Research Report on Brake System Market added by ResearchCMFE consist of Growth Opportunities, Development Trends, and Forecast 2026. The global Brake System market is valued at USD 30 billion in 2019 and is projected to reach USD 47.2 billion by the end of 2026, growing at a CAGR of 6.7% during the period 2016 to 2026.
The brake system market is highly interconnected with the sales and manufacture of automobiles. The growth of the automobile industry is the major market driver for the brake systems market. If the market for commercial vehicles and industrial trucks is growing the brake system market has a good chance to sustain and do well. According to OICA (Organization Internationale des Constructeurs d’Automobiles), the sales of passenger cars have taken an upward slope from 55.8 million units in 2010 to 69.4 million units in 2016 globally, thereby leading to a demand for brake systems market. The Indian brake system market is projected to grow to $1.55 billion by 2024.
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Key Market Segmentation of Brake System Industry:
The segmentation of the Brake System market has been offered based on product type, application, Major Key Players, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the analysis
Top Players Listed in the Brake System Market Report are
- Continental AG
- ZF Friedrichshafen AG
- Wabco Holdings, Inc.
- Knorr-Bremse AG
- Aisin Seiki Co, Ltd. (Japan).
- Mando Corp.
- Autoliv Inc.
- Akebono Brake Industry Co Ltd
- Federal-Mogul Holdings Corp
- Wabco Holdings Inc
- Brembo S.P.A
- Hitachi Automotive Systems, Ltd.
- Nissin Kogyo Co., Ltd.
- Delphi Automotive PLC
- Haldex AB
Based on type, Brake System market report split into
- By Type of Brake (Disc, Drum)
- By Technology (ABS, TCS, ESC, EBD, Others)
Based on Application Brake System market is segmented into
- Passenger Car
- Light & Heavy Commercial Vehicle
- Off-Highway Vehicles
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Impact of COVID-19 on Brake System Market:
Brake System Market report analyses the impact of Coronavirus (COVID-19) on the Brake System industry. Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 180+ countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the Brake System market in 2020
Regional Analysis Covered in this Report are:
- North America [United States, Canada, Mexico]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- Middle East & Africa [GCC, North Africa, South Africa]
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
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The Latest News in Brake Systems Industry:
Emerging new technologies in the brake system market that provide the improved performance along with better safety are likely to be commercialized soon. The anti-lock braking system (ABS) enables vehicles to have better grip even on slippery surfaces and is thus increasingly being adopted by automobile manufacturers across the world. The ABS improves reaction speed leading to a shorter and smooth braking time, thereby improving the overall customer experience. Recently, Hyundai Motors recalled a huge amount of its electric cars and fuel cell cars from Korea on account of faulty electronic braking systems as per the order from the transport ministry. This has led to consumer concerns regarding electronic brake system safety thereby impacting the market growth adversely. However, it is evident from the key market trends that demand a braking system with higher accuracy is increasing thereby providing new opportunities for players present in the value chain of the brake systems market.
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