According to a new market research report published by Credence Research “Disc Brake Systems Market (Type – Piston Type and Floating Caliper Type; Material Type – Aluminum, Cast Iron and Stainless Steel; Vehicle Type – Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles and Two-wheelers; End-market – Original Equipment Manufacturers and Aftermarket) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global disc brake system market was valued at US$ 36.45 Bn in 2017 and will be growing at a CAGR of 4.5% during the forecast period from 2018 to 2026.
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The disc brake systems market was valued at US$ 36.45 Bn in 2017 and expected to grow at a compounded annual growth rate (CAGR) of 4.5% during the forecast period from 2018 to 2026. One of the most prominent factors aiding the disc brake systems market growth is increasing motor vehicle production worldwide. The demand for disc brake systems is directly correlated to the global motor vehicle production. In 2016, the global motor vehicle production witnessed a growth of 4.5% over 2015.
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Moreover, this growth is further expected to continue in the coming years and reach 114 million units by 2024. Countries such as China and India are expected to contribute significantly towards this growth as a result of increasing net disposable income of the people. Another prominent factor aiding the disc brake systems market growth is rising safety regulations pertaining to vehicle stopping distance requirement. These factor expected to create positive demand for disc brakes in the years to come.
Asia Pacific expected to remain one of the most important markets for investment in coming years. The most important factor supporting the aforementioned sentence being, increasing demand for motor vehicles in countries/region such as India, China and South East Asia. With rising net disposable income, the people in these countries are in a better position to invest in cars. This factor is creating favorable growth opportunities for the disc brake systems market to flourish in the region.
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The disc brake systems market is characterized by the presence of both international and domestic brands. The market is highly competitive and some of the most important aspects on which these manufacturers compete against each other includes product availability, quality, performance and warranty among others. Rising safety requirements has boosted the overall demand for disc brake systems. Strengthening of sales and distribution network is one of the most common strategies adopted by disc brake system manufacturers. Often these manufacturers enter into partnerships with local distributors and service centers in order to improve their presence and overall sales.
Some of the major players operating in the disc brake systems market finclude Robert Bosch Gmbh, Aisin Seiki Co., Ltd, Knott, Brembo S.p.A., Knorr-Bremse, Haldex Group, ZF TRW, Nissin Kogyoa Co., Ltd, Mando Corporation and SWAG among others.
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