Market Leaders - Brake System Market
The brake system market is projected to reach USD 28.1 billion by 2027 from an estimated USD 22.2 billion in 2022, at a CAGR of 4.8% during the forecast period. The base year for the report is 2021, and the forecast period is 2022 to 2027.
The market is expected to witness rapid growth with the implementation of stringent safety standards in developing countries, particularly China, India, Brazil, etc. Also, the popularity of disc brakes over drum brakes due to their technical benefits is driving the brake system market. Additionally, increasing sales of premium and luxury vehicles are boosting the electronic braking system market share.
The brake system market is dominated by globally established players such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), Aisin Seiki Co, Ltd. (Japan), Knorr-Bremse AG (Germany), and Brembo S.p, A (Italy), ADVICS Co., Ltd. (Japan). These companies focus on developing new products, adopting expansion strategies and undertaking collaborations, partnerships, and mergers & acquisitions to gain traction in this growing brake system market.
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Robert Bosch GmbH (Bosch) is one of the largest automotive suppliers in the world. It has an established brand into four business sectors: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy & Building Technology. The company provides brake system products for automotive under the Mobility Solutions division. The Mobility Solutions division comprises the following subdivisions: Powertrain Solutions, Chassis Systems Control, Electrical Drives, Car Multimedia, Automotive Electronics, Automotive Steering, Automotive Aftermarket, and Connected Mobility Solutions. The Chassis Systems Control subsegment offers brake systems/parts. As of December 2021, the company had 440 subsidiaries and regional companies in over 60 countries, sales and service partners in roughly 150 countries, and 402,600 associates. Also, the company’s focus on R&D also allows it to introduce various advanced brake system technologies and components. The company invested USD 7.2 billion in 2021 in R&D. Bosch focuses on both organic and inorganic developments. Bosch focuses on both organic and inorganic developments. The company’s demonstration with Ford for automatic driving and parking in the US is expected to popularize its advanced braking system portfolio in the automotive industry, setting up a benchmark. Bosch’s ESP has also become hugely popular due to its technical benefits. The innovation is from 1995, but Bosch has continuously improved its anti-skid system and produced more than 250 million ESP systems to date. Modern cars are equipped with this system. Worldwide, 80-85% of all new vehicles were equipped with ESP in 2021. In 2016, this figure was 64%.
Continental AG is another leading player in the brake system market. Continental AG’s business is divided into Automotive Technologies, Rubber Technologies, and Powertrain Technologies. The Automotive Technologies segment is further divided into two subsegments: Autonomous Mobility & Safety and Vehicle Networking & Information. The Autonomous Mobility & Safety subsegment develops, produces, and integrates active and passive safety technologies and vehicle dynamics. Continental has a strong geographic presence across the globe. This helps it cater to the specific regional needs of its customers, thereby tapping the growing brake system markets. The company performs better in new market due to its strong acquisition policy. For instance, it has acquired more than 20 companies between 2014 and 2020. To develop its footprint in autonomous driving sector and connected vehicles market, Continental AG has acquired Argus Cyber Security (for $ 430M in Nov 2017), Kmart Tyre & Auto Service (for $ 255M in Aug 2018), Quantum Inventions (for $ 29M in Jul 2017).
The acquisition in addition to technology transfer also allows Continental AG to utilize existing distribution channels in new markets.
Related Reports:
Brake System Market by Type (Disc, Drum), Technology (ABS, ESC, TCS, EBD), On & Off-Highway Vehicle (Passenger Car, LCV, HCV, Construction-Mining, Tractor, ATV), OHV Brake (Hydraulic Wet, Hydrostatic, Dynamic), Actuation and Region - Global Forecast to 2027
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