Brake System Market Overview:
A brake restricts motion by absorbing energy from a moving system. It is mainly used to slowing or stopping a motion vehicle, wheel and axle by means of friction. Braking system is classified into many types based on power source, frictional brake contact, applications and brake force distribution. Some of the prominent brakes that are available in the market are mechanical brakes, which are used in cars like ford and Bajaj pulsar; Hydraulic brakes that are used in modern cars and KTM duke; Air brakes mostly used in buses and heavy vehicles; Vacuum brakes used in old trains; magnetic brakes used in Bugatti cars etc.; and the Electrical brakes used in Tesla models etc. An increase in the production of passenger cars will drive the demand for the disc brake market compare to drum brake market.
Brake System Market Size:
The global brake system market is expected to grow at a CAGR of 7.12% from 2015 to 2023, to reach a market size of USD 37.14 Billion by 2023.
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Brake System Market Drivers and Restraints:
Disc brakes are the fastest growing market globally. Brake system manufactures are working on most cost-effective disc brakes. The key drivers are the tremendous growth of vehicle production and demand for the braking system. However, drum brakes still dominate the commercial vehicle segment. Additionally, disc brakes are easier to install with active safety technologies, which will increase their demand in the coming years. The key restraints are the high cost of developing brake system. They are complex and operation cost is high due to the companies investing higher for the research and development. However, they can be overcome in the forecast period.
Brake System Market Geographical Segmentation:
Asia Pacific is the dominant area for the brake system market globally. They are directly related to the sales of the automobile in the respective area. Europe is the second largest market for the brake system due to its research and development initiatives. North America is next prominent market as it has most of the passenger and commercial vehicle market. Middle East is likely to grow its market in the future, attributing to the rapid increase in automobile market.
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Key Players of Brake System Market:
Some of the leading manufactures in the global brake system market are Continental AG, ZF Friedrichshafen AG, Robert Bosch GmbH, Aisin Seiki Co., Ltd, Wabco Holding and Knorr-Bremse.
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