PUBLISHER: The Business Research Company | PRODUCT CODE: 1574663
PUBLISHER: The Business Research Company | PRODUCT CODE: 1574663
A brake-by-wire (BBW) system is a sophisticated braking technology that uses electronic controls to translate the driver's brake pedal input into electronic signals, which then regulate the braking power applied to the wheels. Brake-by-wire systems provide faster and more accurate braking responses compared to traditional systems, improving vehicle safety and handling.
The main types of brake-by-wire systems are hydraulic (wet type) and electronic (dry type). Hydraulic or wet-type brake-by-wire systems use hydraulic fluid to transmit braking force while integrating electronic controls to enhance precision and response, making them reliable for heavy-duty applications. These systems are distributed through various sales channels, including original equipment manufacturers (OEMs) and aftermarket suppliers, and are used in both passenger vehicles and commercial vehicles.
The brake-by-wire systems market research report is one of a series of new reports from The Business Research Company that provides brake-by-wire systems market statistics, including the brake-by-wire systems industry global market size, regional shares, competitors with the brake-by-wire systems market share, detailed Brake-by-wire systems market segments, market trends, and opportunities, and any further data you may need to thrive in the brake-by-wire systems industry. These brake-by-wire systems market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The brake-by-wire system market size has grown strongly in recent years. It will grow from $8.16 billion in 2023 to $8.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth during the historic period can be attributed to stricter safety regulations, a rising demand for electric vehicles, the expansion of luxury and high-performance cars, the need for weight reduction in vehicles, and advancements in driver assistance systems.
The brake-by-wire system market size is expected to see strong growth in the next few years. It will grow to $11.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth during the forecast period can be attributed to the rising adoption of electric and autonomous vehicles, advancements in automotive electronics, a growing emphasis on safety and stability control systems, government regulations promoting emissions reduction, and the expansion of connected vehicle technologies. Key trends expected in this period include integration with autonomous driving systems, advancements in software-driven control algorithms, the adoption of wireless communication technologies, increased use of regenerative braking features, and progress in sensor technologies.
The increasing adoption of electric vehicles (EVs) is expected to drive the growth of the brake-by-wire system market in the future. EVs are vehicles powered by electric motors that use electricity stored in batteries or other energy storage technologies. The rise in environmental awareness, the expansion of EV infrastructure, and government incentives are accelerating the shift towards electric vehicles. Brake-by-wire systems, which use electronic controls for braking instead of traditional hydraulic components, offer precise and responsive braking, improving vehicle handling and stability. They also help reduce weight and enhance overall efficiency and range. For example, in May 2022, the International Energy Agency reported that in 2023, the number of plug-in hybrid electric vehicles and hybrid electric vehicles reached 9.5 million and 4.35 million, respectively, up from 7.3 million and 2.9 million in 2022. This growing adoption of electric vehicles is expected to boost the brake-by-wire system market.
Key players in the brake-by-wire system market are advancing braking technology with innovations such as electro-mechanical brake systems, which aim to enhance vehicle safety and braking efficiency. These systems replace traditional hydraulic components with electric actuators and mechanical linkages, using electronic controls to achieve precise braking while reducing weight and improving efficiency. For instance, in November 2023, ZF Friedrichshafen AG, a Germany-based technology company specializing in advanced mobility products, introduced its 'dry' brake-by-wire system. This system enhances safety by duplicating all connections and systems for data transmission, processing, and motor power supply. It reduces stopping distances by up to 9 meters during automatic emergency braking at 100 km/h and offers up to 17% additional range for electric vehicles due to improved brake energy recuperation. Additionally, the dry brake-by-wire system minimizes particle emissions from brake wear by limiting residual drag torques and eliminating the need for brake fluid changes, thus reducing maintenance needs.
In July 2023, Kongsberg Automotive (KA), a Norway-based technology provider for the vehicle industry, acquired a 20% stake in Chassis Autonomy for an undisclosed sum. This acquisition allows KA to offer unique technology to its customers and support the integration of fail-operational steer-by-wire solutions into their vehicles, preparing them for autonomous driving. The deal strengthens the partnership between KA and Chassis Autonomy, which began in 2022. Chassis Autonomy, based in Sweden, designs and provides brake-by-wire systems for highly automated and autonomous vehicles.
Major companies operating in the brake-by-wire system market are Robert Bosch GmbH, Nissan Motor Co. Ltd., ZF Friedrichshafen AG, Continental AG, Hyundai Mobis Co. Ltd., Schaeffler Technologies AG & Co. KG, Microelectronics N.V., Parker Hannifin Corporation, Infineon Technologies AG, NXP Semiconductors N.V., Knorr Bremse AG, HELLA GmbH & Co. KGaA, Mando Corp., Brembo N.V., Akebono Brake Industry Co. Ltd., BWI Group, Haldex AB, KSR International Inc., Delphi Technologies Plc, FUTEK Advanced Sensor Technology Inc., Chassis Autonomy SBA AB
North America was the largest region in the brake-by-wire system market in 2023. The regions covered in the brake-by-wire system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the brake-by-wire system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The brake-by-wire system market consists of revenues earned by entities by providing services such as weight reduction, safety and precision, customization, and adaptability. The market value includes the value of related goods sold by the service provider or included within the service offering. The brake-by-wire system market also includes sales of electronic control units (ECUs), brake actuators, brake pedal sensors, brake pressure sensors, diagnostics and monitoring tools, and electronic parking brake (EPB) components. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Brake-By-Wire System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on brake-by-wire system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for brake-by-wire system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The brake-by-wire system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.