The report "Brake Systems Market by Type (Disc & Drum), Electronic Brake System (ABS, TCS, ESC, & EBD), Off-Highway Vehicles (Construction & Agriculture), Vehicle Type (Passenger Car, Light & Heavy Commercial Vehicle), and Region - Global Forecast to 2021", published by MarketsandMarkets, is projected to grow at a CAGR of 6.94% during the forecast period, to reach a market size of USD $31.94 Billion by 2021.
The market is driven by factors such as stringent government regulations that are reducing stopping distance and regulations encouraging vehicles to use braking technologies in order to receive five star ratings from New Car Assessment Program (NCAP).
Disc brakes to be the largest segment in the Brake System Market
The automotive industry has witnessed a rapid evolution over the past decade in terms of technology, and the major credit goes to the safety regulations imposed by the governments, especially for braking distance. The stopping distance mandate in North America and Europe has led to an increasing market penetration of disc brakes over drum brakes. In the case of commercial vehicles, which require heavy braking applications, disc brakes provide significant reduction in stopping distance as compared to drum brakes. The passenger cars segment is estimated to be the largest market for disc brakes. An increase in the production of passenger cars will drive the demand for the disc brake market. As per the International Organization of Motor Vehicle Manufacturers (OICA), the global production of passenger cars increased from 58.2 million units in 2010 to 72.1 million units in 2016. This trend is projected to continue during the forecast period, with the market presence of disc brakes expected to strengthen further. Alternatively, the market for drum brakes will continue to grow at a steady pace, given the predominant use of drum brakes in heavy commercial vehicles as well as economic passenger cars in cost sensitive automotive markets of China, Brazil, India, and Russia.
Traction Control System to be the fastest growing segment in the brake system, by electronic brake technology market
The Traction Control System (TCS) technology is projected to grow at the highest CAGR during the forecast period. The growth of this technology can be attributed to the mandatory requirement for Electronic Stability Control (ESC) systems in almost all passenger cars in the U.S. and European Union. Vehicles with ESC must have Anti-lock Braking System (ABS) and TCS. All three electronic braking technologies use the same wheel sensors and offer enhanced braking performance. In order to support the growth of braking technologies, the governments are introducing various regulations to make these technologies mandatory in passenger cars in the coming years.
Asia-Oceania to be the largest market for off-highway brake systems
Asia-Oceania is estimated to dominate the off-highway Brake System Market and is projected to grow at the highest CAGR during the forecast period. Asia-Oceania's off-highway Brake System Market is led by the agricultural tractor segment. The region has emerged as a hub for agricultural tractor sales due to high farming requirements. The rising adoption of mechanized farming practices has improved farm productivity, which in turn has increased the demand for agricultural tractors.
The Brake System Market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Continental AG (Germany), Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Wabco Holdings, Inc. (U.S.), and Knorr-Bremse AG (Germany).
