The study provides an in-depth analysis of the global brake systems market to elucidate the prominent investment pockets from 2016 to 2023. Current trends and future estimations are outlined to determine the overall market scenario.
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Brakes are the essential mechanical fixtures in automotive & machine equipment used to reduce the speed of the system. The average lifecycle of brakes is less; thus, introduction of enhanced brakes drives the market.
This eventually boost the growth of the sectors such as automotive, oil & gas, steel industry, coal industry, and others. In the recent years, rapid urbanization and demand for convenient lifestyle have propelled the market.
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These factors are anticipated to make way for growth opportunities during the forecast period.
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The global brake systems market is driven by increase in vehicles, use of highly specialized cranes for construction, rise in drilling & exploration of oil & gas, and strict reforms in traffic implementation. However, duplicate & low-quality brakes system restrains the growth of the market.
Moreover, use of eco-friendly & light weight brake system is expected to provide new opportunities in the market.
The global brake system market is segmented based on type, component, application, and geography. Based on type, it is categorized into disc, drum, anti-lock braking system, advanced emergency braking system and others.
Based on the component, it is classified into pad, shoe, drum, lining, rotor, system, and others. Based on application, it is divided into commercial vehicles, aerospace, industrial machines, and others.
Geographically, it is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, Taiwan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
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The major players profiled in the report include Tenneco Inc., Federal-Mogul LLC., AISIN SEIKI Co., Ltd., Miba AG, Robert Bosch GmbH, Nisshinbo Holdings Inc., Brembo S.p.A., SGL Group, Akebono Brake Corporation, and Delphi Automotive LLP.
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