Brake system is a mechanical or electrical device that enables vehicle slow down or stop as per the driver’s requirement. Brakes are one of the important parts of vehicles. Brake system includes aset of components such as brake pedal, master cylinder, brake calipers, brake shoes, brake disc, brake rotor, brake drum, brake lining, and hoses. Brake system market growth is totally dependent on the performance of the end use industries such as automotive, construction equipment, agricultural equipment, mining equipment,and industrial trucks. To slow down or stop the vehicle or equipment at a desired level is most crucial factor as it is associated with work efficiency and loss of human life. The extreme working conditions such as construction and mining activities require a durable and cost-effective brake system to attain the desired working output. The drum brakes are the commonly usedbrakes across all the end-use industries due to its simple construction andcost effectiveness.

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Major Market Players:
• AISIN SEIKI Co. Ltd
• BREMBO S.P.A.
• CONTINENTAL AG
• Delphi Technologies
• HALDEX
• Hitachi Automotive Systems, Ltd.
• KNORR-BREMSE AG
• Nissin Kogyo Co., Ltd.
• Robert Bosch GmbH
• ZF FRIEDRICHSHAFEN AG

The factors such as increase in sales & production of commercial vehicles and off-highway trucks, rise instringency of automotive active safety regulations, and impact of new car assessment program (NCAP) on electronic brake systems are expected to drive the global brake system market. However, high development cost of electronic brake systems andhigh installation & maintenance cost are expected to restrain the growth of market during the forecast period. Moreover, regulations related to load carrying capacity and mandates on air brakes installation, introduction of brake-by-wire system, introduction of regenerative braking are anticipatedto supplement the global brake system market growth; thus, providing a better opportunity for the growth of the market in the near future.

The global brake system market is segmented on the basis of product type, sales channel, end use, and region. Based on product type, the global brake system market has been categorized into disc brakes, drum brakes, hydrostatic brakes, hydraulic wet brakes, and regenerative & dynamic braking. Based on sales channel, the global brake system market has been categorized into original equipment manufacturers (OEM) and aftermarket. Based on end use, the market has been categorized into automotive, construction equipment, agricultural equipment, industrial trucks, and mining equipment. Region wise, the global brake system market has been studied across North America, Europe, Asia-Pacific, and LAMEA.

The brake systems are integral parts of a vehicle. Thus, an increase in commercial vehicle production and sales have a direct impact on the brake system market. For instance, according to the data by the International Organization of Motor Vehicle Manufacturers (OICA), the global sales of commercial vehicles in 2019 was 27 million units, that is, a growth of 3.8% was encountered as compared to 2018. In addition, increase insales of commercial vehicles, primarily driven by the growth of logistics industry, islikely to propel the development of brake systems. Moreover, growth inproduction of commercial vehicles hasled to increase in demand for active safety system. Therefore, companies are implementing and launching active safety technologies such as advanced driver assist systems (ADAS) features in commercial vehicles. For instance, in 2020, Volvo Trucks launched four new generation of heavy-duty trucks. The truck is equipped with advanced driver assist systems (ADAS), which includeforward-collision warning, adaptive cruise control, lane departure warning, and automatic emergency braking. Furthermore, owing to increase inconstruction & infrastructure development projects, rise ininvestments in the mining industry, and surge indemand for technologically advanced trucks, the sales of off-highway trucks is expected to witness growth in the near future. Thus, increase insales & production of commercial vehicles and off-highway trucks fuelthe growth of the brake system market.

The governments around the world aremainly focusing on the standard that will lead to increased safety of the driver and passengers. Therefore, the regulatory authorities have established stringent regulations aiming to improve active safety in vehicles. For instance, the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) and Insurance Institute for Highway Safety (U.S.), along with 20 prominent vehicle manufacturers, announced to incorporate automatic emergency braking (AEB) systems as a standard feature in all new cars from September 2022. From September 1, 2018, to August 31, 2019, 12 manufacturers equipped more than 75% of their new passenger vehicles with automatic emergency braking (AEB) systems. In addition, theGovernment of India mandated anti-lock braking system (ABS) for all two-wheelers above 125 cc and combined-braking system (CBS) for all two-wheelers below 125 cc, for the launches planned on or after April 1, 2018 to meet the norms. Therefore, stringency of automotive active safety regulations results in increased demand for active safety system in the vehicles. Thus, the brake system manufacturers are focusing on the development of advanced braking system to meet the new regulations, which, in turn, drivesthe growth of the air brake system market.

Advanced electronic braking systems availthe shortest possible braking distance and enhanced stability of the vehicles; therefore, it is widely employed in most of the premium vehicles these days. However, the cost of electronic braking system is much higher for use in economy class vehicles. Thus, organizations are striving for innovative and affordable solutions for vehicles of all classes. However, the necessary capital expenditure is high for development and commercialization of new braking technologies such as electronic braking systems. Thus, the new and advanced braking technologies have been achieved by only a few major automotive companies because of high initial investment in development of such braking technologies. Therefore, the high development cost of electronic braking system is set to impede the growth of the brake system market.

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Key Benefits For Stakeholders
• This study presents the analytical depiction of the global brake systemmarket analysis along with the current trends and future estimations to depict imminent investment pockets.
• The overall brake system market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities ofthe global brake system market with a detailed impact analysis.
• The current brake systemmarket is quantitatively analyzed from 2020 to 2027 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

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