Air Brake System Market by Type (Disc & Drum), Component (Compressor, Governor, Tank, Air Dryer, Foot Valve, Brake Chamber & Slack Adjuster), Rolling Stock, Vehicle Type (Rigid Body, Heavy-Duty, Semi-Trailer & Bus) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America)
Air Brake System Market Overview
The global air brake system market was valued at USD 4.81 billion in 2018, and is projected to reach USD 6.6 billion by 2026, registering a CAGR of 4.4% during the forecast period 2021-2028.
The air brake system is a kind of braking mechanism used in huge bulky vehicles. An air brake or a compressed air brake system is a type of friction brake designed for vehicles in which the compressed air is applied on a piston, which further applies pressure to the brake pads, which results in causing the vehicle to stop. It is used in large and heavy vehicles, having multiple trailers and they must be connected to air brake system, such as trucks, trailers, buses and railroad trains.
Growth and expansion in business vehicles and off-highway trucks and the increased production of rail routes and fast trains are some of the factors that have supported long-term expansion for Air Brake System Market.
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The air brake System Market incorporates a deep analysis of the impact of COVID-19 lockdown on the income of market pioneers and followers. Since the lockdown was carried out contrastingly in different locales and nations, the effect of the same situation is likewise seen distinctively by districts and segments.
Air Brake System Market Regional Analysis
Asia Pacific is expected to be the largest market of air brake system during the forecast period. It is owing to their largest heavy commercial vehicle production compared to other regions. China is the leading air brake system owing to the higher production of heavy-duty trucks across all heavy trucks type. Rapid growth in industrialization and urbanization in developing countries such as China and India along with rising awareness for vehicle ad driver safety would fuel the demand for the Asia Oceania air brake system market.
Insights are provided for each region and major countries within the regions
Air Brake System Market Competitive Landscape
Key Players
- Knorr-Bremse
- Wabco
- Meritor
- Haldex
- ZF
- Wabtec
- Nabtesco
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Air Brake System Market Recent Developments
- In August 2018, Knorr-Bremse introduced 2 new disc brakes, ‘SYNACT and NEXTT”, for future generations of heavy-duty commercial vehicles. Compared to its predecessor, SYNACT attains new dimensions of performance and weight. With a stronger but lighter caliper and smooth-running internal mechanics, the full braking torque of 30 kNm remains available even during prolonged braking maneuvers.
- In September 2018, Wabco established a new joint venture for vehicle control systems with FAW Jiefang Automotive Company to advance the safety and efficiency of commercial vehicles in the Chinese market. Under this joint venture, the companies will start the production of Wabco’s advanced MAXXTM single-piston Air Disc Brake (ADB) from 2019.
Reasons to Acquire in the Air Brake System Market
- Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
- Gain authentic and granular data access for Air Brake System Market so as to understand the trends and the factors involved behind changing market situations
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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The Air Brake System Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the air brake system market include Federal-Mogul Corporation, Haldex, Knorr-Bremse, Meritor, Sorl Auto Parts, TSE Brakes, WABCO and 0Wabtec Corporation among others.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Air Brake System Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/air-brake-system-market/download-sampleMarket DynamicsThe market is growing at a significant pace on account of rise in sales of heavy and off road vehicles.
Booming logistics sector and growing demand of heavy vehicles across mining, agriculture and construction sector is also boosting the market growth.
Ongoing developments by the major players along with stringent safety standard are further contributing the growth of this market.
Global air brake components market is expected to grow at a steady CAGR of 4.3% over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR).
The global air brake system market is mainly driven by the growing demand for air brakes in commercial vehicles and the growing production of commercial vehicles around the world.
The MRFR report provides a detailed insight into the major drivers and restraints affecting the global air brake system market’s growth, the leading players operating in the market, and the major segments likely to dominate the market in the coming years.Air brake systems are braking systems that use compressed air to stop the vehicle, in contrast to hydraulic braking.
Due to this, air brake systems are mostly used in commercial vehicles, whereas hydraulic braking systems are preferred in smaller, passenger vehicles.The growing demand for commercial vehicles in developing countries around the world is likely to be a major driver for the global air brake systems market over the forecast period.
The increasing demand for infrastructure expansion, including roadbuilding, in countries such as India, China, Indonesia, and the Philippines has driven the demand for commercial vehicles.
On the other hand, the high manufacturing costs of air brake systems could lead to a growing demand for alternative braking systems such as hydraulic brakes.Competitive Analysis:Leading players in the global air brake system market include TSE Brakes, Sorl Auto Parts, Federal-Mogul Corporation, Nabtesco, Wabtec Corporation, ZF, Haldex, Meritor, WABCO, and Knorr-Bremse.In March 2019, New York Air Brake opened a new manufacturing center at Summit Corporate Center.
