Brake Systems Market Size, Share, Growth, and Industry Analysis, By Type (Disc & Drum and Electronic Brake System), By Downstream Industry (Passenger Car and Light & Heavy Commercial Vehicle) and Regional Forecast to 2032

Updated On: 04 November 2024

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BRAKE SYSTEMS MARKET REPORT OVERVIEW

The Brake Systems Market Size was Valued at US$ US$ 1155 Million in 2023. The Market is likely to Surpass US$ 1546.59 Million by 2032 at a CAGR of 2.96% During the Forecast period [2024-2032].

The brake system however, is considered one of the most important parts of a car since it allows the driver to control the rate of speed of the vehicle, by using work energy to reduce the kinetic energy of the car through heat energy produced due to friction. It is helpful in the events originating an emergency or every time a driver has to change the car’s direction, putting friction between the wheels can slow down or even halt the vehicle and also helps in maintaining control and avoiding an accident. This consists of the pedal braking mechanism consisting of the brake pedal, master cylinder, brake fluid, wheel cylinders and the brake pad or shoes which is used to get the required type of friction to slow down the specific speed of the car. This makes the brake system crucial in that it allows the driver and or other users of the road such as passengers bring their speed to a lower speed or even come to stand still in whatever part of the road is deemed appropriate.

Some of the various categories of brake systems include mechanical brake systems, hydraulic brake systems, power brake systems and air brake systems. Some of the types of brakes include mechanical which is used in parking brakes whereby a lever coupled with the steel wires exerts tension. Hydraulic brakes operate based on the idea that pressure exerted at the brake lever is transmitted through a limit of hydraulic fluid to pads. According to the model, power brakes, which are not the same as hydraulic brakes, may incorporate a booster to help with this process. Air brakes operate on compressed air which is common in large structures that include cars such as trucks and buses. Such aspects as cleanliness, level inspection of the brake fluids, usage of brake pads or shoes and checking to confirm that there is no fluid leakage is crucial. Brake systems have thus grown due to the increased number of automobiles and the emphasis on safety.

COVID-19 Impact: Pandemic affected the market as production and sale of vehicles slowed down due to the lockdown and and put upheaval in the economy

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The outbreak of the pandemic was a major factor that affected the brake systems market because car manufacturing and distribution were reduced due to the lockdowns and the instability of the economy. A slower rate of cars coming through production lines and supply chain disruptions resulted in a decreased demand for brake systems since fewer cars were on the production line or sold. This downturn impacted the brake systems original equipment manufacturer (OEM) as well as the aftermarket industries. Also, since the chances of driving during the pandemic-induced lockdown were less, there was less demand for brake system repair or replacement. Due to the overall reduction in automotive activities, the brake systems market experienced a setback in the course of the pandemic period.

LATEST TRENDS

"Growing adoption of electric vehicles is driving the market demand for specialized brake systems designed"

The increasing usage of electricity-powered cars also remains a major force for change in the brake systems market, given the continuous shift towards the development of brake systems that are specifically meant for electricity-driven autos. Another essential feature being adopted in the manufacturing of EVs is the regenerative braking system that harnesses kinetic energy in braking and converts it into electrical energy to charge the battery. This advancement also maximizes the capability of electric vehicles in terms of range and power while improving the longevity of the brake components associated with traditional braking mechanisms. The transition to EVs creates travel needs for new and improved brake concepts and solutions that address the peculiarities of electric transmission. The increased use of electric cars has brought into the market new features that can be observed as the driving force in further brake system development, particularly regarding the regenerative braking system employed in electric vehicles.

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BRAKE SYSTEMS MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Disc & Drum and Electronic Brake System.

• Disc & Drum: Disc brakes, using a rotor and calliper with pads, offer superior performance, especially in wet conditions, but are more expensive. Drum brakes, with shoes pressing against an enclosed drum, are cost-effective and often used on rear wheels. Both systems convert kinetic energy to heat, essential for slowing or stopping vehicles.

• Electronic Brake System: The electronically actuated brake systems employ an ECU and consist of ABS, ESC, and TCS for better safety and control. ABS ensures that wheels do not lock during strong brakes, ESC ensures the vehicle does not skid by applying individual brakes and TCS ensures better tractions by avoiding spinning of wheels. These complex, costly systems are increasingly common due to stringent safety regulations and the rise of ADAS, driving market growth.

By Downstream Industry

• Based on downstream industry the global market can be categorized into Passenger Car and Light & Heavy Commercial Vehicle.
• Passenger Car: The passenger car segment dominates the brake systems market. This is driven by rising passenger vehicle production and sales, urbanization and better road infrastructure. Consumer demand for safety features such as ABS and ESC, along with the rise of hybrid and electric vehicles requiring specialized brakes, further propels this segment's growth and market dominance.

• Light & Heavy Commercial Vehicle: The light and heavy commercial vehicle segment significantly impacts the brake systems market. Trucks, buses and vans require robust braking for safety and load handling. E-commerce and logistics growth drive demand, while stringent safety regulations push for advanced braking technologies. Increased construction and industrial activities further sustain demand, boosting the brake systems market in this segment.

