The brake system market is projected to reach USD 26.5 billion by 2026 from an estimated USD 20.9 billion in 2021, at a CAGR of 4.9%

New York, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Brake System Market by Type, Technology, On & Off-Highway Vehicle, OHV Brake, Actuation and Region - Global Forecast to 2026" - https://www.reportlinker.com/p05201348/?utm_source=GNW
Also, growing popularity of high-end and luxury cars is boosting brake system market.
Countries such as India, China, Brazil, Mexico, Argentina are focusing on enhanced automotive safety standards. However, the high maintenance and repair cost can hinder market growth especially in developing countries.

Disc brake segment is expected to be the largest market by brake type
Disc brakes are found on most vehicles today.These brakes are mounted mainly on front-wheel axles, but nowadays, even rear wheels are equipped with disc brakes in Europe and North America.

The reasons disc brakes are gaining popularity are that they are more efficient, provide better-stopping power, dissipate heat easily, self-adjust as friction material wears, and work effectively in wet conditions.Most of today’s passenger cars are equipped with disc brakes on all four wheels in Europe and North America.

This is mainly due to the advantages like high stopping power and strict regulations regarding vehicle safety.However, the penetration is quite low in Asia Pacific as disc brakes are quite expensive to repair and maintain.

Also, presently, they are part of only premium and luxury cars in the region. But in the coming years, it is expected to gain momentum.

Agricultural Tractors brake system market segment is expected to be the fastest
Agricultural tractors are mostly equipped with brakes on rear axle.Four-wheel drive tractors are also equipped with brakes on rear axle.

Wet disc brake type is used predominantly in agricultural tractors because of its better performance.Also, older tractor models in use are equipped with hydraulic single-line braking systems.

The new tractors are equipped with dual-line braking systems.Dual-line hydraulic braking system allows to separate the normal braking system from the emergency braking system and is designed to stop the vehicle in the event of failure of the braking system.

Pneumatic dual-line braking systems have long been used for heavy-duty vehicles and now have proved suitable for tractors with heavy machinery at speeds of 40 km/h and above. Thus, the growing adoption of advanced brake systems in tractors is expected to drive its brake market significantly in the coming years.

Asia Pacific market is expected to register the highest growth during the forecast period
The Asia Pacific brake system market is estimated to be the fastest-growing regional market.The growing adoption of advanced braking system technologies in China, Japan, South Korea, and India is expected to drive market growth in the region.

China’s passenger car production is expected to reach 24 million units by 2026, presenting a huge opportunity for brake system manufacturers globally as well as domestically.Not only passenger cars but trucks are also set to reach 2 million units by 2026.

According to the European Transport Safety Council, the South Korean transport ministry announced that it requires all new large passenger vehicles and trucks to be fitted with AEB and LDW systems from January 2019.Also, ABS and ESC are already mandatory in passenger cars and LCVs.

Thus, the implementation of government mandates is expected to drive the South Korean brake system market. Such factors would boost the growth of installation of advanced braking systems, which in turn would drive the growth of brake system market during the forecast period.

In-depth interviews were conducted with CEOs, vice-presidents, marketing directors, innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: Supply Side- 80%, Demand Side- 20%
• By Designation: C Level - 20%, D Level – 30%, and Others - 50%
• By Region: Asia Pacific- 40%, Europe - 30%, North America - 30%
The brake system market is led by globally established players such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), Aisin Seiki Co, Ltd. (Japan), Knorr-Bremse AG (Germany), and Brembo S.p.A (Italy), Hitachi Astemo Ltd. (Japan), Mando Corporation (South Korea), Haldex AB (Sweden). The study includes an in-depth competitive analysis of these key players in the brake system market with their company profiles, MnM view of the top five companies, recent developments, and key market strategies.

Research Coverage:
The brake system market is segmented by region (Asia Pacific, Europe, North America, and RoW), vehicle type (passenger car, LCV, truck and bus), brake type (disc brake and drum brake), technology (anti-lock braking system, traction control system, electronic stability control, and electronic brake-force distribution), off-highway application (agricultural tractor, construction equipment and mining equipment), off-highway brake type (hydrostatic brake, hydraulic wet brake, dynamic brake and others), and actuation (hydraulic and pneumatic).
The study also includes an in-depth competitive analysis of the key players in the market along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall brake system market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05201348/?utm_source=GNW

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