North America Brake System Market Outlook
According to a new report by Expert Market Research titled “North America Brake System Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028″, the North America brake system market reached a value of approximately USD 10.9 billion in 2022. Aided by the growing demand for automobiles and an increase in safety standards, the market is expected to grow at a CAGR of 4.10% between 2023 and 2028, to reach a value of USD 13.9 billion by 2028.
The brake system is a crucial part of any vehicle, playing a vital role in ensuring safety by enabling controlled deceleration and emergency stops. The system comprises various components including brake pads, callipers, rotors, and master cylinders, and their operational efficiency is critical for vehicle safety. The growing concern for road safety, coupled with stringent regulations mandating the inclusion of specific brake-related safety features in vehicles, is propelling the growth of the brake system market in North America.
The increasing consumer preference for advanced safety features in vehicles is driving the North America brake system market growth. With the rising awareness of vehicle safety, there has been a significant shift towards vehicles equipped with advanced braking systems, such as anti-lock braking system (ABS) and electronic stability control (ESC). Furthermore, the growing demand for electric vehicles and their unique braking requirements has led to an increase in research and development activities in the brake system domain, contributing to the market growth.
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The expanding applications of brake systems in various vehicle types also play a significant role in propelling the North America brake system market development. In the commercial vehicle sector, the need for reliable and durable brake systems for heavy-duty use is growing. In the passenger car segment, the focus is on enhancing comfort and safety, leading to advancements in brake technology such as regenerative braking and brake-by-wire systems.
Additionally, the market is also seeing a surge due to the rise in adoption of autonomous and connected vehicles. These vehicles require advanced braking systems that can be controlled electronically and integrated with other vehicle systems for efficient functioning. The development and adoption of these advanced brake systems are anticipated to boost the North America brake system market expansion in the coming years.
The growing trend of vehicle lightweighting for fuel efficiency and emission reduction is also influencing the brake system market. This has led to the development of lightweight brake system components without compromising on performance, driving innovation in the North America brake system market.
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North America Brake System Market Segmentation
The market can be divided based on product type, end user, distribution channel, and region.
Market Breakup by Product Type
- Disc Brake
- Hydrostatic Brake
- Hydraulic Wet Brake
- Regenerative and Dynamic Brake
Market Breakup by End User
- Construction Equipment
- Agriculture Equipment
- Industrial Truck
- Mining Equipment
Market Breakup by Distribution Channel
- Original Equipment Manufacturer (OEM)
Market Breakup by Region
- United States of America
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the North America brake system companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Brembo S.P.A.
- Rassini. S.A.B. de C.V. (Formerly Sanluis Corporation)
- Mando Corporation
- The New York Brake Corporation (Knorr – Bremse)
- Haldex AB
- BorgWarner Inc.
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