(EMAILWIRE.COM, July 24, 2019 ) "Brake Systems Market by Type (Disc & Drum), Electronic Brake System (ABS, TCS, ESC, & EBD), Off-Highway Vehicle (Construction & Agriculture), Vehicle Type (Passenger Car, Light & Heavy Commercial Vehicle), and Region - Global Forecast to 2021", is expected to grow from USD 22.8 billion in 2016 to USD 31.9 billion by 2021, at a CAGR of 6.9% during the forecast period.

The market is driven by factors such as stringent government regulations for reducing stopping distance and regulations encouraging vehicles to use braking technologies to receive five-star ratings in the New Car Assessment Program (NCAP).

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).

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Disc brakes are expected to hold the largest market size in the brake system market during the forecast period

The automotive industry has witnessed 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 increasing market penetration of disc brakes over drum brakes. Most of the passenger cars have disc brakes as a standard product but gradually commercial vehicles are also adapting this product for better safety. 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 is projected to grow at the highest CAGR, by electronic brake technology during the forecast period

The Traction Control System (TCS) technology is projected to grow at the highest CAGR during the forecast period. The growth of TCS technology can be attributed to the mandatory requirement for Electronic Stability Control (ESC) systems in almost all passenger cars in the US 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 is expected to be the largest market for brake systems followed by North America during the forecast period

Asia Oceania is estimated to dominate the global brake system market and is projected to grow at the highest CAGR during the forecast period. Asia Oceania is one of the largest vehicle producing regions in the world. As the demand for brake system is directly co-related with vehicle production, Asia Oceania will be the largest market for brake systems. The high popularity of SUVs and Pickup trucks in North America has resulted in the region is a key market for brake systems. Additionally, majority of such vehicles have disk brakes installed in both front and rear, further increasing the overall cost of the brake system. Owing to the above reasons, North America is estimated to be the second-largest Brake system market over the forecast period.

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Target Audience:

Automotive brake system manufacturers and component suppliers
Electronic brake technology providers
Automotive OEMs
Industry Associations and other driver assistance systems manufacturers
The automobile industry and related end-user industries