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The heavy-duty vehicle braking system market size is estimated to grow at a CAGR of 4.64% between 2023 and 2028. The market size is forecast to increase by USD 2,108.11 million. The growth of the market depends on several factors such as increasing demand for heavy-duty vehicles in India and Eastern Europe, accelerating demand for high-quality braking systems due to brake awareness programs, and a growing need for mandatory safety solutions for heavy-duty vehicles.
This heavy-duty vehicle braking system market report extensively covers market segmentation by application (trucks, buses, and others), type (class 8 and class 7), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for heavy-duty vehicles in India and Eastern Europe is notably driving the market growth. The braking system is a basic component in every vehicle; the designs and types of braking systems vary based on vehicle type. The increase in demand for heavy-duty vehicles is expected to have a positive impact on the growth of the global heavy-duty vehicle braking system market during the forecast period. Over the years, China, Japan, North American countries, and Western European countries have emerged as the major markets for heavy-duty vehicles. During the forecast period, the exponential growth in demand for heavy-duty vehicles in India and Eastern European countries is expected to drive the growth of the heavy-duty trucks market and the global heavy-duty vehicle braking system market as well.
However, factors such as the increase in manufacturing activities and improvement in road infrastructure are expected to drive the demand for heavy-duty vehicles in India and Eastern European countries. In addition, India is witnessing faster economic growth, which positively correlates with the growth in demand for transportation and logistics. Thus, all these factors are expected to accelerate the demand for heavy-duty vehicle braking systems during the forecast period.
Technological advances in braking systems as groundwork for developing autonomous heavy-duty vehicles is an emerging trend shaping the market growth. The introduction of automated convoys using truck platooning systems is another step forward in autonomous trucking, wherein a group of self-driving trucks follows the course of the lead truck. In addition, the increasing safety regulations will drive the adoption of autonomous trucks in the future. For instance, six manufacturers of trucks from five countries participated in the European Truck platooning challenge. Trucks from DAF, Daimler, IVECO, Scania, MAN, and Volvo demonstrated the autonomous driving concept with their truck platooning technology.
However, autonomous trucks by vendors like Daimler and MAN from Germany, IVECO and DAF from Belgium, and Scania from Sweden have traveled across Sweden, Denmark, Belgium, and Germany and finally stopped at the Netherlands. All these trucks equipped with truck platooning systems are integrated with an advanced emergency braking system. The integration of these advanced braking technologies with the autonomous heavy-duty vehicle's braking system is expected to have a positive impact on the global heavy-duty vehicle braking system market in the near future.
Additional costs associated with product recalls due to potential brake failure are a significant challenge hindering the market growth. The failure of the braking systems in a vehicle often results in a product recall by manufacturers. The process of recalling, repairing, or replacing defective parts is an added cost for vehicle manufacturers. Earlier, the complete cost due to the recall was borne by the vehicle manufacturer. The collaborative partnerships between vendors and suppliers across the value chain have resulted in them sharing the failure costs associated with product recalls. In recent years, there have been several recalls of heavy-duty vehicles, which are attributable to the issues associated with the failure of the braking systems.
For instance, one instance of a vehicle recall due to a brake issue is that from Mack Trucks, which recalled about 7,600 trucks across various models such as Mack Metroliner, Trident, Titan, Granite, and Superliner trucks. Therefore, such recalls of heavy-duty vehicles due to braking system issues will prove to be a significant challenge for the global heavy-duty vehicle braking system market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Heavy-duty Vehicle Braking System Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
A.W.D. Dwight and Son Engineers Ltd.- The company offers heavy-duty vehicle braking system products such as avoiding brake systems, footbrake valves, handbrake valves and many more.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The trucks segment is estimated to witness significant growth during the forecast period. The rising number of automotive accidents involving heavy-duty trucks is pushing manufacturers to upgrade the braking systems used in heavy-duty trucks. Vehicle manufacturers are under tremendous pressure from regulatory authorities such as the National Highway Traffic Safety Administration (NHTSA) to increase the efficiency of the safety systems used in the vehicle.
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The truck segment was the largest segment and was valued at USD 4,094.42 million in 2018. The increasing number of road infrastructure development projects will also drive the demand for roadway logistics in many APAC countries like China, India, and others. Also, the expansion of manufacturing capabilities is contributing to the production of heavy-duty trucks, which is a growth driver for the braking systems in this segment. In addition, the increase in E-commerce is driving the demand for road transportation within the countries. Thus, these factors are expected to drive the growth of the trucks segment of the global heavy-duty vehicle braking system market during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC comprises some of the fastest-growing heavy-duty vehicle industries in the world, such as China, India, and countries belonging to the Association of Southeast Asian Nations (ASEAN). The rising demand for heavy-duty vehicles in the construction and transportation industry in China and India rapidly increased the demand for heavy-duty vehicle braking systems in this region. The availability of high-skilled, low-cost labor has attracted many heavy-duty vehicle manufacturers to establish their manufacturing units in APAC countries, which will further increase the sales volume of the heavy-duty vehicle braking system market.
Furthermore, several initiatives to expand and upgrade the transportation infrastructure by national governments in the region will also have a positive impact on the heavy-duty vehicle braking system market and increase its share in the global market during the forecast period.
The COVID-19 pandemic led to a temporary shutdown of heavy-duty vehicle manufacturing units in several APAC countries, which led to a decline in the production of heavy-duty vehicles and related components such as braking systems in 2020. However, in 2021, governments of various countries in the region initiated mass COVID-19 vaccination drives, which resulted in a decline in the number of COVID-19 cases. The high demand for heavy-duty vehicle braking systems will intensify the competition among OEMs such as Akebono Brake Industry Co and ZF and will compel them to offer more differentiated products, such as advanced heavy-duty vehicle braking systems, which, in turn, will drive the growth of the regional market during the forecast period.
The heavy-duty vehicle braking system market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Heavy-duty Vehicle Braking System Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.64% |
Market Growth 2024-2028 |
USD 2,108.11 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.42 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A.W.D. Dwight and Son Engineers Ltd., Akebono Brake Industry Co. Ltd., Baer Inc., BorgWarner Inc., Brembo Spa, Carlisle Companies Inc., Cojali S.L. A, Continental Automotive GmbH, Cummins Inc., Haldex AB, Hitachi Ltd., Hyundai Mobis Co. Ltd., Knorr Bremse AG, Nabtesco Corp., Nisshinbo Holdings Inc., Porsche Automobil Holding SE, Robert Bosch GmbH, TE Connectivity Ltd., Tenneco Inc., and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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