Brake system is a mechanical, electronic or hydraulic device which uses friction or heat to stop or reduce the speed of a vehicle. It helps drivers to have better control over vehicle and avoid accidents. The advancement in brake system such as anti-lock braking system enables drivers to have better control by preventing lock-ups and skidding. Increasing cases of accidents and fatalities enforced governments to implement stringent safety regulations and reduce stopping distances. Technological advancements and innovations present new avenues in brake system.
Increasing vehicle production, rising safety concerns, and growing locomotive and rolling stock market fuels the growth of the market. However, low penetration of advanced braking systems in high-growth regions such as China and India are factors restraining the growth of the market. Introduction of by-wire technologies in brake system and regenerative braking system create opportunities for growth in the market.
The global brake system market is segmented based on application, type, technology, rolling stock & locomotive, and geography. The application segment includes PC, LCV, HCV, off-highway, wagon, RTV and locomotive. The market is classified based on type into disc and drum. The technology segment is classified into ABS, TCS, ESC, and EBD. On the basis of rolling stock & locomotive, the market is further categorized into Air, EP, ECP, and others. Geographically, the market is segmented into North America, Asia-Oceania, Europe, and Rest of the World (RoW).
The leading manufacturers operating in the market are ZF TRW Automotive Holdings Corporation, Continental AG, Aisin Seiki Co. Ltd., Akebono Brake Industry Co. Ltd., Haldex AB, Knorr-Bremse AG, Nissin Kogyo Co. Ltd., Mando Corporation, Brembo S.P.A., and Federal-Mogul Holdings Corporation. They have implemented various strategies, such as partnerships, expansions, mergers & acquisitions, joint ventures, and others in order to strengthen their position in the market.
KEY BENEFITS FOR STAKEHOLDERS:
BRAKE SYSTEM KEY MARKET SEGMENTS:
Key Market Players:
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