PUBLISHER: The Business Research Company | PRODUCT CODE: 1833930
PUBLISHER: The Business Research Company | PRODUCT CODE: 1833930
Brake-By-Wire (BBW) system is advanced braking technology that replaces traditional mechanical and hydraulic brake components with electronic controls and actuators. The system relies on sensors, electronic control units (ECUs), and electric actuators to operate the vehicle's braking functions. The main purpose of the brake-by-wire system is to enhance braking performance, improve vehicle safety, and enable integration with advanced driver assistance systems (ADAS). It offers more precise control, reduces weight, and allows for quicker response times compared to conventional hydraulic brake systems.
The brake-by-wire system market consists of sales of brake-by-wire system by entities (organizations, sole traders and partnerships) that are employed in new vehicle production, performance upgrades, and as replacement components in the aftermarket. Complementary technologies include anti-lock braking (ABS), electronic stability control (ESC), regenerative braking in electric vehicles, and advanced driver assistance systems (ADAS). Substitute options encompass conventional hydraulic braking systems and partial brake-assist systems.
The global brake-by-wire system market was valued at $1,697.30 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 6.00%.
Rising Demand for Personalized Medicine
During the historic period, the rising demand for personalized medicine supported the growth of the brake-by-wire system market. Personalized medicine tailors treatments based on genetic, molecular and clinical profiles, enabling more precise therapies for brake-by-wire system. Obeticholic acid (OCA) serves as a targeted alternative to traditional treatments like ursodeoxycholic acid (UDCA). New therapies, including fibrates and FXR (farnesoid X receptor) agonists, are being evaluated for specific patient groups. Pharmacogenomics enhances treatment by predicting efficacy, minimizing side effects and reducing trial-and-error prescribing. This approach optimizes outcomes by ensuring patients receive the most effective, individualized therapy. For example, in October 2022, the Personalized Medicine Coalition, a US-based organization that represents scientists, patients and providers, promoting the understanding and adoption of personalized medicine to benefit patients and the healthcare system, estimated that more than 75,000 genetic testing products and 300 personalized medicines are on the market for people with multiple types of cancers, genetic rare diseases and a range of chronic and infectious diseases. Additionally, in 2022, according to the Personalized Medicine Coalition (PMC), a US-based company that advocates for personalized medicine, personalized medicines will account for 34% of new drug approvals by the US Food and Drug Administration in 2022 and have accounted for at least 25% of approvals in each of the previous eight years.
Focus On Collaborations And Partnerships For Innovative Brake Technologies
Companies in the brake-by-wire system market are adopting a strategic partnership approach to enhance technology integration and expand market reach. A strategic partnership is a collaborative alliance between two or more organizations that leverage their combined resources, capabilities, and expertise to pursue shared business objectives and drive mutual growth. For instance, in February 2024, Tevva Motors, a UK-based developer of electric range extended trucks, has partnered with ZF, Germany-based commercial vehicle technology company, to develop and integrate an advanced brake-by-wire regenerative braking system for Tevva's 7.5-ton battery-electric truck, specifically designed for last-mile delivery applications. The new system can recuperate up to four times more energy than conventional compressed air brake systems. This is a significant improvement, as the EBS allows for safe regenerative braking up to 180 kilowatts (kW), compared to just 40 kW with traditional systems.
The global brake-by-wire system markets is concentrated, with large players operating in the market. The top 10 competitors in the market made up 46.10% of the total market in 2023.
Brake-By-Wire System Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global brake-by-wire system market as it emerges from the COVID-19 shut down.
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 history and forecasts market growth by geography. It places the market within the context of the wider brake-by-wire system market; and compares it with other markets.