Strict restrictions on safety and comfort features, technical improvements in automotive braking systems, higher demand for fuel-efficient vehicles, increased vehicle production, and rising consumer disposable income are the main drivers driving the global Servo Power Brake Boosters Market. Government incentives to encourage the use of electric and driverless vehicles would also open up the attractive potential for the expansion of the global Servo Power Brake Boosters Market.
The market for Servo Power Brake Boosters is necessary since it improves driving dynamics and overall vehicle performance while also giving a higher level of safety and comfort for passengers. The Servo Power Brake Boosters lessen the amount of physical effort needed from the driver to apply the brakes, increasing the braking system's efficiency and steadiness. As it eliminates the need for additional physical force to apply the brakes, this kind of brake booster is very advantageous for elderly or disabled drivers.
Servo Power Brake Boosters are braking systems that use a mix of vacuum and hydraulic pressure to provide hydraulic pressure to the brakes. This gives one more control and stability over the braking system of the car by enabling one to apply the brakes with little effort. To improve braking force using the vehicle's own vacuum, the booster is typically mounted behind the brake pedal. Additionally, these boosters offer improved stopping distance precision and have the ability to control high-performance automobiles. They are therefore the best option from a performance and safety standpoint.
During the forecast period of 2021-2031, the global Servo Power Brake Boosters Market is anticipated to expand at a CAGR of roughly 4%, reaching an estimated value of USD 4.0 billion in 2031. During the projected period, the global Servo Power Brake Boosters Market is expected to develop as a result of the rising demand for improved safety and comfort features as well as increased vehicle production.
The primary factor impeding the growth of the global market for servo power brake boosters is their expensive price. Other factors impeding the growth of this market during the projection period include the availability of alternative solutions and a lack of understanding of new technology. Additionally, technical developments have made it more challenging to comprehend how the product works, which has hampered the expansion of this market. Other factors that are projected to hinder the growth of the Servo Power Brake Boosters Market throughout the course of the forecast period include a lack of qualified specialists and high installation and repair expenses. The main contributing factor is the expensive price of Servo Power Brake Boosters. But, the global Servo Power Brake Boosters Market is anticipated to experience fresh growth in the next years due to the rising demand for sophisticated braking systems and the increased attention on vehicle safety.
The Hydraulic Servo Brake Units Segment emerged as the Most Lucrative Type
The vacuum servo brake unit, pneumatic servo brake unit, and hydraulic servo brake unit types are used to segment the market. Due to the rising need for improved safety features in passenger automobiles, the hydraulics servo brakes unit segment is anticipated to have the greatest share of the worldwide servo power brake booster market.
The Most Prominent Application is the Automotive Segment
The automotive, industrial, and other segments make up the Servo Power Brake Boosters Market. Due to rising vehicle manufacturing, the automotive sector is anticipated to hold the greatest share of the global market. During the forecast period, a moderate growth rate is anticipated for the industrial segment.
The North American Region to render Ample Financing Opportunities
North America, South America, Europe, Africa, Asia Pacific, and the Middle East & Africa are the regional divisions of the global Servo Power Brake Boosters Market. Because of the significant demand for passenger vehicles and the strict safety requirements, the North American market is anticipated to account for the greatest portion of the global market.
COVID-19 Impact and Market Status
The COVID-19 pandemic epidemic disrupted company operations, which decreased demand for servo power brake boosters. Additionally, the pandemic's effects on production and the supply chain prevented the market from expanding at this time. However, the market is anticipated to rise steadily throughout the course of the projected period as a result of the gradually resumed operation of businesses and economic activity in numerous regions of the world. Additionally, government measures to improve vehicle safety features and an increase in the demand for pneumatic servo brake units are projected to present the top competitors in the worldwide servo power brake boosters market with sizable growth potential.
Knorr-Bremse AG, Robert Bosch GmbH, Continental AG, Akebono Brake Industry Co. Ltd., Advics Corporation, Nissin Kogyo Co. Ltd., Aisin Seiki Co. Ltd., Wabco Holdings Inc., Mando Corporation, and ZF Friedrichshafen AG are a few of the leading companies in the global Servo Power Brake Boosters Market. These businesses engage in joint ventures, mergers and acquisitions, joint product launches, partnerships, and other activities that help them innovate and broaden their geographic dominance in the global market.
Recent Developments in the Servo Power Brake Boosters Market
• Leading companies in the global Servo Power Brake Boosters Market introduced a number of new products in 2020. For instance, to improve brake performance, Continental AG released cutting-edge solutions like ContiPressureCheck and ContiAdapt to the market.
• Sensotronic Brake Control, a new product from Robert Bosch GmbH introduced in 2021, was created to replace the conventional hydraulic system with an enhanced electronic brake module.
• Aperia Technologies Inc., a developer of cutting-edge wheel-end solutions and autonomous fleet management systems, was acquired by Wabco Holdings Inc. in 2021. Wabco's capabilities in the areas of active safety, automation, digital services, software engineering, and braking control systems for commercial vehicles are anticipated to increase as a result of the acquisition.
• Bosch Group bought a controlling interest in FTE Automotive GmbH, a company that specialises in brake systems, in 2021. This purchase was anticipated to aid Bosch in expanding its product line and gaining entry into the expanding market for electronic braking systems (EBS).
• A cutting-edge Electronic Brake Control Module (EBC) for commercial vehicles was introduced in 2021 by WABCO India Ltd. The EBC module complies with ABS/EBS rules and is appropriate for all heavy-duty commercial vehicles. Drivers, passengers, and other road users are more safety, thanks to this new system, which enables improved control over braking actions.
• ZF Friedrichshafen AG introduced its cutting-edge Smart Braking System in 2021. (SBS). Running on ZF's ProAI digital platform, the SBS is an integrated system for active safety and braking control. By providing short stopping distances in all conditions, the technology is anticipated to contribute to less vehicle emissions, increased fuel efficiency, and improved driver comfort.
Servo Power Brake Boosters Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 4.0 billion|
|Growth Rate||CAGR of 4 % during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Knorr-Bremse AG, Robert Bosch GmbH, Continental AG, Akebono Brake Industry Co. Ltd., Advics Corporation, Nissin Kogyo Co. Ltd., Aisin Seiki Co. Ltd., Wabco Holdings Inc., Mando Corporation, and ZF Friedrichshafen AG|
Key Segments of the Global Servo Power Brake Boosters Market
Type Overview, 2021-2031 (USD Billion)
- Vacuum Servo Brake Units
- Pneumatic Servo Brake Units
- Hydraulic Servo Brake Units
Application Overview, 2021-2031 (USD Billion)
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa