company which develops and manufactures eco-friendly and organic material brake pads for motorbikes.

Trends In the Automotive Brake Industry

Quieter Brakes

Noise is increasingly seen as a new form of ‘pollution’. Furthermore, electric cars are so quiet that brake noise becomes relatively louder. Car makers and brake manufacturers are therefore developing new generations of very quiet brakes. Brake makers are launching brake systems made of new materials, like ceramic brake pads, and they are also improving the aerodynamics of the brake calipers, bringing down wind noise.

Less Brake Dust

Brake dust has long been a serious polluter. And with ever greener automobiles the brake dust problem becomes, again, relatively larger. There are basically two ways to reduce brake dust: Use brake dust filters or develop new materials that don’t spread brake dust in the first place.

More Pistons

The more pistons the better braking. However, more pistons also add expenses, complexity, and weight. Therefore, this solution is attractive only for supercar makers, where money doesn’t matter. The current record holder is a Japanese company called Aspark, which fits 10-piston brake calipers on their crazy Owl hybrid street racer.

Smaller Brakes For EVs

An electric car needs less traditional brake power than a vehicle with a petrol engine. Much of the braking in an EV is done by the electric motor itself. When a driver steps off the accelerator the electric motor starts spinning in the opposite direction, slowing the car down and regenerating electricity in the process. Therefore, electric vehicles can do with smaller brake discs, smaller brake calipers, and smaller brake pads. Some new electric cars even ditch the brake pedal!

Automatic Braking

With the level of computing and situational awareness of the latest generation of high-tech cars, braking becomes increasingly automatic, and this trend will only accelerate faster when autonomous technology gets better.

Within this year, more than 40 countries will require automakers to equip their cars with some form of automatic braking to improve safety on the road. And it isn’t just cars, trams, and even tractors that are getting automatic braking systems too.