Global Brake System Market Report and Forecast 2024-2032

Global Brake System Market Size

The global market for brake system is expected to grow at a CAGR of 7.0% in the forecast period of 2024-2032 to reach a value of USD 85.83 billion by 2032.

Brake System Market Growth

Rising Demand for Disk Brakes, owing to its Superior Stopping Power to Bolster the Market Growth

Based on product type, the disk brake segment accounts for a significant share in the market and fuels the growth of the brake system market. This can be attributed to the superior stopping power offered by the product, which can prevent any evitable mishap or accident. Over the forecast period, the growth of the segment is expected to be propelled by the growing popularity of wide tyres, owing to the expected growth in road trips and tourism, especially post-pandemic, as disk brakes are suitable for wide tyres. Meanwhile, the drum brake segment is likely to drive the growth of the overall market, owing to the higher friction contact area, along with the cheap manufacturing costs, of the product.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Brake System Market Trends

Growing Demand for the OEM Segment to Augment the Market Growth

On the basis of distribution channel, the original equipment manufacturer (OEM) segment is anticipated to grow at a healthy rate over the forecast period, owing to the high-quality assurance, along with the quick response and efficient monitoring, offered by the manufacturers, which further boosts brake system demand. Other advantages of the product, including value and lifespan of the product, warranty, and return of investment are expected to support the growth of the market.

Recent Developments

As per the brake system market analysis, Wabtec Corporation announced in January 2024 that it has secured an order of around USD 157 million for the supply of brake systems to Siemens India, which is developing a 9000-horsepower locomotive for Indian railways.

Industry Outlook

According to the brake system industry analysis, almost all the passenger cars and trucks in the USA are obliged to have automatic emergency brake systems by 2029, as per the National Highway Traffic Safety Administration (NHTSA). This new rule is mandated to prevent deaths in road accidents as industry experts predict that these emergency systems can save around 360 lives and prevent 24,000 injuries per year. Congress also proposed the NHTSA to create an infrastructure law in 2021 which sets minimum performance standards for automotive emergency brake systems.

These systems can detect pedestrians in both day and nightlight and some small-scale manufacturers in the country will be expected to comply with them by 2030. NHTSA has also stated a rule under which cars and trucks can apply brakes up to 90 mph for vehicles, and up to 45 mph for pedestrians. Additionally, in 2016, 20 automakers agreed to implement emergency braking standards on almost all US vehicles by 2022, and in 2023, all the automakers had equipped around 95% of the vehicles with autonomous emergency braking, which is expected to boost the growth of the brake system industry.

Efforts are also underway to modernise the trams in cities and make them more safety-efficient and well-equipped. For instance, DAKO-CZ, a developer of braking systems, announced in July 2024 that it aims to modernise the trams in Gothenburg, Sweden. The company aims to supply hydraulic brake units for 79 trams, which are suitable for the urban transport network. The deliveries of these new braking systems are expected to continue till 2027, which is expected to boost the brake system industry revenue.

Rising Global Vehicle Production and Stringent Safety Standards Drive Demand for Advanced Brake Systems

• Rapid increase in global vehicle production significantly boosts demand for advanced brake systems in both commercial and passenger vehicles.

• Growing emphasis on vehicle safety and stringent government regulations necessitate the adoption of advanced braking technologies such as anti-lock braking systems (ABS), electronic stability control (ESC), and autonomous emergency braking (AEB) which aids brake system demand growth.

• Technological advancements in brake systems, including the development of regenerative braking for electric vehicles, enhance performance and safety, driving market expansion.

• Increasing consumer preference for high-performance vehicles with superior braking capabilities further stimulates demand for sophisticated brake systems.

Challenges Shaping the Global Market Due to Fluctuating Raw Material Prices, Stringent Regulations, and Technological Complexity

• Volatile prices of raw materials such as steel, aluminium, and composites impact production costs and pricing strategies, posing a challenge for manufacturers.

• Compliance with stringent safety and emissions regulations necessitates continuous innovation, increasing R&D expenditures and influencing brake system demand forecast.

• Technological complexity and high development costs associated with advanced brake systems can hinder market entry for new players and pose financial challenges for existing manufacturers.

• Intense competition from low-cost manufacturers and aftermarket providers increases pressure on pricing and margins.

Emerging Trends in the Brake System Market Focus on Electrification, Lightweight Materials, and Integration with ADAS

• The shift towards vehicle electrification drives demand for brake-by-wire systems and regenerative braking technologies, which improve energy efficiency and vehicle control and boost brake system market opportunities. 

• Adoption of lightweight materials, such as carbon-ceramic composites, in brake components enhances vehicle performance and fuel efficiency.

• Integration of brake systems with advanced driver assistance systems (ADAS) improves vehicle safety and paves the way for autonomous driving technologies.

• Development of smart braking systems leveraging IoT and AI for real-time monitoring, diagnostics, and predictive maintenance.

