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(Transportation-News.com, June 11, 2019 ) The Brake System Market is projected to grow at a CAGR of 6.94% from 2016 to 2021, to reach a market size of USD 31.94 Billion by 2021. The key driver of this market is increasing vehicle production, whereas factors such as regulations on reducing stopping distances, safety rating certifications, New Car Assessment Program (NCAP), and mandates on implementation of electronic brake systems are driving the demand for disc brakes and associated electronic brake systems.
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Disc brakes are the fastest growing brake segment globally, in terms of volume and value. This growth can be attributed to better efficiency and performance offered by disc brakes when compared with drum brakes. Disc brakes are known to dissipate heat more effectively than drum brakes, reduce brake fade, offer better performance on descending slopes and, most importantly, have better-stopping power than drum brakes. However, drum brakes still dominate the commercial vehicle segment. Brake system manufacturers are working on making cost-effective disc brakes, which will increase their adoption. In the U.S., the Federal Motor Carrier Safety Administration (FMCSA) has specific regulations that score vehicles on Compliance, Safety, Accountability (CSA). As per the CSA program, vehicles found with non-adjusted brakes are scored less during the inspection. Disc brakes offer an advantage of internal self-adjustment, which meet the CSA regulations. Additionally, disc brakes are easier to integrate with active safety technologies, which will drive their demand in the coming years.
Asia-Oceania is estimated to dominate the brake system market. The region has emerged as a major automotive hub with the majority of the market share in terms of vehicle production as well as sales. The demand for automotive brakes is directly linked to vehicle production in this region. Hence, with the shift of automobile manufacturing plants to developing countries, the companies involved in manufacturing brakes and their components have started focusing on these markets. Being the largest market for automobiles, the Asia-Oceania region is estimated to witness the largest demand for automotive brakes. The increasingly stringent vehicle safety norms and the growing number of road fatalities have subjected the industry to added pressure from both, governing agencies and consumers. Thus, the industry is estimated to undergo a shift during the forecast period in terms of technology penetration, with disc brakes outperforming drum brakes in terms of market presence.
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Traction Control System (TCS) is the fastest growing braking technology used in vehicles. TCS is an electronic braking system that complements the anti-lock braking system (ABS). TCS uses the same infrastructure as ABS, making it easier for installation in vehicles. However, the market for TCS is still nascent because the technology has been restricted to premium cars and motorcycles used for racing and touring. The mandatory installation of ABS in vehicles is estimated to drive the demand for TCS in the coming years.
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