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 Million 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.
FMI has analyzed that there is a high demand for air-pressing piston applications, which is leading to rising in market share for air brake systems. Stringent regulations have been imposed by the government of developing economies to stop the vehicles that are serving as a major cause to boost the adoption of air brake systems across the globe.
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It is identified that the production of high-speed trains and developments made in the railway sector is a key demand driver for air brake systems in the current year. However, after an in-depth analysis of the market, it is witnessed that the high capital expenditure involved in the application of air brakes is still a burden on the industry. Furthermore, increased attention paid to electric vehicles is likely to impede the growth of the market during the projection period.
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.
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.
For more information: https://www.futuremarketinsights.com/reports/air-brake-systems-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.