Press release
Brake System Market Expansion Continues, with Forecast Valuation of $43.31 Billion by 2029
Brake System Market
Brake System Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, there has been significant growth in the brake system market. From a value of $31.23 billion in 2024, it is expected to rise to $33.21 billion in 2025, marking a compound annual growth rate (CAGR) of 6.3%. Factors such as the expansion of the automotive industry, heightened consumer awareness, enhanced interest in safety, a growing fleet of vehicles, innovations in brake materials, government initiatives geared towards road safety, the adoption of disc brakes, as well as increased vehicle weight and performance have all contributed to this growth during the historic period.
Brake System Market Size Forecast: What's the Projected Valuation by 2029?
The market size of the brake system is predicted to experience substantial growth in the coming years, increasing to $43.32 billion by 2029 with a compound annual growth rate (CAGR) of 6.9%. The projected growth in this period can be attributed to several factors including regulatory incentives for advanced safety, introduction of energy recovery systems, research and development funding, competitive market dynamics, and product diversification, as well as global supply chain difficulties. Key trends expected during this forecast period encompass electrification and regenerative braking, advanced driver assistance systems (ADAS), brake-by-wire technology, lightweight materials and design, incorporation of electronic stability control (ESC), and advancements in digitalization and connectivity.
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What Are the Drivers Transforming the Brake System Market?
The brake system market is predicted to grow due to an expected rise in road mishaps. Car accidents, which may involve a collision with another car or a stationary object, can be prevented by the installation of modern brake systems by car manufacturers, which also work to decrease the instances of fatalities and accidents. Such as, provisional data from the Ireland-based Road Safety Authority in January 2024 showed a 19% rise in road fatalities in 2023 when compared to 2022. In 2023, there were 184 deaths from 173 fatal collisions, an increase from 155 deaths in 149 collisions the previous year. The increase equates to 29 additional deaths or a 19% increase in road fatalities from the previous year. As such, the rise in road mishaps is fuelling the growth of the brake system market.
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What Long-Term Trends Will Define the Future of the Brake System Market?
Advancements in technology are emerging as the primary trends in the brake system market. Leading companies in this sector are adopting novel technologies to maintain their competitive edge. Take for example, Orbis brakes, a US-based brake manufacturer, teamed up with NASA, the US-based National Aeronautics and Space Administration, in July 2022 to unveil a fresh periodic brake system infused with aerodynamics technology. This innovation facilitates the production of brakes that are 50% lighter than the conventional cast-iron brakes, resulting in halved energy requirement for their production and decreased carbon footprint throughout the supply chain. The novel brake introduced is an ultra-light disc brake rotor integrated with a pad that's anticipated to be more cost-effective than equivalent high-performing brakes. Furthermore, this brake is also an environmentally-friendly high-performance substitute.
Which Segments in the Brake System Market Offer the Most Profit Potential?
The brake system market covered in this report is segmented -
1) By Product Type: Disc Brakes, Drum Brakes, Hydrostatic Brakes
2) By Technology: Antilock Braking Systems (ABS), Electronic Stability Control (ESC), Traction Stability Control (TCS), Electronic Brakeforce Distribution (EBD)
3) By Vehicle Type: Passenger Car, Light-Commercial Vehicles (LCV), Truck
4) By End User: Automotive, Construction Equipment, Agricultural Equipment, Industrial Trucks
Subsegments:
1) By Disc Brakes: Ventilated Disc Brakes, Slotted Disc Brakes,
2) By Drum Brakes: Leading-Trailing Drum Brakes, Duo-Servo Drum Brakes,
3) By Hydrostatic Brakes: Fixed Hydrostatic Brakes, Variable Hydrostatic Brakes.
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Which Firms Dominate the Brake System Market by Market Share and Revenue in 2025?
Major companies operating in the brake system market are Aisin Corporation, Brembo S.p.A., Continental AG, Haldex Brake Products Corp., Hitachi Automotive Systems Pvt. Ltd., Knorr-Bremse AG, Robert Bosch GmbH, ZF Friedrichshafen AG, Nissin Kogyo Co. Ltd., TE Connectivity Ltd., KSR International Inc., Batz S. Coop., ADVICS Co. ltd., Bwi Automotive Technologies Private Limited, AUDI AG, BMW AG, Hyundai Motor Company, Toyota Kirloskar Motor Private Limited, Akebono Brake Industry Co. Ltd., Disc Brakes Australia, Aptiv PLC, Federal-Mogul Holding Co., Hella Pagid GmbH, Performance Friction Corporation Brakes, TVS Brake Linings Co., Mando Corporation, Autoliv Inc., Denso Corporation, Freeman Automotive UK Ltd., Hawk Corp.
Which Regions Offer the Highest Growth Potential in the Brake System Market?
North America was the largest region in the brake system market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the brake system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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