The Brake System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Brake System Global Market Report 2024, The brake system market size has grown strongly in recent years. It will grow from $29.62 billion in 2023 to $31.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to automotive industry growth, consumer awareness and safety concerns, increasing vehicle fleet, innovation in brake materials, government initiatives for road safety, adoption of disc brakes, increased vehicle weight and performance..
The brake system market size is expected to see strong growth in the next few years. It will grow to $40.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to regulatory push for advanced safety, emergence of energy recovery systems, research and development investments, market competition and product differentiation, global supply chain challenges.. Major trends in the forecast period include electrification and regenerative braking, advanced driver assistance systems (adas), brake-by-wire technology, lightweight materials and design, integration of electronic stability control (esc), digitalization and connectivity..
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. For instance, according to the National Safety Council, a US-based non-profit, public service organization promoting health and safety, in 2021, car accidents have resulted in fatalities of 1.3 million people worldwide. Furthermore, in June 2022, according to the World Health Organization, a US-based specialized health agency, there was almost 1.3 million people die each year from road accidents. Therefore, the increase in road accidents is driving the growth of the brake system market .
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The brake system market covered in this report 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:
- Executive Summary
- Brake System Market Characteristics
- Brake System Market Trends And Strategies
- Brake System Market – Macro Economic Scenario
- Global Brake System Market Size and Growth
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- Global Brake System Market Competitive Benchmarking
- Global Brake System Market Competitive Dashboard
- Key Mergers And Acquisitions In The Brake System Market
- Brake System Market Future Outlook and Potential Analysis
- Appendix
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