USD 22.2 billion
Report ID: SQMIG45L2008 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 88 | Figures: 76
Global 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 32.30 billion by 2030, at a CAGR of 4.8 % during the forecast period (2023-2030).
The global brake system market is experiencing significant growth, driven by increasing demand for automobiles and safety regulations. The market is witnessing technological advancements, such as the adoption of anti-lock braking systems (ABS) and electronic stability control (ESC), enhancing vehicle safety and performance.
Additionally, rising concerns about road accidents and fatalities are compelling manufacturers to focus on developing efficient and reliable brake systems.
The expansion of the automotive industry in emerging economies and the incorporation of electric vehicles are also contributing to market expansion. However, challenges like high initial costs and potential complexities in maintenance could restrain the market's growth in the foreseeable future.
Global Market Size
USD 22.2 billion
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The global brake system market can be segmented based on product, vehicle, sales channel, and region. Product segmentation includes disc brakes, drum brakes, and others. Vehicle segmentation covers passenger cars, commercial vehicles, and two-wheelers. Sales channel segmentation comprises OEM and aftermarket. Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Analysis By Product
Insights into the largest and fastest-growing sector indicate that electronic braking systems are emerging as the dominant segment. With the rise of electric and autonomous vehicles, there is a heightened demand for advanced safety features, including adaptive cruise control, collision avoidance, and automatic emergency braking. Electronic braking systems offer enhanced control and precision, making them integral components of modern vehicles. As regulatory bodies around the world prioritize road safety, automotive manufacturers are increasingly incorporating electronic braking systems into their vehicle models, further boosting their adoption, and driving growth in this sector.
Analysis By Vehicle
The largest sector driving the demand for brake systems is the passenger car segment. The rising global population, increasing disposable income, and the growing preference for personal mobility have spurred the demand for passenger cars, thereby bolstering the brake system market. Additionally, the emphasis on safety regulations and the incorporation of advanced braking technologies in passenger cars have further propelled this sector's growth. On the other hand, the fastest-growing sector in the brake system market is the electric vehicles (EVs) segment.
With the rising awareness of environmental concerns and the adoption of sustainable transportation, the demand for electric vehicles has witnessed a significant upswing. As a result, electric vehicles' unique brake system requirements, including regenerative braking and enhanced safety features, have fueled the growth of this sector in the brake system market.
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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.
Europe displayed a mature market with a focus on safety regulations and high demand for premium vehicles. The Asia-Pacific region experienced significant expansion due to rising automotive production and sales in emerging economies like China and India.
Latin America and the Middle East showcased moderate growth due to improving economic conditions and increasing vehicle ownership. Overall, the global brake system market exhibited a mix of opportunities and challenges across different regions.
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Increasing Adoption of Driver Assistance Systems to Bolster Market Growth
High Cost to Hinder Market
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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.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global brake system market is poised for promising future prospects driven by several key factors. As vehicle safety remains a paramount concern, demand for advanced and efficient braking solutions is expected to rise. The growing automotive industry, particularly in emerging economies, coupled with increasing awareness about road safety and stringent government regulations mandating the adoption of advanced braking technologies, will fuel market growth. Manufacturers are focusing on developing innovative brake systems with features like regenerative braking, autonomous emergency braking, and anti-lock braking systems (ABS) to cater to consumer demands for enhanced performance and safety.
|Market size value in 2022||USD 22.2 billion|
|Market size value in 2030||USD 23.27 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Brake System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Brake System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Brake System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Brake System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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