The global two-wheeler braking system market is expected to witness substantial growth, reaching a value of £944.79 million with a notable compound annual growth rate (CAGR) of 5.76% during the period from 2023 to 2028.
Characterised by the presence of various global and regional companies, the two-wheeler braking system market demonstrates a fragmented landscape, the latest report from Technavio Research noted.
Key players in this market include ADVICS Co. Ltd., Allied Nippon Pvt. Ltd., ASK Automotive Ltd., Brembo Spa, BWI Group, Carlisle Companies Inc., Continental AG, Datson Engineering, Endurance Technologies Ltd., Hitachi Ltd., HL Mando Co. Ltd., Honda Motor Co. Ltd., Longzhong Holding Group Co. Ltd., Masu Brakes Pvt. Ltd., MK Group, Rico Auto Industries Ltd., Robert Bosch GmbH, ZF Friedrichshafen AG, and Nissin Brake Performance.
Geographically, the market is segmented into APAC, North America, Europe, South America, and the Middle East and Africa. APAC is anticipated to contribute a significant 63% share to the global market growth during the forecast period. Notably, countries such as India, China, and Indonesia emerge as the major consumers of two-wheeler braking systems in the Asia Pacific region. Moreover, collective efforts by governments in China, Japan, India, and South Korea to shift the focus from traditional fuel-based vehicles to electric vehicles further stimulate market expansion, Technavio Research report said.
In terms of product classification, the market is categorised into drum and disc braking systems. The drum segment is expected to observe substantial growth during the forecast period. Drum brakes function through a set of pads or trundles that generate friction against the inner surface of a rotating drum. The surge in the demand for automobiles, particularly in developing nations, is set to bolster the growth trajectory of the drum brake segment, the report noted.
Courtesy: Technavio Research. Photo is representational; courtesy: Bosch.