Press Release
Press Release
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.
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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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