Market synopsis
Market research future (MRFR) study on the global Air Brake System market 2023 reveals factors and aftermath of COVID impact on the market for the study period (2023 to 2030). As per MRFR analysis, the air brake system market can rise at about 3.51% CAGR across the review period. The Corona virus pandemic is responsible for changes in the air brake system market size in different regions. The global air brake system market can witness a significant expansion across the review period.
In the coming years, the global market for air brake systems may rise as a result of rising vehicle production. The market for air brake systems may be greatly impacted by the increasing demand for commercial vehicles caused by expanding industrialization and the growth of service industries during the course of the assessment period. The rise in air brake applications and the displacement of hydraulic braking with it are the main drivers that can fuel the growth of the air brake system market. Increased demand for off-highway vehicles, along with rising commercial vehicle sales and production globally, may help the market grow. Air brake system adoption is rising in the mining, construction, and related industries, which may help the global market grow.
Market segment
The segment study of the global air brake system market is based on vehicle type, application, component, and brake type. The component based, air brake system market are foot valve, compressor, brake chambers, reservoirs, and others. Increase in reservoir utility can support the expansion of the air brake system market. These other includes rotors, air dryer, slack adjuster, and pads. The break type based, air brake system of the market are air drum and air disc. The vehicle type based segments of the air brake system market are commercial vehicles and passenger cars. The application-based segments of the air brake system market are off-road vehicle and on-road.
Regional study
Air brake system market in north america is likely to flourish in the near future, revealed study by MRFR. The market in north america is expected to head the growth curve of the global market throughout the forecast period. It is due to increase in the production of commercial vehicles across the us, followed by the rest of north america. The rise in automobile production and sales are boosting the demand for air brake systems, which, in turn, is observed to boost the expansion of the regional market. In asia pacific region, the air brake system market is expected to experience rapid expansion across the review period. The increase in purchase potential of individuals across countries such as, india and other regions of apac, plus expansion of population base can impel the expansion of the air brake system in the region. Fast-paced urbanization and growing focus on security of driver, along with rise in vehicle safety concerns can cause the air brake system market in apac to boom in the near future.
Key players
MRFR identified some well-known air brake system developers across the globe. They are wabco (usa), sorl auto parts (china), knorr-bremse (germany), meritor (usa), zf (germany), haldex (sweden), wabtec corporation (usa), federal-mogul corporation (usa), nabtesco (japan), and tse brakes (usa).
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