Categories: Metal & Construction

Automotive Brake Systems Market Size, Trends, Growth

The Brake System Global Market Report 2023 by The Business Research Company, provides brake system market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/brake-system-global-market-report

According to The Business Research Company’s Brake System Global Market Report 2023, the market size is expected to grow from $27.62 billion in 2022 to $29.65 billion in 2023 at a compound annual growth rate (CAGR) of 7.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The brake system market size is expected to grow to $38 billion in 2027 at a CAGR of 6.4%.

An increase in road accidents is expected to propel the growth of the brake system market going forward. Car accidents also referred to as car collision, are accidents with a car that involves a collision with another vehicle or stationary objects. The installation of modern braking systems by car makers in cars helps to prevent traffic accidents. Also, the use of braking systems reduces the loss of lives and accidents due to car accidents.

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The brake system market 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

Technological innovations are the key trends gaining popularity in the brake system market. Major companies operating in the market are introducing new technologies to sustain their position in the market. For instance, in July 2022, Orbis brakes, a US-based break manufacturing company, in collaboration with NASA, a US-based National Aeronautics and Space Administration launched new periodic brake systems based on aerodynamics technology. This technology helps to manufacture breaks that are 50% lighter than standard cast-iron brakes, which helps to cut the energy required to produce them in half and reduces carbon usage across the supply chain. This new break is a superlight disc brake rotor with a pad that is expected to cost a fraction of the price of comparable performance breaks. Also, this is an environmentally-driven high-performance replacement brake.

The brake system market report table of contents includes: