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Global Brake System Market to Grow at a CAGR of 7% During 2022-2027, Aided by the Growing Sales and Production of Automobiles

According to a new report by EMR titled, ‘Global Brake System Market Report and Forecast 2022-2027’, the market witnessed a healthy growth in the historical period of 2017-2021. The market is further expected to grow at a CAGR of 7% between 2022 and 2027.

The brake system industry is being driven by the increased adoption of brake systems across industry verticals, such as automotive, construction equipment, and industrial truck, among others. The strict automotive regulations imposed across the globe are likely to accelerate the adoption of efficient brake systems in the forecast period. This can be attributed to the rising incidences of traffic accidents worldwide. Furthermore, the growing sales and production of commercial and passenger vehicles are further expected to propel the market growth in the forecast period.

In May 2021, Shimano Inc. (OTCMKTS: SHMDF) was granted a patent for an electronic braking system for bicycles and other light-weight and small vehicles. In this system, an electronic sensor  in the brake lever helps identify when the driver is applying the brakes and the intensity of the same. Further, the detector can also monitor speed and acceleration. This system can be extremely useful in case of heavy traffic, where heavy brakes are required. Meanwhile, in February 2022, Knorr-Bremse (OTCMKTS: KNRRY) announced that starting in 2022, the company will provide braking, entrance, and climate control systems for three major transportational projects for operators in Trenitalia in Italy, Danske Statsbaner in Denmark, and the Expresskreuz Bremen network (LNVG) in Germany.

In terms of region, the Asia Pacific is likely to account for a significant share in the market, owing to the growing popularity of anti-lock braking system in cars in countries including India, China, and South Korea, among others. The market in the region is further expected to be aided by the major automobile manufacturers in countries like South Korea and Japan. Over the forecast period, the growing awareness regarding advanced braking systems that provide enhanced safety and security to passengers is expected to provide impetus to the market in the coming years.

Market Breakup by Product Type, End Use, Distribution Channel, and Region:

  • The market is segmented, based on product type, into disc brake, drum brake, hydrostatic brake, hydraulic wet brake, and regenerative and dynamic brake.
  • The significant end uses of brake system include automotive, construction equipment, agriculture equipment, industrial truck, and mining equipment.
  • The various distribution channels of the product include original equipment manufacturer (OEM) and aftermarket.
  • Region-wise, the global market for brake system can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for brake system is being driven by the increasing demand for passenger safety solutions in vehicles. 
  • The stringent automotive regulations in many countries is likely to propel the adoption of brake systems in personal vehicles. 
  • The market is likely to be propelled by the growing research and development activities by the leading market players for the development of advanced brake systems.  
  • The market is expected to be further aided by the increasing manufacturing and sales of passenger and commercial cars as a result of the growing transportation demands of the rising population.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for brake system for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the    product types, end uses, distribution channels, and regions of brake system.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global brake system market are Aisin Seiki Co., Ltd., Brembo S.P.A., Continental AG, BorgWarner Inc., Hitachi Astemo, Ltd., Knorr-Bremse AG, and Nissin Kogyo Co, Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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