Growing adoption of air disc brakes in commercial vehicles and rising safety regulations are some of the major factors driving the growth of the brake system market. In addition, rising concerns regarding road traffic collisions and the growing number of injuries have driven participants to incorporate robust safety measures or systems which is expected to witness a significant brake system market growth during the forecast period. From 2022 onwards, the National Highway Traffic Safety Administration (NHTSA), the U.S. transportation department has planned to make automatic emergency braking mandatory in vehicles. The hydraulic brake segment is expected to hold the largest share in the brake system market. Further, disc brakes segment is also expected to gain traction during the forecasted year.
Within the report, the brake system market is segmented into product type, distribution channel, end user, and geography. By product type, the brake system market is further segmented into disc brake, drum brake, hydrostatic brake, hydraulic wet brake, regenerative and dynamic braking. On the basis of distribution channel, the brake system market is bifurcated into aftermarket, and OEMs. By end user, the brake system market is categorized into automotive, construction equipment, agricultural equipment, industrial trucks, and mining equipment. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
The increase in sales of commercial vehicles which mainly driven by the growing logistics industry is boosting the brake system market growth. Further, the growing number of road accidents causing due to brake failure, and rise in demand for active safety system is also contributing to brake system market growth. In addition, the rising trend of advanced driver assistance system (ADAS) is expected to offer new opportunities for brake system market in the coming few years. Furthermore, the increase infrastructure, construction development projects, rising investment in mining industry are boosting the demand for commercial vehicles and brake system. Moreover, the surge in the demand for off-highway trucks and advanced trucks is also fueling the brake system market growth.
Using electronic braking systems such as Anti-lock Brake Systems (ABS), and Electronic Brakeforce Distribution (EBD) can support decrease the stopping distance. ABS empowers vehicle stability and provide directional control and supports reduce stopping distance specially during hard braking. EBD is an extension of the ABS system and is mainly responsible for dispensing equal force to each wheel in vehicle.
The Brake System market has undergone several significant developments, and a few of these have been mentioned below:
The Brake System market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Aisin Seiki Co., Ltd., Brembo S.P.A, Continental AG, Delphi Technologies, Haldex AB, Hitachi Automotive Systems, Ltd, Knorr-Bremse AG, Robert Bosch GmbH, Wabco Holdings, Inc., ZF Friedrichshafen AG are among the prominent players operating in the brake system market.
In this report, the market has been segmented on the basis of: