The global air brake system 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. Air brake systems provide a higher braking efficiency than hydraulic braking, but require a larger area than hydraulic brakes to accommodate the piping required for the compressed air system to function properly. Due to this, air brake systems are mostly used in commercial vehicles, whereas hydraulic braking systems are preferred in smaller, passenger vehicles.
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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. Latin American countries such as Brazil are also likely to exhibit a growing demand for commercial vehicles over the forecast period, leading to a growing demand from the global air brake system market. 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. The facility has an area of 100,000 sq ft, with provisions for further expansions of 50,000 sq ft.
Segmentation:
The global air brake system market is segmented on the basis of component, brake type, vehicle type, application, and region.
On the basis of component, the global air brake system market is segmented into compressors, reservoirs, foot valves, brake chambers, and others, including air dryers, rotors and pads, and slack adjusters.
On the basis of brake type, the market is segmented into air disc and air drum. Air disc systems are likely to dominate the global air brake system market over the forecast period due to the higher efficacy of disc brakes.
On the basis of vehicle type, the air brake system market has been segmented into passenger cars and commercial vehicles. Commercial vehicles are likely to dominate the global air brake system market over the forecast period due to their growing demand across the world.
Based on application, the air brake system market has been segmented into on-road and off-road vehicles.
Regional Analysis:
North America is likely to dominate the global air brake system market over the forecast period due to the increasing demand for technologically advanced air brake systems in commercial vehicles in the U.S. and Mexico. The increasing emphasis on driver safety in commercial vehicles in North America is likely to be a major driver for the air brake system market in the region over the forecast period. Furthermore, the growing production of commercial vehicles in North America is likely to drive the air brake system market in the region over the forecast period.
Asia Pacific is also likely to play a major role in the global air brake system market over the forecast period due to the growing demand for and production of commercial vehicles in countries such as China and India. The growing government support to infrastructure expansion projects in these countries is likely to drive the demand for commercial vehicles, thus driving the air brake system market in the region.
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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