New York, Aug. 25, 2022 (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 2027" - https://www.reportlinker.com/p05201348/?utm_source=GNW
This demand would further fuelled by the growing popularity of high-end and luxury cars.
Countries such as India, China, Brazil, Mexico, and Argentina focus on enhanced automotive safety standards. However, the high maintenance and repair costs can hinder market growth, especially in developing countries.
The hydraulic brake is expected to be the largest market, by actuation.
The growth in the production of passenger cars and light commercial vehicles (LCV) is driving the growth of hydraulic brake systems.Advantages such as better heat dissipation than mechanical brakes, better braking power transmission, compact size, and ease of repair due to the readily available brake parts in the aftermarket are instrumental in increasing the penetration of hydraulic brake systems.
As the hydraulic brake market is directly linked to the production of passenger cars and LCVs, China, Japan and India are the largest markets for hydraulic brakes.Also, North America and Europe have a significant presence in hydraulic brakes.
Still, as the local automobile OEMs outsource their manufacturing to developing countries, the brake products aftermarket is expected to showcase promising growth in these developing regions.
Passenger Car, brake systems market, would be the fastest-growing market.
Passenger cars contribute to more than 60% of global vehicle production; hence, the segment has the leading demand for brakes.Passenger cars employ two braking systems: service brakes and parking brakes.
The market for passenger car brakes is mainly driven by increased production owing to increased personal use cars and ride sharing and government safety mandates.Although advanced brakes are popular in Europe and North America, the increasing penetration of such brakes in Asia Pacific is expected to boost the brake system market.
Many countries in Asia Pacific are adopting regulations that requires use of electronic brake system to be compulsorily installed on new vehicles.In April 2019, the Ministry of Road Transport & Highways of India under Bharat NCAP, announced that India will have safety braking features such as electronic stability control and autonomous braking as mandatory features on passenger cars by 2023.
The stringency in passenger vehicle safety regulations is projected to increase the adoption of advanced brake systems. Passenger cars in Europe and North America already have significant penetration of advanced brake systems, and this penetration rate is expected to increase in the coming years.
North America will continue to lead the ATV brake system market in coming years.
The growing popularity of sports/recreational activities, increasing use in farms, and rising number of off-road sports events/championships would drive the global ATV market.This growth in ATVs globally would create opportunities for the ATV brake system market.
Australia is the leading market for ATVs in the Asia Pacific; Utility ATVs are the most used ATVs in the Asia Pacific. As most ATVs in Asia Pacific uses drum brakes, the market for ATV drum brake system would be the largest in Asia Pacific.
On the other hand, North America contributes to more than 60% of the global ATV brake system market as it it is the largest ATV market in the world.Factors such as large forests, the prevalence of recreational sports, and use in military and agriculture are instrumental in higher market share of North America in ATV Market.
Hence, North America would remain a major ATV brake system market in the forecast period.
Asia Pacific would register the highest growth in on adoption of electronic advanced brake system during the forecast period
Asia Pacific has emerged as the largest hub for vehicle production in recent years due to growth in favorable incentives by local governments, growing domestic market, and cost advantages for local automobile OEMs.Manufacturers such as BMW Motors (Germany) and Volkswagen AG (Germany) have already set up their manufacturing units in these countries on a large scale.
The rise in automotive production is driving the automotive brake systems market in the region.As of 2022, drum-drum and disc-disc combination is popular with the automobile manufacturers in the region.
But with changing preferences of customers in the region, the market for luxury and sports vehicles is growing which is projected to contribute in growth of disc-disc brake combination. Companies such as Aisin Seiki Co., Ltd. (Japan), Akebono Brake Corporation (Japan), Mando Corporation (South Korea), and Hitachi Automotive Systems Ltd. (Japan) have a strong presence in the region. ????????????????????????????????????????Further, China and India are the largest brake system markets in the Asia Pacific region. In China and India, the market for brake systems is driven by the increasing vehicle production in these two countries coupled with regulatory compliance with the UN agreement on approval and recognition for motor vehicle equipment and parts (ECE-R-13). Japan and South Korea also have a significant penetration of electronic braking systems due to their local regulations which comply with advanced braking system regulations stipulated in the US FMVSS105 and European ECE R13-H guidelines. Thus, with the implementation of stringent safety standards, the demand for brake systems is expected to grow further in the coming years.
In-depth interviews were conducted with Vice-presidents, marketing directors, innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: Supply Side- 60%, Demand Side- 40%
• By Designation: C Level - 30%, D Level – 30%, and Others - 40%
• By Region: Asia Pacific- 60%, Europe - 20%, North America - 20%
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), ,actuation (hydraulic and pneumatic), regenerative brake market(BEV and PHEV), and ATV brake system market( Asia Pacific, Europe, North America and RoW)
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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