Global Brake-by-Wire System Market: Overview
Brake-by-wire system refers to a technology that replaces the mechanical and hydraulic elements of traditional brake systems with sensors and electronic actuators to bring in better braking system in automobiles. This comparatively new system is more accurate and much better when it comes to effectiveness, system design, and braking efficiency. Such benefits of the system are likely to trigger growth of the global brake-by-wire system market over the timeframe of analysis, from 2020 to 2030.
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Brake-by-wire system finds utilization is a wide variety of vehicles, comprising commercial and passenger vehicles. It is also utilized in many heavy-duty commercial vehicles and in those vehicles these are called electronic braking system. Makers of this type of braking system are now increasingly focusing on the development of advanced brake technology for this system. Hybrid cars and electric cars are also generating demand for brake-by-wire system. These factors are likely to work in favor of the global brake-by-wire system market in the years to come.
The global brake-by-wire system market has been segmented on the basis of three important parameters, which are type, sales channels, and region.
Global Brake-by-Wire System Market: Notable Developments
One of the recent developments in the global brake-by-wire system market that is likely to leave an impact on the market is mentioned-below
- In May 2020, Leading German automotive parts maker, ZF Friedrichshafen AG, successfully acquired WABCO Vehicle Control Systems. The latter is an American supplier of braking solutions for various heavy-duty commercial vehicles. Following the acquisition of WABCO, ZF Friedrichshafen is expected to widen its portfolio of commercial vehicles and expand its base of customers.
Some of the prominent organizations in the global brake-by-wire system market comprise the below-mentioned:
- Nissin Kogyo Co., Ltd
- ZF Friedrichshafen AG
- Robert Bosch Gmbh
- Continental AG
- Hitachi Automotive Systems, Ltd
- Hyundai Mobis
Global Brake-by-Wire System Market: Key Trends
The global brake-by-wire system market is characterized by the presence of the following restraints, drivers, and opportunities.
Demand to Ride High on the Back of Increased Adoption of Electric and Hybrid Vehicles
In comparison with the conventional braking system, brake-by-wire system comes with more effectiveness and braking efficiency. Manufacturers are coming up with various electronic components and sub-systems of this brake-by-wire technology, such as control unit for accurate analysis of vehicle data, sensors, and actuators. In addition, this system also enables collection of vehicle data from various sensors within the vehicle and thus helps the brake-by-wire system to react fast and diminish the stopping distance. These advantages of the system is expected to bolster growth of the global brake-by-wire system market over the timeframe of assessment, from 2020 to 2030.
The brake-by-wire system has been witnessing a rise in the demand from electric and hybrid vehicles. In addition, this braking technology is also commonly found in the form of an electric park brake, which is extensively utilized in the mainstream automobiles. Several automotive companies are making use of electric park brake on a large scale in their electric cars, which is likely to play an important role in the development of the global brake-by-wire system market over the tenure of analysis, from 2020 to 2030.
Global Brake-by-Wire System Market: Geographical Analysis
North America is prophesized to account for a sizeable chunk of global brake-by-wire system market. The region is expected to remain as one of the important revenue generating regions throughout the tenure of analysis, from 2020 to 2030. Presence of many leading market players together with growing emphasis on the innovation is likely to augur well for the regional market. Increased adoption of electric and hybrid cars in North America is expected to shoot up demand for brake-by-wire system in the years to come.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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