Dual Circuit Brakes System Market Size

Dual Circuit Brakes System Market Analysis

The Dual Circuit Brakes System Market size is estimated at USD 402.10 million in 2024, and is expected to reach USD 540.07 million by 2029, growing at a CAGR of 6.07% during the forecast period (2024-2029).

The dual-circuit brake system market plays a pivotal role in the automotive industry. It enhances brake performance and reliability for better control and stopping power. This market has been primarily driven by the rising sales of vehicles equipped with advanced safety features.

• According to the ACEA full-year report 2023, China's car market stagnated in the first three quarters yet managed a 4.5% growth for the year. In contrast, car sales in Japan and the US saw robust increases, soaring by nearly 16% and over 14%, respectively. Hence, the increasing number of automobile units sold globally creates a favorable ecosystem for the studied market's growth.
• The World Health Organization's latest Global Status Report on Road Safety indicates a 5% global decline in road traffic deaths, bringing the annual total to 1.19 million. However, India has bucked this trend, witnessing an increase in fatalities. Despite the worldwide downturn, road traffic crashes remain a grave concern, causing over 3,200 deaths daily (equating to more than two every minute) and standing as the primary cause of death for those aged five to 29. These concerning figures underscore the escalating demand for sophisticated safety systems in vehicles. Such systems, like dual circuit braking, provide essential redundancy, drastically minimizing the chances of total brake failure. With a dual brake setup, should one brake fail, the other line maintains braking power on certain wheels, thus lowering the risk of accidents.
• Market growth is further fueled by stringent government regulations emphasizing the integration of dual brakes to promote vehicle safety. A notable example is the U.S. federal government's 1967 mandate for dual brake circuits in all newly manufactured passenger cars. This regulation aimed to bolster vehicle safety by ensuring redundancy in the braking system, thus minimizing the risk of total brake failure. Furthermore, building on the foundational 167/2013 regulation, the new European 2015/68 standard has intensified on-road braking requirements. Specifically targeting tractor and trailer configurations, this standard mandates a dual-line braking system. This ensures that the trailer brakes are still activated if a trailer becomes uncoupled from its tractor.
• Other significant drivers for the market include the rising prominence of commercial vehicles and the incorporation of technological advancements. Yet, hurdles such as maintenance challenges and steep initial costs pose potential obstacles to the market's expansion. Furthermore, the growing demand from the automobile industry has driven new players into the market, driving competition among the vendors.