Threats and Challenges in the Global Brake System Market Arising from Economic Downturns, Technological Advancements, and Market Competition

• As per the brake system market dynamics and trends, Economic downturns can lead to reduced automotive sales and decreased investment in new vehicle technologies, affecting demand for brake systems.

• Rapid technological advancements necessitate continuous innovation and adaptation, requiring substantial investments in R&D.

• Intense competition from both established players and new entrants in the market drives price pressures and forces continuous innovation.

• Dependence on high-quality raw materials and components exposes manufacturers to supply chain disruptions and shortages, impacting production and delivery timelines.

Key Players in the Global Brake System Market and Their Strategic Initiatives

Robert Bosch GmbH

• Advanced Driver Assistance Systems (ADAS) Integration: Develops brake systems that seamlessly integrate with ADAS to enhance vehicle safety and driving experience through features like automatic emergency braking and adaptive cruise control, further fuelling the demand of brake system market. 

• Electric and Hybrid Vehicle Solutions: Focuses on creating specialized brake systems for electric and hybrid vehicles, optimizing energy recovery and improving overall efficiency.

ZF Friedrichshafen AG

• Brake-by-Wire Technology: Innovates in the development of brake-by-wire systems, which replace traditional hydraulic braking with electronic control for improved response time and reliability.

• Partnerships and Collaborations: Engages in strategic partnerships with automakers and tech companies to co-develop advanced braking solutions and increase brake system market revenue.

Continental AG

• Integrated Safety Systems: Offers comprehensive brake systems that work in tandem with other vehicle safety systems, such as stability control and collision avoidance, to provide a holistic safety solution.

• Sustainability and Lightweight Design: Focuses on reducing the environmental impact by developing lightweight brake components that contribute to overall vehicle weight reduction and improved fuel efficiency, which can increase brake system market value.

Brembo S.p.A.

• High-Performance Brake Systems: Specializes in high-performance braking solutions for sports cars and luxury vehicles, emphasizing superior stopping power and heat dissipation.

• Innovation in Materials: Invests in research and development of advanced materials, such as carbon-ceramic discs, to enhance the performance and durability of brake systems.

Aisin Seiki Co., Ltd.

• Electric Parking Brakes: Develops advanced electric parking brake systems that offer greater control and integration with vehicle electronic systems, further boosting brake system industry expansion.

• Global Expansion and Localization: Pursues global expansion by establishing manufacturing facilities and R&D centers in key regions, customizing products to meet local market needs and regulations.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Brake System Industry Segmentations

A brake system is one of the crucial components, which is required to stop a motor vehicle. It includes a braking pedal, master cylinder, connecting hoses, lines, fluids, linkage, drums, shoes, and parking brake, among other components. It is an essential part of a vehicle in order to prevent accidents.

Based on product type, the market is divided into:

• Disc Brake

• Drum Brake

• Hydrostatic Brake

• Hydraulic Wet Brake

• Regenerative and Dynamic Brake

On the basis of end use, the industry is segmented into:

• Automotive 

• Construction Equipment 

• Agriculture Equipment

• Industrial Truck

• Mining Equipment

The various distribution channels of the brake system industry include:

• Original Equipment Manufacturer (OEM)

• Aftermarket

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Brake System Market Share

Growing Downstream Demand for Brake Systems to Boost the Growth of the Market

The brake system market growth is driven by the growing downstream demand for brake systems in various industries, such as automotive, construction equipment, agriculture equipment, industrial truck, and mining equipment, among others. The demand for brake systems from the automotive industry has been significant and is likely to be further catalysed due to the rising sales of passenger and commercial vehicles. The market is expected to be aided by the growing awareness of road safety due to the rising cases of accidents, rash driving, and heavy traffic conditions. The growing mechanisation across downstream industries is projected to propel the demand for brake systems in the coming years.

Competitive Landscape

The report gives a detailed analysis of the following key players in the global brake system market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Aisin Seiki Co., Ltd.

• Brembo S.P.A.

• Continental AG

• BorgWarner Inc.

• Hitachi Astemo, Ltd.

• Knorr-Bremse AG

• Nissin Kogyo Co, Ltd.

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Brake System Market Regional Analysis

The Asia Pacific Accounts for a Significant Share in the Market

The thriving automobile sector in the Asia Pacific, especially in countries like India, China, Japan, and South Korea, is the major driving factor for the expansion of the brake system industry in the region. The market is also expected to be augmented by the growing popularity of electric cars, coupled with the rising disposable incomes and rising population in emerging economies. In India, the commercial car segment is anticipated to generate a healthy demand for brake systems, owing to the rising demand for cab services.

Key Highlights of the Report

Brake System Market Report Snapshots

Brake System Market Size

Brake System Market Growth

Brake System Market Trends

Brake System Market Share

Brake System Companies

Brake System Market Regional Analysis