Electro Mechanical Brake Market Size, Share & Growth [2031]

Report Description

Market Outlook:

The Global Electro Mechanical Brake Market was estimated at USD 728.4 Million in 2022 and is anticipated to reach USD 1,316.4 Million by 2031, expanding at a CAGR of 6.9% during the forecast period.

An electro-mechanical brake, also known as an electromagnetic brake, is a type of braking system that combines electrical and mechanical components to stop or slow down a vehicle or other machinery. This system functions by passing an electric current through a coil on the brakes, which produces a powerful magnetic field that moves an armature on or off a magnetic surface. It converts kinetic energy into thermal energy. There are many types of electro-mechanical brake are available in the market. The single-face brake is widely used in electromechanical brakes. It uses the friction of a single plate surface to engage the input and output members of the clutch. The major benefits of electro mechanical brakes include reduced wear, enhanced performance, low costs, and improved heat dissipation. electro mechanical brakes are used in a wide range of applications. Some of them include robotics, automated guided vehicles, servomotors, stepper motors, factory automation equipment, packaging & food processing equipment, material handling equipment, and gaming equipment.

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Macro-economic Factors

GDP

Gross domestic product (GDP) is the standard measure of the value created through the production of goods and services in a country during a certain period. GDP is one of the most important indicators to capture economic activities. GDP increases with the increasing industrialization in developed and developing countries. India is a rapidly growing economy. The automotive industry in India contributes to the economy growth, in terms of revenue. Growing demand for vehicles in the region is driving the automotive industry in the country. Electro mechanical brake is an important component of the vehicle. Therefore, the rising demand for vehicles is expected to boost the demand for electro mechanical brakes.

International Trade

International trade refers to the buying and selling of goods and services by companies in different countries. Machinery, tools, consumer goods, and raw materials all are bought and sold in the international marketplace. International trade allows different countries to expand their markets. International trade provides access to goods and services that are not accessible domestically. International trade is influenced by various economic conditions, regulatory norms, cultural differences, and competitive landscapes. It affects the supply, demand, and the price of the product. International trade allows manufacturers of electro mechanical brakes to serve customers in different parts of the globe to maximize profit and boost market share. This, in turn, increases competition.

Regulations

Regulations are sets of requirements issued by a government or any other authority to provide a certain level of specification to the machine manufacturers for handling and modification of the product. Electro mechanical brake manufacturers are required to follow certain rules and regulations to manufacture precise and efficient brakes. This ensures the safety of vehicles. Various countries have implemented regulations. For instance, the US along with the European Union have implemented strict regulations on service braking systems. Similar regulations have been applied by China and India. Stringent safety standards and regulations for vehicle safety have made it mandatory to incorporate innovative braking systems, thereby driving the market.

Investments

Many equipment manufacturers invest in a product that generates profit in the future. Thus, many electro mechanical brake manufacturers are investing to provide improved, precise, and innovative brakes. Manufacturers are focusing on technological advancements that make it easy to check and test components for maintenance purposes. Furthermore, companies are focusing on reducing the weight of the braking system to reduce the weight of the vehicles, which further reduces the fuel intake.

Market Dynamics

Market Driver- Increasing Penetration and Production of Electric Vehicle

The electric vehicle market is seeing exponential growth in recent years. Electric vehicles are the key technology to decarbonize road transport, as this sector accounts for the one-sixth of global emissions. Therefore, rising EV sales reduce CO2 emissions and is expected to facilitate achieving the Net Zero Emissions by 2050. Developing and developed economies such as China, the US, Europe, and Norway are taking sincere efforts for increasing the EV production. In 2022, China accounted for nearly 60% of all new electric car registrations globally. In 2022, the share of electric cars in total domestic car sales reached 29% in China, up from 16% in 2021, and thereby, achieving the 2025 national target of a 20% sales share for so-called new energy vehicles (NEVs) in advance. Additionally, government policies and incentives surge the production and sale of electric vehicles across the globe. Such policies and initiatives increase the production of electric vehicles. An electro mechanical brake uses an electric actuation, however transmits the torque mechanically. Thus, these breaks provide hill hold and hill assist effect in addition to automatic parking brake application. Therefore, increasing electric vehicle production surges the demand for electro mechanical breaks across the globe.

Market Driver- Increasing Demand for Electro mechanical Breaks from the Industrial Robotics Industry

Industrial robotics is a technology that automates industrial processes with the help of mechanical devices. Industrial robots automatically perform various manufacturing tasks such as parts assembly, painting, visual inspection, and others. Robotics plays a significant role in wide range of industries for the smooth functioning of different tasks. These industrial robots require high-performance brakes to ensure safe and effective operations. Thus, electro mechanical brakes serves as a solution for robotic systems. Electro mechanical clutches and brakes play an essential role in many robotic systems. The two main functions of brakes for robotics systems are stopping a load and holding a load. Therefore, increasing penetration of robotic systems in wide range of industries surges the demand for electro mechanical breaks.

Market Driver - Increasing Awareness about Vehicle Safety and Efficiency

In recent years, the awareness about vehicle safety and vehicle efficiency has led to the transition of braking systems from traditional brakes to electro mechanical breaks. These braking systems have several advantages as compared to traditional braking systems such as hydraulic brakes. Electro mechanical brakes outperform other types of brakes in terms of braking performance. They are able to precisely adjust the braking force, resulting in a controlled and smooth deceleration. Electro mechanical brakes are efficient in emergency braking situations, which is critical for avoiding collisions and accidents. Therefore, this regenerative braking is a cutting-edge technology, which increases the vehicle safety and efficiency by enabling vehicles to convert kinetic energy into electrical energy.

