CV Brake Controls Market Size, Share, Growth, and Industry Analysis by Type (ABS and ESC) By Application (LCV, Heavy Truck, and Bus & Coach), Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

CV Brake Controls Market REPORT OVERVIEW

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The global CV brake controls market size was USD 4288.9 million in 2022 and market is projected to touch USD 5744.43 million by 2031, exhibiting a CAGR of 3.3% during the forecast period.

With the help of the CV brake controls, the driver can avert collisions and potentially save lives. The pieces of the brake system include the master cylinder, brake pedal, brake calipers, brake shoes, brake disc, brake rotor, drum, brake lining, and hoses. Vehicles used in agriculture, mining, construction, and manufacturing are all dependent on the growth of the CV brake controls market.

Due to the automobile industry's promising future in both developed and developing nations, the CV brake controls market is expected to experience significant expansion over the course of the projected period. Governmental regulations that specify the standards for vehicle safety have been prompted by growing safety concerns. The majority of the time, CV brake controllers are installed by an aftermarket vendor or an original equipment manufacturer. Dedicated to vehicle safety are CV brake controls. Market competition for CV brake controls is fierce.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth                        

The whole global automotive sector supply chain was thrown off balance when COVID-19 suddenly appeared. The subsequent closure of the assembly plants disrupted production and stopped the export of Chinese components. Additionally, the global travel restrictions imposed by the governments have hampered opportunities for business partnerships and collaboration. People were unable to move freely from one location to another due to the pandemic. The CV brake controls market has shrunk as a result of COVID-19's conflicting effects. Additionally, the supply side of the CV brake controls market was impacted by the limitations of the small staff at the production site.

LATEST TRENDS

"Demand for Safety Features in Automobiles to Boost Market Growth"

The development of new technologies like ABS and regenerative braking is anticipated to increase demand for CV brake controls globally. There is a growing demand for safety features like traction control, anti-lock brakes, advanced driving systems, etc. due to factors including the increase in traffic accidents. The growing number of fatalities worries passengers, which is motivating automakers to install more effective auto systems. Additionally, the demand for luxury and semi-luxury high-performance cars has grown dramatically during the past few years. Throughout the forecast period, these factors will continue to considerably fuel the expansion of the CV brake controls market.

CV Brake Controls Market Segmentation

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• By Type Analysis

As per the type, the market is classified as follows: ABS and ESC. ABC technology segment dominates the CV brake controls market.

• By Application Analysis

Based on application, the market is segmented as follows: LCV, Heavy Truck, and Bus & Coach. LCV is the leads the CV brake controls market share.

DRIVING FACTORS

"Rising Population and Industrial Activity to Facilitate Market Development"

Future connected truck fleets would greatly benefit from radar and LiDAR-based camera-assisted braking technologies, along with artificial intelligence, high-performance vehicle location, and cloud connectivity. Automotive EBS is acting as a foundation for the development of autonomous or future driverless autos. But sophisticated braking technology has intricated electronic and mechanical components. As a result, they are expensive to build and maintain. The world's CV brake controls market is experiencing a unique opportunity as a result of rising population, industrial activity, and transportation demand. The growth of logistics, the expansion of road infrastructure, and distribution and public transit are also driving the CV brake controls market size globally.

"Increase in Sales of Commercial Vehicles to Promote Industry Progress"

Sales of all commercial vehicles, including light commercial vehicles and heavy commercial vehicles, will be inversely correlated with market dynamics. Since every commercial vehicle has a braking system, the demand for vehicles used for business purposes primarily drives the CV brake control market. After taking into account the vehicle weight, the number of wheels, and axle design, as well as the vehicle's speed and load carrying capabilities, the type of braking system to be utilized in a commercial vehicle is chosen. Because of this, there is an increasing need for efficient CV brake controls in automobiles, and large and light trucks.

RESTRAINING FACTORS

"Higher Maintenance Costs to Hinder Market Growth"

Scalability, adaptability, serviceability, simplification, standardization, and management are all characteristics of high-performance electronic brakes. Braking systems today are more sophisticated than they were in the past. Since there is a significant growth in demand for electric automobiles in the passenger, commercial, and agricultural industries, problems are unavoidable when modern vehicle technology transitions to the production of electric vehicles. Extreme temperature and humidity swings can harm the braking system, impair the performance, and reduce the useful life of the brake shoes and pads on these cars. The price of vehicle brakes includes significant installation and maintenance costs, which is anticipated to limit the CV brake controls market growth.

CV Brake Controls Market REGIONAL INSIGHTS

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"Increase in Demand to Propel Market Progress in North America"

A wave of CV brake controls in the Asia region is being sparked by the market's growing need for transportation of passengers and cargo. Due to the rising demand for medium commercial vehicles, it is predicted that Asia will significantly expand its market share in the worldwide commercial vehicle foundation brakes market. The CV brake controls market is anticipated to develop as a result of the increased popularity of automotive brake systems and an increase in sales of luxury and premium vehicles. Additionally, the rise in automotive ownership and the rising accident rate both contribute to the CV brake controls market's expansion.

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.    

List of Market Players Profiled

• Bosch (Germany)
• ZF (Germany)
• Wabco (Germany)
• Continental (South Korea)
• Hyundai Mobis (U.S.)
• ADVICS (Germany)
• Knorr-Bremse (Japan)
• Hitachi (China)
• Kormee (South Korea)
• Mando (China)
• Zhejiang VIE (China)
• Junen (China)
• APG (Australia)
• Dongfeng Electronic (China)

REPORT COVERAGE

The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.