The new report by Expert Market Research titled, ‘Global Brake System Market Share, Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global brake system market, assessing the market based on its segments like product type, end use, distribution channel, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 7%
The growing downstream demand for braking systems in various industries, such as automotive, construction equipment, farm equipment, industrial truck, and mining equipment, is driving the global market for brake systems. The demand for brake systems in the automotive sector has been high, and it is expected to continue to rise as the number of passenger and commercial cars on the road increases.
The industry is likely to benefit from increased awareness of road safety as a result of an increase in the number of accidents, rash driving, and congested roads. The need for brake systems is expected to rise in the coming years as downstream sectors become more automated.
Brake System Industry Definition and Major Segments
A vehicle’s brake system is one of the most important components for stopping it. It includes, among other things, a braking pedal, master cylinder, connecting hoses, lines, fluids, linkage, drums, shoes, and parking brake. It is a necessary component of a vehicle in order to avoid collisions.
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On the basis of product type, the market is segmented into:
- Disc Brake
- Drum Brake
- Hydrostatic Brake
- Hydraulic Wet Brake
- Regenerative and Dynamic Brake
Based on end use, the industry is divided into:
- Construction Equipment
- Agriculture Equipment
- Industrial Truck
- Mining Equipment
Based on the various distribution channels of the brake system, the market can be divided into:
- Original Equipment Manufacturer (OEM)
Based on region, the market can be divided into:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Brake System Market Trends
The original equipment manufacturer (OEM) segment, based on distribution channel, is expected to increase at a healthy rate over the projection period, owing to the manufacturers’ high-quality assurance, as well as their quick reaction and efficient monitoring. Other benefits of the product, such as its value and longevity, warranty, and return on investment, are likely to contribute to the market’s expansion.
The Asia Pacific’s flourishing automobile sector, particularly in nations like India, China, Japan, and South Korea, is a primary driving force behind the region’s brake system industry’s expansion. The growing popularity of electric automobiles, combined with increased disposable incomes and population growth in emerging economies, is predicted to boost the industry. In India, the commercial car segment is anticipated to generate a healthy demand owing to the rising demand for cab services.
Key Market Players
The major players in the market are Aisin Seiki Co Ltd., Brembo S.P.A., Continental AG, BorgWarner Inc., Hitachi Astemo, Ltd., Knorr-Bremse AG, Nissin Kogyo Co, Ltd., and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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