Market Restraints- Complexity in Maintenance and High Cost

Electro mechanical brakes (EMBs) are more expensive than standard hydraulic brakes, due to the use of complicated electronic elements and control systems in these brakes. These brakes are expensive to purchase and maintain, due to their complex design and expensive components, such as copper. The cost difference is caused by a variety of factors. EMBs provide precision and responsiveness by utilizing a variety of electrical components. Electrical components are frequently more expensive than mechanical components used in hydraulic braking systems. These factors restrain the growth of the electro mechanical brake market. Requirement of a continuous power supply for their functioning poses significant operational challenges and limits their market growth. These brakes are sensitive to temperature changes, potentially affecting their effective functioning.

Market Opportunity- Increasing Investment in Industrial Automation and Integration of Technologically Advanced Systems

Electro mechanical brakes are an essential component in industrial production and automation. Investments and efforts are expected to accelerate the growth of the electro mechanical brakes market in the near future. Additionally, the US government has invested US$ 1.0 Billion in researching Industry 4.0 technologies, which typically focuses on the integration of automation and robotics, and reducing CO2 emissions. Funding from the White House, the National Science Foundation (NSF), and the Department of Energy (DoE) spans five years, with the new hubs to function as AI (Artificial Intelligence) and R&D (Research and Development) institutes. Incorporating technologically advanced systems and sustainable mobility creates ample growth opportunities in the market.

Scope of the Report  

The report on the global Electro Mechanical Brake Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Segmental Outlook

On the basis of types, the electro mechanical brake market is divided into single face brake, power off brake, particle brake, hysteresis power brake, and multiple disk brake.

The multiple disk brake segment held market share of 37.04% in 2022. The design of multiple disk electro mechanical brake doesn’t allow magnetic field to pass through the plates, ensuring a very quick response time.

The power off electro mechanical brake segment is expected to hold market share of 15.01% in 2031, at a CAGR of 6.7% during the forecast period. Increasing adoption of power off brake in textile machinery, packaging machinery, cranes, hoist, conveyors, and other special purpose machinery drives the segment.

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Based on applications, the electro mechanical market is segregated into locomotives, automotive, industrial, and marine.

The automotive segment held 43.93% share of the market in 2022. The automotive segment gained significant traction, due to increased awareness of vehicle safety features such as anti-lock braking systems, traction control systems, and electronic stability control systems.

The locomotive segment is expected to hold 17.15% share of the market in 2031 at a CAGR of 7.8% during the forecast period. The ability to handle high torque of locomotives and the transition toward high speed & electric locomotives globally is increasing the popularity of electro mechanical brakes.

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Based on industry, the electro mechanical brake market is segmented into transportation, manufacturing, construction, energy, and others.

The transportation segment held 69.75% share of the market in 2022 and is expected to expand at CAGR of 7.0% during the forecast period. Growing demand for electro mechanical brakes in locomotives, aircrafts, and electric vehicles, due to its ability to work seamlessly with advanced technology such as regenerative braking, is driving the market.

The others segment is expected to expand at a CAGR of 9.1% during the forecast period. Adoption of electro mechanical brakes in robotics and gaming and automation equipment is expected to increase the demand for electro mechanical brakes globally.

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On the basis of sales channel, the global electro mechanical brake market is bifurcated into OEM and aftermarket.

The OEM segment held 59.30% share of the global electro mechanical market in 2022. Key consumers of electro mechanical brakes, who purchase directly from OEM manufacturers, are automotive manufacturers, locomotive manufacturers, cranes manufacturers, and various types of machines= manufacturers.

The aftermarket segment is anticipated to hold a market share of 40.70% in 2022. The aftermarket segment includes replacement electro mechanical brakes after wear and tear, due to continuous use. In some cases, aftermarket electro mechanical brakes include replacement electro mechanical brakes for improving the performance.

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Regional Outlook

Based on regions, the market is separated into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in North America held a significant share of the market during the forecast period.

North America held 34.4% share of the global electro mechanical brake market in 2022. Expanding railway network and growing automotive and industrial sectors are boosting the market in the region. The market in Europe is anticipated to expand at a CAGR of 6.3% during the forecast period. Growing adoption of advanced technologies, such as autonomous driving and electrification, are contributing to the growth of the market in this region.

The market in Asia Pacific is projected to expand at a CAGR of 7.4% during the forecast period. The growth is attributed to the rising manufacturing sector in developing economies such as China and India. Latin America and Middle East & Africa held market share of 9.7% and 4.8%, respectively. Increasing infrastructure development and growing manufacturing sector are contributing to the growth of the market in these regions.

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Key Developments

• Kendrion acquired INTORQ to create a leading industrial brake company

On 5 November 2019, Kendrion has acquired INTORQ GmbH & Co. KG. INTORQ manufactures spring-applied brakes and electromagnetic brakes and clutches for electrical drive technologies. INTORQ products are used in a diverse range of applications, including geared and servomotors, electric forklifts, wind power, cranes, hoists, elevators and escalators. With this acquisition, Kendrion is well-positioned to profit from growing end markets. The combination with INTORQ, creates a leading industrial brake company with a full range of high-quality industrial brakes in an expanded number of growth markets in Europe, China, the U.S. and India.

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Electro Mechanical Brake Market

• Historical, Current and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Electro Mechanical Brake Market Performance