Brake System Market to Reach USD 26.5 billion by 2026

“Stringency in safety regulations, growing adoption of air disc brakes in commercial vehicles and increasing penetration of advanced electronic braking systems are driving the growth of the brake system market globally”

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. Various governments globally are implementing safety standards by making safety features such as ABS, ESC, TCS, and EBD a mandatory feature in vehicles. This has strongly driven the brake system market in developed as well developing countries. Also, growing popularity of high-end and luxury cars is boosting brake system market.

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Countries such as India, China, Brazil, Mexico, Argentina are focusing on enhanced automotive safety standards. However, the high maintenance and repair cost can hinder market growth especially in developing countries.

“Disc brake segment is expected to be the largest market by brake type”

Disc brakes are found on most vehicles today. These brakes are mounted mainly on front-wheel axles, but nowadays, even rear wheels are equipped with disc brakes in Europe and North America. The reasons disc brakes are gaining popularity are that they are more efficient, provide better-stopping power, dissipate heat easily, self-adjust as friction material wears, and work effectively in wet conditions. Most of today’s passenger cars are equipped with disc brakes on all four wheels in Europe and North America. This is mainly due to the advantages like high stopping power and strict regulations regarding vehicle safety. However, the penetration is quite low in Asia Pacific as disc brakes are quite expensive to repair and maintain. Also, presently, they are part of only premium and luxury cars in the region. But in the coming years, it is expected to gain momentum.

“Agricultural Tractors brake system market segment is expected to be the fastest”

Agricultural tractors are mostly equipped with brakes on rear axle. Four-wheel drive tractors are also equipped with brakes on rear axle. Wet disc brake type is used predominantly in agricultural tractors because of its better performance. Also, older tractor models in use are equipped with hydraulic single-line braking systems. The new tractors are equipped with dual-line braking systems. Dual-line hydraulic braking system allows separating the normal braking system from the emergency braking system and is designed to stop the vehicle in the event of failure of the braking system. Pneumatic dual-line braking systems have long been used for heavy-duty vehicles and now have proved suitable for tractors with heavy machinery at speeds of 40 km/h and above. Thus, the growing adoption of advanced brake systems in tractors is expected to drive its brake market significantly in the coming years.

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This release was published on openPR.