As per the reports published by FMI, the global air brake system market is estimated at US$ 2,108.8 Million by year 2023. The market value of the air brake system is anticipated to surpass a valuation of US$ 3,003.5 Billion by the year 2033, advancing at a CAGR of 3.6%. A historical market valuation of US$ 2,025.7 Million has been recorded by the analysts of Future Market Insights for the concerned market during the base year.
According to an analysis by FMI, the demand for air-pressing piston applications is significant, which is causing the market share of air brake systems to increase. The governments of developing countries have implemented strict laws to stop the automobiles that are a major factor in the increased use of air brake systems around the world.
It has been determined that a major demand driver for air brake systems in the current year is the construction of high-speed trains and advancements made in the railway industry. However, a thorough examination of the market reveals that the sector is still burdened by the high capital costs associated with the use of air brakes. Additionally, the market's growth during the projection period is projected to be hampered by the rising focus on electric vehicles.
Key Takeaways from the Air Brake System Market
The market valuation of the air brake systems is projected to surpass US$ 3,003.5 million by the end of 2033.
An approximate surge of US$ 83.1 Million has been witnessed from the base year to the current in the air brake systems market.
The air drum brake segment by type category is identified to advance at a moderate pace, registering a CAGR of 4.4% through 2033. This segment is currently accountable for 67.5% of 2023.
The compressors by component type segment are expected to advance at a CAGR of 5.5% during 2023-2033.
The U.S. air brake systems market is accountable for 18.5% of market shares in the current year.
“With surging demand for speed in vehicles, lucrative growth avenues are getting unraveled for the air brake system manufacturers across the globe.” – Says an FMI Analyst.
For more information:
https://www.futuremarketinsights.com/reports/air-brake-systems-market
Competitive Landscape in the Air Brake System Market
The air brake systems market is fragmented, and the key players are deploying organic and inorganic growth strategies to compete in the market. The biggies are heavily investing in research and development activities to create advanced air brake systems for efficiently stopping vehicles and strengthening their foothold in the market.
Anand Group, Minda Nabtesco Automotive (P) LTD., WABCO, Airmaster Brake Systems, and Bendix Commercial Vehicle Systems LLC are some of the key players proliferating in the market.
Recent Developments
In February 2022, Knorr-Bremse AG initiated a long-term framework of a contract with Alstom for delivering braking systems, entrance, and climate control solutions for major projects of transportation. The company is estimated to deliver electro-pneumatic braking systems that include PistonSupply eco oil-free compressors, SysControl electronic brake control systems, and the FlexControl flexible brake control unit, sanding systems, and track brakes.
In June 2022, ZF Friedrichshafen AG launched an expanded facility across India. The facility is identified to be the largest hub of software for the ZF Group, which is anticipated to create extensive opportunities for jobs within the state of Hyderabad.
Key Segments in the Air Brake Systems Markey
By Product Type:
Disc Brake
Drum Brake
By Vehicle Type:
Passenger Cars
Light Commercial Vehicle
Heavy Commercial Vehicle
By End Use Industry:
Aerospace
Automotive
Industrial & Manufacturing
Healthcare
Consumer Electronics
Others
By Component:
Compressor
Governor
Tank
Air Dryer
Foot Valve
Brake Chamber
Slack Adjuster
Others
By Technology:
Anti-lock Braking System (ABS)
Traction Control System (TCS)
Electronic Stability Program or Electronic Stability Control (ESC)
Electronic Brake Force Distribution (EBD)
By Application:
On-Road
Off-road Vehicle)
Rolling Stock and Locomotive Electro-Pneumatic(EP)
Electronically Controlled Pneumatic (ECP)