Rising Sales of Electric Vehicles and Growing Emphasis on Safety to Surge Brake System Market at 5.4% CAGR by 2034 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The brake system market is poised for growth driven by increasing demand for safety features in automobiles worldwide. In China, the rise of electric and hybrid vehicles is a key factor propelling this growth. Advancements in technology, sensors, and materials are expected to enhance the safety, responsiveness, and control of brake systems in the United Kingdom.
NEWARK, Del, Feb. 11, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global brake system market is expected to reach US$ 24.9 billion in 2024 and US$ 42.3 billion by 2034. The market is projected to rise at a CAGR of 5.4% by 2034.
The expansion of the market is attributed to the rising popularity of commercial vehicles such as electric buses and passenger cars worldwide. Increasing car sales online and the introduction of new services in the market by manufacturers are expected to propel the market expansion.
Rising fatalities and worries about traffic accidents have led governments to implement strong safety measures. The market for brake systems is expected to expand because of the strict safety regulations governments and regulatory bodies put in place.
The growing popularity of electric vehicles and increased attention paid to autonomous vehicles are anticipated to surge manufacturing businesses' prospects for commercial growth. The market for brake systems is anticipated to move toward an increasing demand for installing passive and active safety features in automobiles.
Key Takeaways from the Brake System Market Report:
The brake system market is expected to reach a valuation of US$ 42.3 billion by 2034.
The market is projected to surge at a CAGR of 5.4% by 2034.
China's brake system market is expected to rise at a CAGR of 5.9% by 2034.
The United States is projected to reach a valuation of US$ 7.6 billion in 2034.
Based on end-use, the automotive segment is expected to surge at a CAGR of 5.0% through 2034.
"Commercial vehicles such as trucks, buses, and vans are in high demand worldwide. This growth is attributed to the expansion of e-commerce, rising demand for logistics & transportation, and expansion of mining & construction industries. The need for dependable and effective braking systems increases along with the fleet growth of commercial vehicles." - Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Leading players are employing several growth strategies, such as new product launches and joint ventures, to increase their production capacity.
For instance,
In 2023, Bosch invested US$ 283.2 million to expand its facility in Aguascalientes, Central Mexico. The investment is projected to allow the factory to produce electronic parking brakes (EPB) for top automakers, including Tesla, BMW, and Nissan.
In 2022, Continental announced that producing five million electronic brake systems (EBS) at its Gurgaon factory marked a significant milestone.
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI’s Extensive Ongoing Coverage in the Automotive Domain
Automotive Brake Shims Market Demand is projected to expand at a CAGR of 5.6%. It is expected to result in a market size of US$ 604.5 million by the end of 2033.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
