[FURL=https://www.industryarc.com/Research/Brake-System-Market-Research-501082?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Brake System Market[/FURL] Brake System Market is forecast to reach $34.0 billion by 2026 after growing at a CAGR of 6.1% during 2021-2026. The increase in production and sales volume of the automobiles along with the rise in demand for electric vehicles is analyzed to drive the Brake System Market during the forecast period 2021-2026. Apart from this, the growing stringency in the traffic safety applications is also analyzed to be a major factor driving the market for advanced brake systems such as antilock braking system, electronic brake force distribution system and so on.Key Takeaways
Asia-Pacific dominates the Brake System Market owing to presence of large manufacturing base of automobiles in this regions.
With the significant increase in the stringent safety regulations electronically controlled brakes hold the major market share over the manual brakes.
The increase in implementation of Advanced driver assistance system (ADAS) along with automatic emergency braking (AEB) is also analyzed to boost the Brake System market during the forecast period 2021-2026.
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Brake System Market Segment Analysis – By Geography
APAC dominated the Brake System Market with a share of more than 36.1%, followed by North America and Europe. China has the largest automobile manufacturing industry in the world. According to OICA, China held 35 percent share in global passenger cars sales in 2019. India also has excellent potential for automotive industry growth in the future. The country's automotive industry experienced 8% growth in production in 2018 before a major slowdown in both Indian and Chinese markets in 2019. Therefore the automobile industry being the major one in this region and the wide usage of drum brakes, pumping braking systems in the automotive is analyzed to contribute to the major market share of APAC. Moreover the presence of large automobile manufacturing bases and China in the realm of electric vehicles stretching from cars and scooters to buses and heavy commercial vehicles is creating opportunities for brake systems in APAC.
Brake System Market Drivers
Stringent implementation of automotive active safety applications
Surge in adoption of new technology brake systems for automobile manufacturing:
Brake System Market Landscape
The market of brake systems has been consolidated by the top ten players including Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Wabco Holdings, Inc., Akebono Brake Industry Co Ltd, Autoliv Inc., Brembo S.P.A, Delphi Automotive PLC, Hitachi Automotive Systems, Ltd., Haldex AB among others.
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