Northbrook, IL -- (SBWire) -- 11/15/2021 --The Brake System Market is projected to reach USD 26.5 billion by 2026 from an estimated USD 20.9 billion in 2021, at a CAGR of 4.9% during the forecast period.
The growth of the brake system market is influenced by a major factor such as the stringency in safety standards in countries such as China, India, Brazil, European Union, the US, Canada, etc. In addition, the anticipated increase in demand for premium and luxury cars is expected to boost the disc brake market growth. Also, the growing adoption of disc brakes in commercial vehicles due to its technical benefits in North America, Asia Pacific is expected to drive the brake system market. Therefore, the brake system market is expected to witness significant growth in the coming years.
Opportunities: Brake-by-wire systems
The Brake-by-wire system is one of the latest technologies that help achieve weight reduction targets. The brake-by-wire system eliminates mechanical linkages between a system and replaces them with electric wires, motors, and actuators to help reduce the weight as well as improve the response time of the system. In a brake-by-wire system, other brake assistance technologies like antilock braking system (ABS), electronic stability program (ESP), electronic parking brake, and electronic traction control (ETC) can be integrated, thereby eliminating the hardware used in such systems and reducing the weight of vehicles. This is expected to drive the adoption of brake-by-wire technology in the coming years. Also, the increased focus of automotive OEMs on replacing mechanical parts with compact electrical components for better operational accuracy will result in faster adoption of brake-by-wire. Additionally, ongoing developments are further expected to drive brake-by-wire penetration in the coming years.
The global brake system market includes players, such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), Aisin Seiki Co, Ltd. (Japan), Knorr-Bremse AG (Germany), and Brembo S.p.A (Italy), ADVICS Co., Ltd. (Japan).
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ABS prevents lockups and skidding and offers enhanced stopping power. Not only does it offer technical benefits, but also advantages such as lower insurance costs and higher resale value. Stringency in safety standards has made ABS a mandatory feature in vehicle models. ABS has become a mandatory feature in the US, Europe, Brazil, India, Japan, South Korea, and many more countries. Also, vehicles fitted with ABS have a lower risk of crash/accidents. Asia Pacific is the largest ABS market, with the main markets being China and India. This is attributed to the implementation of regulations, making it a mandatory feature. For instance, in 2017, in India, the Ministry of Road Transport & Highways (MoRTH) released a notification, which makes ABS mandatory for all cars to be sold from April 2019. Thus, with increasing vehicle production globally, the ABS market is expected to witness constant growth.
Recent Developments:
1. In July 2019, Continental and Knorr-Bremse entered in partnership towards highly automated commercial vehicle driving for automated platooning (i.e., driving in a column). The cooperation partners show with this Platooning Demonstrator what driving functions they can develop, jointly with the vehicle manufacturers, for automated driving. This includes the formation of platoons, driving together, the emergency braking function, exiting by individual vehicles, and safe splitting up of the entire platoon.
2. In March 2020, ZF launched an industry-first Front Electric Park Brake, extending the range of Electric Park Brake (EPB) systems to a wider range of vehicles. With this solution, car manufacturers can now equip smaller vehicles with an advanced braking system and design their interior without the classic handbrake lever or park brake pedal.
3. In November 2020, TRW's (ZF's aftermarket brand) product portfolio for the independent aftermarket was further expanded in the two-piece brake disc segment. These brake discs are now also available for various Mercedes-Benz C- and E-Class models. Additional references for S-Class and GLC models of the Stuttgart premium manufacturer will follow in mid-2021.
4. In June 2018, Akebono Brake Industry Co., Ltd. developed the world's first "new construction brake caliper." The new brake caliper is based on the construction of the existing product, the AD-Type disc brake, and has been modified extensively to meet specific requirements for automobiles that use electric power sources and to be friendlier to the global environment.
5. In March 2021, Brembo introduced its new Brembo Sport | T3 brake disc. ?The new Brembo Sport | T3 disc is a direct replacement for original equipment discs and has two easily recognizable elements that distinguish it from the previous version - the use of Type3 slotting and the Brembo logo engraved on the braking surface. These new technologies and design features are a first for a road disc.
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Brake System Market by Type, Technology Vehicle Type, Actuation and Region
The growing popularity of advanced electronic braking systems globally, increasing penetration of air disc brakes in commercial vehicles, and growing sales of premium and luxury cars is expected to drive the brake system market.