Abstract: The embodiments herein provide a self-excited contact less Hybrid Electromagnetic Braking (HEB) system provided with a both Permanent Magnetic (PM) type ECB and electrically excited windings type ECB. The HEB system has an Eddy Current Brake (ECB) and a Regenerative Brake (RB) with two outer rotors and a common internal stator. The rotor assembly of the RB is coupled to the same shaft on which the ECB rotor is mounted. The RB collects an input mechanical power from the shaft to supply electrical power to ECB windings through a power electronic interface module. A controller measures the system conditions to send a control signal to the power electronic interface module to control a power flow from RB to ECB. The ECB and RB develops two braking torques on the shaft to initiate a braking action in the vehicle.