Rising sales of electric vehicles and growing emphasis on

NEWARK, Del., Feb. 11, 2024 (GLOBE NEWSWIRE) — According to Future Market Insights (FMI), the global braking systems market is expected to $24.9 billion in 2024 and $42.3 billion by 2034. The market is expected to rise at a CAGR of 5.4% by 2034.

The expansion of the market is attributed to the rising popularity of commercial vehicles such as electric buses and passenger cars worldwide. Increasing online car sales and the introduction of new services to the market by manufacturers are expected to drive market expansion.

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Rising fatalities and concerns about road accidents have prompted governments to implement strict safety measures. The braking systems market is expected to grow due to the strict safety regulations that governments and regulatory authorities have introduced.

The growing popularity of electric vehicles and increased attention to autonomous vehicles are expected to boost the commercial growth prospects of manufacturing companies. The braking systems market is expected to evolve towards an increasing demand for installing passive and active safety features in cars.

Key Takeaways from the Brake System Market Report:

  • The braking systems market is expected to reach $42.3 billion by 2034.
  • The market is expected to rise to a CAGR of 5.4% by 2034.
  • The Chinese braking system market is expected to grow at a CAGR of 5.9% through 2034.
  • The United States is expected to reach a valuation of $7.6 billion by 2034.
  • Based on end-use, the automotive segment is expected to grow at a CAGR of 5.0% through 2034.

Commercial vehicles such as trucks, buses and vans are in high demand worldwide. This growth is attributed to the expansion of e-commerce, rising demand for logistics and transportation, and the expansion of the mining and construction sectors. The need for reliable and effective braking systems is increasing along with the growth of the commercial vehicle fleet.” – Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

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Competitive landscape

Leading companies in the market include:

  • AISIN SEIKI Co. Ltd
  • KNORR-BREMSE AG
  • Nissin Kogyo Co., Ltd
  • CONTINENTAL AG
  • BREMBO SPA
  • ZF FRIEDRICHSHAFEN AG
  • Robert Bosch GmbH
  • Delphi Technologies
  • HALDEX
  • Hitachi Automotive Systems

Leading players are using various growth strategies, such as new product launches and joint ventures, to increase their production capacity.

For example,

  • By 2023, Bosch invested US$283.2 million to expand its facility in Aguascalientes, Central Mexico. The investment is expected to enable the factory to produce electronic parking brakes (EPB) for top car manufacturers including Tesla, BMW and Nissan.
  • By 2022, Continental announced that the production of five million electronic braking systems (EBS) at its Gurgaon plant marked a major milestone.

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Brake System Market Segmentation by Category

By product type:

  • Disc brakes
  • Drum brakes
  • Hydrostatic brakes
  • Hydraulic wet brakes
  • Regenerative and dynamic braking

By end use:

  • Automotive
  • Construction equipment
  • Agricultural equipment
  • Industrial trucks
  • Mining tools

By distribution channel:

  • Original Equipment Manufacturers (OEMs)
  • Aftermarket

Per region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully completed more than 1,500 client engagements, primarily in the automotive, chemical, industrial equipment, oil and gas and service industries.

Its core competency revolves around developing research methodology, creating a unique analysis framework, statistical data models for price analysis, competitive mapping and market feasibility analysis. His expertise also extends beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions and go-to-market decisions.

Nikhil has an MBA degree in Marketing and IT and a degree in Mechanical Engineering. Nikhil has written and been quoted in several publications such as EMS Now, EPR Magazine and EE Times.

Discover FMI’s extensive, ongoing coverage in the automotive sector

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Recipient and Member of the Greater New York Chamber of Commerce) provides deep insights into the driving factors driving demand in the market. FMI is the leading global provider of market information, advisory services, consultancy and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial and Chemical markets. With a vast team of more than 5,000 analysts worldwide, FMI offers global, regional and local expertise on diverse domains and industry trends in more than 110 countries.

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