A brake is a mechanical device, which is used for slowing down or stopping a vehicle by absorbing the energy from the moving system. Most of the brakes used in vehicles utilize friction between two surfaces applied together to convert kinetic energy of the moving vehicle into heat. Regenerative braking helps in the conversion of the energy generated by the moving object into electrical energy, which can also be stored for later use. There are three major types of brakes such as frictional, pumping and electromagnetic. Frictional brakes are the most common type of brakes, which can be categorized into pad and shoe brakes. Frictional brakes are rotating components with stationary pad and a rotating wear surface.
There are three vital configurations of frictional brakes, which are commonly known as band brake, drum brake and disc brake. Brake shoes contracting to rub on the outside of a rotating drum is called a band brake. Drum brake is a rotating drum with shoes, which expand to rub on the interior of a drum. A disc brake is one that has a pad grasped on to a rotating disc. Ceramic brakes are high-end frictional brakes in which the rotors and brake pads are made of porcelain. This ensures better stopping capabilities with high resistance to heat. As ceramic brakes are very expensive, therefore it is not easily available as compared to metallic brakes. However, the high performance of ceramic brakes makes it highly efficient for use in motorsports and is quite popular among racers, who prefer better performance.
Increasing production of vehicles and rising demand for passenger cars are major factors driving the growth of brakes market globally. In addition, growth in the automotive sector coupled with economic reforms and increasing private equity investments in automotive brake manufacturing companies across the world is influencing the growth of this market positively.
Moreover, high penetration of global brake manufacturing companies into the emerging markets of Asia Pacific, Middle East and Africa, and Latin America is also a key factor motivating the growth of brakes market. Increasing stringent norms set up by the government of various countries relating to the safety of vehicles is also driving the growth of brakes market globally. However, high cost associated with superior braking systems such as electronic brake systems and hydraulic brakes is set to inhibit the growth of this market partially in the short term.
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The brakes market can be classified by type and by application. The type segment can be classified into frictional, pumping and electromagnetic. By application, the market can be segregated as two-wheeler, three-wheeler, passenger cars, light commercial vehicle and heavy commercial vehicle.
In the brakes market, Asia Pacific holds the largest market share followed by North America, Europe, Middle East and Africa, and Latin America. Increasing production of vehicles and growth in the automotive sector is driving the growth of brakes market in the Asia Pacific region. Countries such as China, India, Japan and South Korea are the major contributors to the brakes market of Asia Pacific.
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The market in North America and Europe tends to be a bit saturated but the market is expected to remain stable during the forecast period. Middle East and Africa, and Latin America is expected to provide huge scope and opportunities to the global brakes manufacturers and are expected to be significant markets in the future.
The key players in the brakes market include Robert Bosch GmbH (Germany), Aisin Seiki Co., Ltd. (Japan), Federal-Mogul Corporation (U.S.), Delphi Automotive LLP (U.K.), TRW Automotive Holdings Corp. (U.S.), Continental AG (Germany), Mando Corp. (South Korea), Akebono Brake Industry Co. Ltd. (Japan) and Brembo S.p.A. (Italy) among others.