Global Brake System Market Size, Share & Trends Report by Type (Disc Brake, Drum Brake, Hydrostatic Brake, Hydraulic Wet Brake, and Regenerative & Dynamic Braking), by Distribution Channel (OEM and Aftermarket), by End-User (Automotive, Construction Equipment, Industrial Trucks, and Mining Equipment) Forecast (2022-2028)

The global brake system market is anticipated to grow at a moderate CAGR of 3.2% during the forecast period (2022-2028). The rise in the number of road traffic accidents is one of the factors driving the need for an effective braking system. For instance, According to the data published by WHO in 2021, road traffic injuries are the leading cause of mortalities in children and young adults aged 5-29 years and about 73.0% of all road traffic injuries occur among young males under the age of 25 years. Approximately 1.3 million mortalities occur annually as a result of road traffic crashes. More than 90.0% of the world’s fatalities on the roads occur in low – and middle-income countries. Moreover, an estimated 20 million – 50 million people suffer from non-fatal injuries, with many incurring a disability as a result of their injury. Thus, effective braking can reduce the prevalence of road traffic accidents, which in turn will drive the growth of the global brake system market during the forecast period.
The government regulations toward braking systems to ensure safety among passengers are anticipated to drive the growth of the market. For instance, in March 2019, the Ministry of Road Transport & Highways mandated the advanced braking systems, technologies, and performance requirements for improved road safety and reducing accidents. The provision is applied to all vehicles with 9 seats and above. Further, the new vehicles rolling out from April 2022 will have these fitted. This includes an anti-lock braking system, intelligent braking system, endurance braking requirement, and more. Thus, such regulations are anticipated to fuel the demand for the global brake system market.
Looking toward the demand for the brake system, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in December 2021, Brembo S.p.A had unveiled Sensify, an intelligent braking system that integrates the software on artificial intelligence with the company’s brake components. According to the company, Sensify is anticipated to be on the market from 2024. Also, in February 2021, Marathon Brake Systems developed DiscStar air disc brake rotors for a variety of heavy-duty applications including heavy trucks, buses, fire trucks, and more. Thus, such launches are anticipated to drive the growth of the market in near future.

Market Coverage
The market number available for – 2021-2028
Base year- 2021
Forecast period- 2022-2028

Segment Covered-
By Brake Type
By Distribution Channel
By End-User

Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World

Competitive Landscape-
Wabco Holdings Inc., Mando Corp., and Robert Bosch GmbH among others

Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?

Global Brake System Market Report by Segment
By Brake Type
Disc Brake
Drum Brake
Hydrostatic Brake
Hydraulic Wet Brake
Regenerative & Dynamic Braking

By End-USer
Automotive
Construction Equipment
Industrial Trucks
Mining Equipment

By Distribution channel
OEM
Aftermarket