Brakes And Servo-Brakes Market

Driven by increasing demand worldwide, the brakes and servo-brakes market is forecasted to see growth in both volume and value over the next eight years. Global consumption stood at 15M tons in 2022, with key importing countries including China, the United States, and India. China led in production with 5.8M tons in 2022, followed by India and the United States. In terms of exports, China was the top exporter in 2022, followed by Germany and Mexico. Import prices and export prices showed fluctuations over the years, with the United States having the highest export price. Overall, the market is expected to see continued growth in the near future.

Market Forecast

Driven by increasing demand for brakes and servo-brakes worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market volume to 19M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $248.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Brakes And Servo-Brakes

Global brakes and servo-brakes consumption stood at 15M tons in 2022, growing by 2.4% against 2021 figures. The total consumption volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. Over the period under review, global consumption hit record highs at 15M tons in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

The global brakes and servo-brakes market size soared to $173.9B in 2022, jumping by 76% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +100.9% against 2015 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (3M tons), the United States (2.3M tons) and India (1.4M tons), with a combined 43% share of global consumption. Russia, Indonesia, Germany, Brazil, Japan, Italy, Poland, France, South Korea and Democratic Republic of the Congo lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +11.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($44.2B) led the market, alone. The second position in the ranking was taken by Japan ($8.4B). It was followed by China.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to +3.4%. The remaining consuming countries recorded the following average annual rates of market growth: Japan (-3.3% per year) and China (+2.2% per year).

The countries with the highest levels of brakes and servo-brakes per capita consumption in 2022 were Poland (9.8 kg per person), Germany (7.8 kg per person) and Italy (7.4 kg per person).

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +11.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Brakes And Servo-Brakes

In 2022, approx. 16M tons of brakes and servo-brakes were produced worldwide; stabilizing at the year before. The total output volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by 20% against the previous year. Global production peaked at 17M tons in 2019; however, from 2020 to 2022, production remained at a lower figure.

In value terms, brakes and servo-brakes production expanded to $103.2B in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 18% against the previous year. Global production peaked at $113B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

The country with the largest volume of brakes and servo-brakes production was China (5.8M tons), accounting for 35% of total volume. Moreover, brakes and servo-brakes production in China exceeded the figures recorded by the second-largest producer, India (1.5M tons), fourfold. The third position in this ranking was taken by the United States (1.3M tons), with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +4.3%. The remaining producing countries recorded the following average annual rates of production growth: India (+4.6% per year) and the United States (-3.3% per year).

Imports

World Imports of Brakes And Servo-Brakes

In 2022, purchases abroad of brakes and servo-brakes increased by 19% to 6.1M tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +4.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, brakes and servo-brakes imports expanded remarkably to $35.5B in 2022. The total import value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 19% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports By Country

The United States (1.2M tons) and Germany (0.9M tons) represented roughly 35% of total imports in 2022. It was distantly followed by Mexico (327K tons), creating a 5.4% share of total imports. Poland (269K tons), Italy (264K tons), France (255K tons), the UK (253K tons), the Czech Republic (204K tons), Canada (170K tons), Russia (168K tons), Sweden (159K tons), Belgium (132K tons) and Spain (129K tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +9.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($7.2B), Germany ($3.9B) and Mexico ($2.9B) constituted the countries with the highest levels of imports in 2022, together accounting for 39% of global imports. Canada, France, the UK, Poland, Italy, the Czech Republic, Belgium, Spain, Sweden and Russia lagged somewhat behind, together accounting for a further 29%.

Poland, with a CAGR of +8.1%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average brakes and servo-brakes import price amounted to $5,827 per ton, dropping by -7% against the previous year. In general, the import price showed a mild decrease. The pace of growth appeared the most rapid in 2018 when the average import price increased by 4.2%. Over the period under review, average import prices attained the peak figure at $6,982 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($8,786 per ton), while Russia ($3,372 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+0.4%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Brakes And Servo-Brakes

In 2022, shipments abroad of brakes and servo-brakes increased by 11% to 7.2M tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 16%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, brakes and servo-brakes exports rose sharply to $35.2B in 2022. The total export value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 18% against the previous year. The global exports peaked in 2022 and are likely to continue growth in years to come.

Exports By Country

In 2022, China (2.9M tons) was the key exporter of brakes and servo-brakes, constituting 40% of total exports. Germany (740K tons) held the second position in the ranking, followed by Mexico (620K tons), Poland (431K tons) and Italy (358K tons). All these countries together held near 30% share of total exports. Spain (239K tons), the United States (213K tons), the Czech Republic (201K tons), France (180K tons), India (156K tons), Turkey (150K tons) and South Korea (129K tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +6.6% from 2012 to 2022. At the same time, India (+21.1%), Mexico (+13.9%), Poland (+9.2%), Turkey (+7.3%), the Czech Republic (+3.3%), Germany (+2.6%), Italy (+2.1%) and Spain (+1.3%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +21.1% from 2012-2022. South Korea and France experienced a relatively flat trend pattern. By contrast, the United States (-3.9%) illustrated a downward trend over the same period. While the share of China (+7.7 p.p.), Mexico (+5 p.p.), Poland (+2.2 p.p.) and India (+1.7 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of France (-1.6 p.p.), Germany (-1.9 p.p.) and the United States (-3.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest brakes and servo-brakes supplying countries worldwide were China ($7.6B), Germany ($4.7B) and Mexico ($4.2B), together accounting for 47% of global exports. The United States, Italy, Poland, the Czech Republic, France, Spain, South Korea, India and Turkey lagged somewhat behind, together comprising a further 34%.

India, with a CAGR of +19.7%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average brakes and servo-brakes export price amounted to $4,863 per ton, dropping by -3.8% against the previous year. In general, the export price recorded a mild decline. The most prominent rate of growth was recorded in 2018 when the average export price increased by 2.5% against the previous year. Over the period under review, the average export prices reached the maximum at $5,761 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($11,765 per ton), while China ($2,621 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform