Air Brake System Market was valued at US$ 4.1Bn in 2019 and is expected to reach US$ 6Bn by 2026, at a CAGR of 4.87% during a forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
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Increase in heavy commercial vehicle production in the Asia Pacific and Europe market. Owing to the increasing technological advancements, increasing concerns over safety, and stringent government mandates to improve commercial vehicle safety, the demand for air brake systems is estimated to increase in the coming years. Vehicles now are able to access external information and content are factors to impacts more on the growth of the Air Brake System market.
Based on the Vehicle, Heavy-Duty vehicle is expected to hold the largest share in the market during the forecast period. Rising potential demand for trucks in every country. Automation and connectivity are driving the heavy-duty vehicle industry. Owing to the increasing manufacturing across the globe. The high availability of raw materials and low-cost labor will promote the heavy-duty trucks' industry across the region.
Inclining international and local trading activities worldwide will fuel the heavy-duty trucks' industry growth over the projected timeframe. Around 2017, it appears to have stabilized the heavy truck market, and there is reason to expect further growth averaging 5.0 percent or more annually between the forecasted period. In Type, Disc is also expected to lead the market growth.
The report provides a detailed list of drivers and restraints of the market, which are influencing the market growth.
Major driving factors of the Air Brake System market are increasing the number of vehicles has expanded essentially over the globe because of modernization and enhanced spending energy of individuals. This has prompted an expansion in the automotive emanation levels too. Increasing demand from passenger and commercial vehicles. Increasing R&D activities by major players for the development of cost-effective products is expected to create new opportunities.
Intelligent transport systems giving alerts to drivers in traffic conditions, tolls, and optimum routes, as well as driver assistance systems to control speed, stability, and even air brake system requirement are factor’s to boost the demand for the Air Brake System market. The high-cost and increasing stopping distance of air brakes over hydraulic brakes will act as a restraint to the market.
In terms of region, Asia Pacific is expected to hold the largest share in the market during the forecast period. The global economy is continuing its gradual recovery from the financial crisis, with the latest data pointing to a broad-based pickup. However, longer-term Asia is seen maintaining its position as the fastest-growing region, with China and India leading the charge.
Environmental concerns, safety features, and Internet connection are increasing rapidly in this region. Population with enormous projected growth has important implications in terms of economic development. Needs and preferences of truck owners and operators and evolving business environment. China, India, and Japan are the leading market players in Asia pacific.
The report includes a detailed study of Porter’s Five Forces model to analyze the different factors affecting the growth of the market. Moreover, the study also covers a market attractiveness analysis, brand portfolio expansion, mergers, collaborations, joint ventures, acquisitions, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
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Scope of the Report for Air Brake System Market: Inquire before buying
Global Air Brake System Market, by Vehicle
• Rigid Body
• Heavy-Duty
• Semi-Trailer
• Bus
Global Air Brake System Market, by Type
• Disc
• Drum
Global Air Brake System Market, by Technology
• ABS – (Anti-lock Braking System)
• TCS – (Traction Control System)
• ESC – (Electronic Stability Program or Electronic Stability Control)
• EBD – (Electronic Brake-force distribution)
Global Air Brake System Market, by Rolling Stock & Locomotive
• Air
• EP - (Electro-Pneumatic)
• ECP - (Electronically controlled pneumatic)
• Others
Global Air Brake System Market, by Region
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America
Key Players Operating in the Air Brake System Market
• SORL Auto Parts, Inc.
• ZF TRW Automotive Holdings Corporation
• Wabco
• Meritor
• Continental AG
• Aisin Seiki Co. Ltd.
• Akebono Brake Industry Co. Ltd.
• Haldex AB
• Knorr-Bremse AG
• Nissin Kogyo Co. Ltd.
• Mando Corporation
• Brembo S.P.A.
• Federal-Mogul Holdings Corporation3
• YUMAK Air Brake Systems
• Airmaster Brake Systems
• Brakes India Limited
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