Press release
Brake System Industry Expected to Reach $42.01 Billion by 2029 at 6.4% CAGR
Brake System Market
Brake System Market Value Projection: How Much Will the Market Size by 2025?
Over the past few years, the brake system market has experienced stable growth. This market is expected to expand from $31.23 billion in 2024 to $32.78 billion in 2025, boasting a compound annual growth rate (CAGR) of 4.9%. Factors contributing to this growth in the previous period include advancements in the automotive industry, rising consumer awareness and safety concerns, a surge in the vehicle fleet, innovative developments in brake materials, government initiatives promoting road safety, the adoption of disc brakes, as well as increases in vehicle weight and performance.
What Will Be the Market Growth Forecat for Brake System in 2029?
The market size of the brake system is poised for robust growth in the coming years, ballooning to an estimated $42.01 billion by 2029, expanding at a compound annual growth rate (CAGR) of 6.4%. This projected growth within the forecast period can be credited to factors such as the legislative drive for enhanced safety, the advent of energy recovery systems, the capital invested in research and development, increased market competition and product differentiation, as well as challenges faced by the global supply chain. The forecasted period will also witness significant trends including brake system electrification and regenerative braking, the rise of advanced driver assistance systems (ADAS), brake-by-wire technology, the use of lightweight materials and designs, electronic stability control (ESC) integration, as well as advances in digitalisation and connectivity.
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What Are the Core Competitive Drivers in the Brake System Industry?
The surge in road mishaps is predicted to catalyze the expansion of the brake system market. Car collisions, which involve either an impact with another vehicle or fixed objects, are a significant cause of concern. The incorporation of advanced braking systems in automobiles by manufacturers aids in averting such incidents. Additionally, these systems help diminish life loss and mishaps resulting from car accidents. For example, the Road Safety Authority of Ireland reported in January 2024 that preliminary figures showed a 19% surge in road fatalities in 2023 compared to 2022. Approximately 184 individuals lost their lives in 173 severe collisions in 2023, a substantial increase from 155 casualties in 149 incidents a year earlier. This is equivalent to an increase of 29 casualties or a 19% upsurge in road fatalities from the previous year. Consequently, the rise in such accidents is fuelling the growth of the brake system market.
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Which Brake System Market Segment Is Projected to See the Fastest Growth?
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.
Which Trends Are Opening New Opportunities in the Brake System Market?
Advancements in technology are becoming increasingly popular trends within the brake system industry. Major players in the market are implementing these new technologies in an effort to maintain their market standing. For example, Orbis brakes, a brake manufacturer based in the US, collaborated with NASA, the US's National Aeronautics and Space Administration, in July 2022 to launch new and innovative brake systems utilizing aerodynamics technology. This technology assists in producing brakes that weigh 50% less than the traditional cast-iron brakes, effectively halving the energy required to produce them and reducing their carbon footprint. Their latest brake release is a highly lightweight disc brake rotor with a pad, anticipated to be much more affordable than other similar high-performance brakes. Moreover, it's also an eco-friendly high-performance replacement brake.
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Who Are the Leaders in the Brake System Market?
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 Regional Brake System Markets Offer the Greatest Growth Potential?
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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