Brake System Market is Expected to Reach US$ 39.89 Billion by 2027

The Global Brake System Market was valued at USD 28.92 Billion in 2020 is expected to reach USD 39.89 Billion by 2027, with a growing CAGR of 4.90% during the forecast period.

The increase in sales & production of commercial vehicles and off-highway trucks are the major factor that propels the growth of the brake system market. The brake system is the main part of automobiles, thus an increase in commercial vehicles production and sales directly impact the brake system industry. For instance, as per the data of the International Organization of Motor Vehicle Manufacturers (OICA), the sales of commercial vehicles estimated around 27 million units in 2019, which registered a growth of 3.8% as compared to the previous year.

The growth of the brake system market is mainly attributed to the stringent regulation by the government for safety requirements. The governments across the globe are mainly focusing on the standard that will result in improved safety of the driver and passengers. Therefore, the regulatory authorities have set up stringent guidelines aiming to enhance active safety in vehicles. For instance, according to the U.S. Department of Transportation's National Highway Traffic Safety Administration (NHTSA) and Insurance Institute for Highway Safety (U.S.), together with 20 key automobile manufacturers, introduced to include automated emergency braking (AEB) systems as a standard function in all new vehicles from September 2022.

Based on end-use, the brake system market is segmented into automotive, construction equipment, agricultural equipment, industrial trucks, and mining equipment. The automotive segment accounted for around USD 25 billion or nearly 55% of the global revenue share. Growing population and improved economic conditions have further boosted the demand for automobiles. As a result, the segment is projected to register a compound annual growth rate of roughly 7%

Government regulations related to loading carrying capacity and air brakes installation may create lucrative opportunities for the progress of the brake system market. Increased goods transportation by road has led to an increase in load-carrying capacity. To ensure the safety of these heavy-load commercial vehicles, the government has mandated the use of air brakes ensuring further market growth. The need to reduce emission levels and weight has led to the development of the brake-by-wire system. Furthermore, the additional requirement to improve vehicle mileage has introduced regenerative braking. The benefits of using the brake-by-wire and regenerative brake systems create additional opportunities for the brake system market to flourish. However, the development cost of these brakes is high which hamper the growth of the brake system market.

Global Brake System Market by Region Outlook (Revenue, USD Billion, 2021-2027)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

In terms of geography, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The growth in the region is attributed to the growing Chinese economy, soaring demand for automobiles in the region, the surge in construction activities, and low production costs have favoured the growth of the market in China.

The Global Brake System Industry Segmentation:

Global Brake System Market by Product Type Outlook (Revenue, USD Billion, 2021-2027)

  • Disc Brakes
  • Drum Brakes
  • Hydrostatic Brakes
  • Hydraulic Wet Brakes
  • Regenerative & Dynamic Braking

Global Brake System Market by End-use Outlook (Revenue, USD Billion, 2021-2027)

  • Automotive
  • Construction Equipment
  • Agricultural Equipment
  • Industrial Trucks
  • Mining Equipment

Global Brake System Market by Distribution Channel Outlook (Revenue, USD Billion, 2021-2027)

  • Original Equipment Manufacturers (OEMs)
  • Aftermarket

Key Findings:

  • Based on the product type, the drum brakes segment held the major market share in 2019 of over 50%
  • Based on the end-use, the automotive segment accounted for the largest revenue share of close to 55% and is expected to show its dominance during the forecast period
  • Based on the distribution channel, the OEMs segment accounted for the largest revenue of over USD 20 Bn in 2019
  • Based on regions, Asia-Pacific region is expected to grow at the highest CAGR during the forecast period

The key players operating in the brake system market are:

  • Brembo S.p.A.
  • Continental AG
  • BorgWarner Inc.
  • Haldex Brake Products Corp.
  • Hitachi Automotive Systems Pvt. Ltd.
  • Knorr-Bremse AG
  • Robert Bosch GmbH
  • ZF Friedrichshafen AG
  • TE Connectivity
  • KSR International Inc.
  • Protection Vessels International Ltd
  • Batz Group
  • Mando Corp.

Recent News:

  • In Feb 2021, Volvo launched four new generations of heavy-duty trucks which include features such as adaptive cruise control, lane departure warning, and automatic energy braking.
  • In March 2021, Brembo launched its new Brembo Sport | T3 brake disc. ​The new Brembo Sport | T3 disc is an immediate substitute for unique equipment discs and has effortlessly recognizable elements that distinguish it from the preceding version - using Type3 slotting and the Brembo brand engraved on the braking surface. These new technology and layout capabilities are primary for a road disc.

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