DRIVING FACTORS

"Increase in the rate of road accidents and the need to enhance vehicle safety to foster the market"

The number of traffic accidents is increasing, however, the requirements for car safety are on the rise as all this catalyzes the development of the global brake systems market growth. The current market expectations of car brakes are quite high and to meet such requirements companies in the production of cars have developed various advanced brake systems to improve security. The Electronic Stability Control system (ESC), the Anti-lock brake system (ABS), Traction control system (TCS) are some of the technologies that are widely implemented in automobiles due to their ability to enhance control transmission and reduce accidents’ possibility. These advanced systems assist in maintaining the steering authority in conditions such as emergency braking, minimising the degree of sliding and increasing the control of the vehicle, making it safer. Such heightened focus on the safety of vehicles has forced the manufacturers to come up with enhanced brake system solutions that are more responsive and more reliable, which goes in tandem with a new emerging trend where safety has become one of the greatest design priorities among car designers.

"Integration with the advanced technologies to expand the market"

The market for brake systems is gradually evolving with the adoption of advanced features to enhance performance and safety. Electronic brake control systems generally incorporate electronic control units (ECUs) for the optimal management of braking with the overall aim of increasing the stability and dynamism of the vehicle. Electromagnetic energy regeneration is familiar to applied ESS technology as it is integral to electric and hybrid car structures as it recovers kinetic energy and enhances battery resilience. Brake-by-wire technology is among the latest advancements in brake systems for vehicles wherein mechanical linkages are eliminated and replaced uniformly by electronic controls, this enhances the precision of the brakes and at the same time minimizes the overall weight of the vehicle. These are technologies that not only improve the braking ability of the vehicle but also have an impact on the safety of the vehicle by improving precise and efficient braking systems. With the advancement of automotive technology, these types of advanced braking solutions are progressively being utilised, due to the general trend of incorporating advanced innovations into the market.

RESTRAINING FACTORS

"High cost of advanced brake systems hinders the market"

The adoption of advanced technologies in brake systems includes electronic braking systems, regenerative braking and brake-by-wire systems which are usually associated with higher costs. These complex systems as well as improving the performance and safety of a car, demand much research, development and production capital. Therefore, the high cost of adopting the above approaches sometimes hinders their implementation, especially for organizations in developing countries that are faced with financial challenges. Moreover, the breakdown and repair of these advanced systems can also help add to the cost as a whole, which makes them less affordable to consumers on a budget. This high-cost barrier may see the timely adoption of advanced brake technologies by regions with low-priced vehicles and non-stringent safety standards limited by market penetration and growth worldwide.

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BRAKE SYSTEMS MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific dominates the market due to the presence of automotive manufacturers"

The Asia Pacific region is expected to exhibit the global brake systems market share due to the higher demand for automobiles and the presence of automotive makers. Asian nations are the home to important automotive industries which are a part of the brake systems market. Increased automotive production in this region as well as the growing need for automobiles make the market for enhanced brakes vital. Also, the sales of electric and hybrid vehicles in the Asia Pacific region are increasing thereby boosting the demand for conception brakes. The automotive safety standards supported by government campaigns and more car manufacturing facilities in the region support the region's dominance. Due to the high growth rate and investments in automotive technology, Asia Pacific is expected to continue its position in the market.

KEY INDUSTRY PLAYERS

"Increased strategic collaborations and partnerships among key industry players expanding their market base"

The key industry players in the brake systems market are stepping up strategic partnerships and cooperation agreements in a bid to enhance their product offerings and diversify their market presence. These automobile companies can utilize their conglomerate knowledge and focus on research and development by teaming up with tech players, automotive industries and research universities to design and manufacture modern brakes. Such partnerships prove beneficial as they allow them to incorporate advanced technologies into products such as electronic braking systems, regenerative braking systems and brake-by-wire into their portfolio increasing performance and safety aspects. Also, the relationships with multinationals and other regional companies help to extend the market territory and gain new consumers and distribution channels. This strategic approach not only fosters the development of breakthrough braking solutions but also prepares companies for facing increased competitive pressures in a rapidly changing market environment to increase growth and gain competitive advantages.

LIST OF MARKET PLAYERS PROFILE

• Aisin Seiki Co., Ltd. (Japan)
• Akebono Brake Industry Co., Ltd. (Japan)
• Hitachi Automotive Systems (Japan)
• Nissin Kogyo Co., Ltd (Japan)
• Mando Corporation (South Korea)
• Continental AG (Germany)
• Robert Bosch GmbH (Germany)
• ZF Friedrichshafen AG (Germany)
• Knorr-Bremse AG (Germany)
• Brembo S.p.A (Italy)
• Autoliv, Inc. (Sweden)
• Haldex AB (Sweden)
• Federal-Mogul Holdings Corp (U.S.)
• WABCO Holdings, Inc. (France)
• Delphi Automotive PLC (U.K.)

INDUSTRIAL DEVELOPMENT

June 2024: Hitachi Astemo Korat Brake Systems in Thailand has installed solar power generation equipment on the roof of its Korat Plant #3, set to be operational by September. This initiative supports Hitachi Astemo’s goal of achieving carbon neutrality by FY2030, starting with generating 1.45MW of electricity, aiming to reduce emissions by approximately 1,000 tons of CO2 annually.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.