As per the reports published by FMI, the global air brake system market demand 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.
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.
There is a tremendous demand from the railway industry for air brake systems. During the projection period, it is anticipated that the market's revenue growth will accelerate even more. Air brakes with graduated release mechanisms and either twin pipes or single pipes are being added to rail freight trucks.
Air brake systems are widely used in the railway sector because they are a dependable and highly effective source of stopping technology for lengthy, heavy trains that travel at high speeds. The brake technology used makes use of compressed air, which has a significant impact on the market's expansion.