More Than USD 61.20 Billion Revenues Projected to be Accounted by "Brake System Market" by End of 2027 with CAGR 7.0%

PORTLAND, OREGAON, UNITED STATES, April 18, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, “Brake System Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type, Distribution Channel and End Use : Global Opportunity Analysis and Industry Forecast, 2020-2027."

𝐁𝐫𝐚𝐤𝐞 𝐒𝐲𝐬𝐭𝐞𝐦 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐬 𝟐𝟎𝟐𝟎-𝟐𝟎𝟐𝟕 :

The global brake system market was valued at $41,620.00 million in 2019, and is projected to reach $61,196.70 million by 2027, registering a CAGR of 7.0% from 2020 to 2027

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐁𝐫𝐚𝐤𝐞 𝐒𝐲𝐬𝐭𝐞𝐦 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/request-sample/1024

Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the global brake system market share in 2019; however, India is expected to grow at a significant rate during the forecast period, due to increase in production and sales of vehicles as well as rise in automation in the agricultural activities across the country.

Brake system is a mechanical or electrical device that enables vehicle slow down or stop as per the driver’s requirement. It includes the set of components such as brake pedal, master cylinder, brake calipers, brake shoes, brake disc, brake rotor, brake drum, brake lining, and hoses. Brake system sales is totally dependent on the production activities' rakes in end-use industries. Drum brake is expected to be remain dominant in the global market, owing to its cost-effective operation as well as its high compatibility in the various vehicle and industrial trucks. Regenerative & dynamic braking is anticipated to witness lucrative growth, owing to increasing sales of electric driven industrial trucks and automotive across the globe.

The COVID impact on the brake system industry is unpredictable and it is expected to remain in force till the second quarter of 2021. The COVID-19 outbreak across the globe has forced the central government to give directives to ensure the safety of the workers and to contain the spread of coronavirus. This nationwide lockdown forces the manufacturing facilities of the brake system to shut down or cut the full fledge opening of the facilities. The epidemic has placed more pressure on the brake system manufacturing for its business model transformation, as the industry is facing demand shock with an uncertain recovery timeline.

OEM procurement is basically done through long-term supply agreements to fulfill the production raw material requirement. Majority of the market players are entering into long term contracts with OEM to retain the business opportunities. Market leaders are involved in the continuous development and research activities for new product launches to gain competitive advantage.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/brake-system-market/purchase-options

The growth of the global brake system market size is majorly driven by increase in sales & production of commercial vehicles and off-highway trucks, increase 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 and high installation & maintenance cost are expected to restrain the growth of the brake system market during the forecast period. Conversely, regulations related to load carrying capacity and mandates on air brakes installation, introduction of brake-by-wire system, and introduction of regenerative braking are anticipated to supplement the global brake system market growth; thus, providing a better opportunity for the growth of the market in the near future.

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

The covid-19 outbreak has immensely affected the industry, as most of the original equipment manufacturers (OEM) have kept the production of brake systems on hold.

The supply chain management has been disrupted resulting in shortage of raw materials. The demand from automotive industry has decreased significantly during lockdowns.

However, the manufacturers have started reprocessing their activities as government bodies in several regions have eased off the regulations.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

By product type, the regenerative & dynamic braking segment is expected to register a significant growth during the forecast period.

Depending on sales channel, the after market is anticipated to exhibit significant growth in the near future.

On the basis of end use, the automotive segment is projected to lead the global market, as the segment is expected to register higher CAGR as compared to other end use.

Asia-Pacific is anticipated to register the highest growth rate during the forecast period.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/1024

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

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

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

𝐀𝐢𝐫 𝐁𝐫𝐚𝐤𝐞 𝐒𝐲𝐬𝐭𝐞𝐦 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.prnewswire.com/news-releases/air-brake-system-market-to-reach-6-59-bn-globally-by-2026-at-4-4-cagr-allied-market-research-300990201.html

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐁𝐫𝐚𝐤𝐞 𝐏𝐚𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.globenewswire.com/en/news-release/2022/12/15/2574187/0/en/Automotive-Brake-Pad-Market-to-Generate-6-5-Billion-by-2031-Allied-Market-Research.html

𝐀𝐧𝐭𝐢-𝐥𝐨𝐜𝐤 𝐁𝐫𝐚𝐤𝐢𝐧𝐠 𝐒𝐲𝐬𝐭𝐞𝐦 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.prnewswire.com/news-releases/anti-lock-braking-system-market-to-reach-80-65-bn-globally-by-2026-at-9-6-cagr-allied-market-research-300947208.html

David Correa
Allied Market Research
+1 5038946022
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