Press release
Brake-By-Wire System Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Brake-By-Wire System Market Size
Surge in the usage of electric vehicles is predicted to bolster the expansion of the brake-by-wire system market in the future. Electric vehicles (EVs), which are cars powered by electric motors utilizing electricity from batteries or other forms of energy storage, are increasing in popularity. The rise in environmental awareness, the expansion of EV structures, and enticing governmental incentives are all propelling the uptake of EVs. Brake-by-wire systems, which leverage electronic controls for precise and nimble braking, improve a vehicle's control and stability by eliminating hydraulic components. These systems also lessen weight and boost comprehensive efficiency and range. For example, the International Energy Agency, an autonomous intergovernmental organization based in France, stated in May 2022 that there were 95,00,000 Plug-in hybrid electric vehicles and 43,50,000 hybrid electric cars in 2023, up from 73,00,000 and 29,00,000 respectively in 2022. Accordingly, the increasing adoption of EVs is fueling the growth of the brake-by-wire system market.
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What is the projected compound annual growth rate (CAGR) of the brake-by-wire system market from 2025 to 2034, and what factors influence it?
In recent times, there's been a significant expansion in the brake-by-wire system market. The projected growth estimates that the market will increase from $8.77 billion in 2024 to $9.45 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%. The historic growth has been sparked by several factors including enhanced safety standards, burgeoning demand for electric cars, development in luxury and high-performance vehicles, requirements for vehicle weight degradation, and advancements in driver assistance systems.
The market size for brake-by-wire systems is anticipated to witness substantial growth in the coming years, rising to $12.62 billion by 2029 with a compound annual growth rate (CAGR) of 7.5%. The growth anticipated during the forecast period is largely due to an increased usage of electric and autonomous vehicles, advancements in the field of automotive electronics, a growing focus on safety and stability control systems, governmental regulations aimed at reducing emissions and proliferation of connected vehicle technologies. Major future trends include integration with autonomous driving systems, progress in software-driven control algorithms, acceptance of wireless communication technologies, an increased emphasis on regenerative braking features, and developments in sensor technology.
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How are the latest trends influencing the growth of the brake-by-wire system market?
Key players in the brake-by-wire system market, such as ZF Friedrichshafen AG, are innovating with the creation of cutting-edge braking technologies like electro-mechanical brake systems. These advancements aim to upgrade vehicle safety and boost the effectiveness of braking. Electro-mechanical brake systems substitute conventional hydraulic components with electric actuators and mechanical linkages, employing electronic controls for accurate braking. This not only decreases weight but also enhances overall efficiency. For example, ZF Friedrichshafen AG, a Germany-based tech firm specializing in advanced mobility products, introduced the 'dry' brake-by-wire system in November 2023. Its unique feature is its safety assurance through duplication of all connections, systems for data transmission, processing, and motor power supply. This system can result in up to 9 meters shorter stopping distances at 100 km/h for automatic emergency braking. It can also add up to 17% more range for electric vehicles due to better brake energy recuperation. The system also helps to reduce particle emissions from brake wear by minimizing residual dragging torques and eliminating the need for brake fluid changes, reducing maintenance needs.
What are the major segments of the brake-by-wire system market and their role in driving growth?
The brake-by-wire system market covered in this report is segmented -
1) By Type: Hydraulic Or Wet Type, Electronic Or Dry Type
2) By Sales Channel: Original Equipment Manufacturers (OEMs), Aftermarket
3) By Application: Passenger Vehicles, Commercial Vehicles
Subsegments
1) By Hydraulic Or Wet Type: Electro-Hydraulic Brake (Ehb) Systems, Hydraulic Actuators And Modules
2) By Electronic Or Dry Type: Electro-Mechanical Brake (Emb) Systems, Electronic Actuators, Brake-By-Wire Control Modules
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What regions are at the forefront of brake-by-wire system market expansion?
North America was the largest region in the brake-by-wire system market in 2023. The regions covered in the brake-by-wire system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the brake-by-wire system market?
Major companies operating in the brake-by-wire system market are Robert Bosch GmbH, Nissan Motor Co. Ltd., ZF Friedrichshafen AG, Continental AG, Hyundai Mobis Co. Ltd., Schaeffler Technologies AG & Co. KG, Microelectronics N.V., Parker Hannifin Corporation, Infineon Technologies AG, NXP Semiconductors N.V., Knorr Bremse AG, HELLA GmbH & Co. KGaA, Mando Corp., Brembo N.V., Akebono Brake Industry Co. Ltd., BWI Group, Haldex AB, KSR International Inc., Delphi Technologies Plc, FUTEK Advanced Sensor Technology Inc., Chassis Autonomy SBA AB
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What Is Covered In The Brake-By-Wire System Global Market Report?
•Market Size Forecast: Examine the brake-by-wire system market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the brake-by-wire system market for a structured understanding.
•Key Players Overview: Analyze major players in the brake-by-wire system market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the brake-by-wire system market.
•Segment Contributions: Evaluate how different segments drive overall growth in the brake-by-wire system market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the brake-by-wire system market.
•Industry Challenges: Identify potential risks and obstacles affecting the brake-by-wire system market.
•Competitive Landscape: Review strategic developments in the brake-by-wire system market, including expansions, agreements, and new product launches.
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