(EMAILWIRE.COM, February 01, 2020 ) The Brake System Market is projected to be USD 39.9 Billion in 2021 from USD 22.8 Billion in 2016 and is projected to grow at a CAGR of 6.94% during the forecast period. The market for brake systems is primarily driven by the increase in vehicle production because of growing demand. Additionally, the market is also influenced by government regulations reducing the stopping distance and environmental regulations surrounding brake pad and shoe residue.

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).

Growth Drivers:

1 Increasing Stringency of Automotive Active Safety Regulations
2 Impact of New Car Assessment Program (NCAP) on Electronic Brake Systems

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Passenger cars are the fastest-growing vehicle type in the brake system market

The passenger car segment is estimated to dominate the brake system market. According to the Organization Internationale des Constructeurs d'Automobiles (OICA), the global new passenger car sales increased from 55.8 million units in 2010 to 69.4 million units in 2016. The increase in the number of passenger cars, combined with increasing adoption of disc brakes, makes passenger cars the fastest-growing vehicle type in the brake system market. The rapid increase in the adoption of safety systems in passenger cars plays a significant role in the increasing demand for brake systems in passenger cars. The braking function, combined with other active and passive safety systems, assists a driver in avoiding crashes and protects passengers during accidents.

Electronic Stability Control is the largest segment of the braking technology market

Electronic Stability Control (ESC) is a computerized system that applies brakes to individual wheels and reduces engine power to ensure driver control over the vehicle. ESC is considered as one of the most important advancements in automotive safety. A research study conducted by the U.S. Insurance Institute for Highway Safety (IIHS) in 2006 concluded that ESC reduces the likelihood of crashes by 43%, fatal single-vehicle crashes by 56%, and fatal single-vehicle rollovers by 77%–80%. ESC has become a mandatory component for passenger cars in many parts of North America and Europe. According to the U.S. Federal Motor Vehicle Safety Standard no. 136, ESC has also been proposed to be a mandate for commercial vehicles.

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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.