New York, United States , Aug. 16, 2024 (GLOBE NEWSWIRE) -- The Global Truck Brake Systems Market Size is Expected to Hold a Significant Share by 2033, at 4.40% CAGR from 2023 to 2033.
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Truck brake systems provide effective stopping power while ensuring safety and reliability under various conditions. Truck brake systems are designed to withstand the greater demands of larger, heavier trucks compared to passenger vehicles, and they provide dependable operation under enormous loads. Truck brake systems are critical for safe and efficient vehicle operation, including primary and emergency braking, as well as downhill and heavy-load management. They connect with advanced driving assistance systems (ADAS) to provide functions such as collision avoidance and adaptive cruise control. The truck brake systems market is primarily driven by strict safety standards and technical developments. Increasing restrictions necessitate improved braking technologies such as ABS and ADAS to improve vehicle safety and performance. Technological advancements, such as air disc brakes and regenerative braking systems, drive market expansion. Demand is boosted by the expansion of the commercial vehicle sector and fleet improvements, as well as economic considerations including rising fuel prices and the necessity for cost-effective operations. However, the truck braking systems market confronts numerous constraining factors that impact its growth, including high prices associated with sophisticated technologies, such as air disc brakes and electronic systems, and greater maintenance and replacement costs, which can inhibit adoption.
Browse key industry insights spread across 230 pages with 117 Market data tables and figures & charts from the report on the "Global Truck Brake Systems Market Size, Share, and COVID-19 Impact Analysis, By Brake Type (Disc Brakes, Drum Brakes), By Technology (Anti-lock Braking System (ABS), Electronic Stability Control (ESC), Traction Control System (TCS), Automatic Emergency Braking (AEB), Brake-by-Wire), By Vehicle Type (Light Commercial Vehicles (LCVs), Medium Commercial Vehicles (MCVs), and Heavy Commercial Vehicles (HCVs)), By Component (Brake Pads/Shoes, Brake Calipers, Rotors/Drums, Brake Lines, Master Cylinder, Brake Booster, Electronic Control Unit (ECU), Sensors (Speed, Pressure, etc.)), By Actuation Method (Hydraulic, Pneumatic, Electromechanical), By Sales Channel (OEM, Aftermarket) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The disc brakes segment is predicted to hold the largest market share through the forecast period.
Based on the brake type, the truck brake systems market is classified into disc brakes and drum brakes. Among these, the disc brakes segment is predicted to hold the largest market share through the forecast period. This dominance derives from disc brakes' greater performance in terms of stopping force, heat dissipation, and general safety, which makes them increasingly popular for modern commercial vehicles.
The anti-lock braking system (ABS) segment is anticipated to hold the highest market share during the projected timeframe.
Based on the technology, the truck brake systems market is divided into anti-lock braking systems (ABS), electronic stability control (ESC), traction control systems (TCS), automatic emergency braking (AEB), and brake-by-wire. Among these, the anti-lock braking system (ABS) segment is anticipated to hold the highest market share during the projected timeframe. ABS's dominance is due to its lengthy history of integration into commercial vehicles, legal requirements demanding its usage for increased safety, and its effectiveness in reducing wheel lock-up during braking, which enhances vehicle stability and control.
The heavy commercial vehicles (HCVs) segment is anticipated to hold the greatest share of the truck brake systems market during the projected timeframe.
Based on the vehicle type, the truck brake systems market is categorized into light commercial vehicles (LCVs), medium commercial vehicles (MCVs), and heavy commercial vehicles (HCVs). Among these, the heavy commercial vehicles (HCVs) segment dominates the market with the largest market share through the forecast period. Among these, the heavy commercial vehicles (HCVs) segment is anticipated to hold the greatest share of the truck brake systems market during the projected timeframe. This dominance is related to the increased need for advanced braking systems for HCVs due to their bigger size, heavier loads, and stringent operational requirements. HCVs are also subject to tougher safety rules, requiring complex braking equipment such as air disc brakes and ABS.
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North America is estimated to hold the largest share of the truck brake systems market over the forecast period.
North America is estimated to hold the largest share of the truck brake systems market over the forecast period. The North American area is driven by strict safety standards, increasing demand for commercial vehicles, and substantial technical improvements. The region's strong transportation and logistics sector, combined with the presence of major brake system manufacturers, encourages the widespread adoption of modern braking technology.
Asia Pacific is predicted to have the highest CAGR growth in the truck brake systems market over the forecast period. This rapid rise is being driven by several causes, including increased industry and urbanization, which raise demand for commercial cars. The region's developing logistics and transportation sectors, combined with rising investments in infrastructure and vehicle safety requirements, contribute to growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the truck brake systems market include Robert Bosch GmbH, ZF Friedrichshafen AG, Continental AG, Aisin Seiki Co., Ltd., Wabco Holdings Inc. (ZF Group), Meritor, Inc., Knorr-Bremse AG, Haldex AB, Brembo S.p.A., Nissin Kogyo Co., Ltd., BPW Bergische Achsen KG, Phillips Industries, JJUAN, S.A., MGM Brakes, and Others key Players.
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Recent Developments
- In December 2023, TMD Friction UK increased its Mintex product line to better serve the passenger car and light commercial vehicle markets.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the truck brake systems market based on the below-mentioned segments:
Global Truck Brake Systems Market, By Brake Type
- Disc Brakes
- Drum Brakes
Global Truck Brake Systems Market, By Technology
- Anti-lock Braking System (ABS)
- Electronic Stability Control (ESC)
- Traction Control System (TCS)
- Automatic Emergency Braking (AEB)
- Brake-by-Wire
Global Truck Brake Systems Market, By Vehicle Type
- Light Commercial Vehicles (LCVs)
- Medium Commercial Vehicles (MCVs)
- Heavy Commercial Vehicles (HCVs)
Global Truck Brake Systems Market, By Component
- Brake Pads/Shoes
- Brake Calipers
- Rotors/Drums
- Brake Lines
- Master Cylinder
- Brake Booster
- Electronic Control Unit (ECU)
- Sensors (Speed, Pressure, etc.)
Global Truck Brake Systems Market, By Actuation Method
- Hydraulic
- Pneumatic
- Electromechanical
Global Truck Brake Systems Market, By Sales Channel
- OEM
- Aftermarket
Global Truck Brake Systems Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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