Air Brake System Market was valued at US$ 4.1Bn in 2017 and is expected to reach US$ 6Bn by 2026, at a CAGR of 4.87% during a forecast period.
Increase in heavy commercial vehicle production in Asia pacific and Europe market. Owing to the increasing technological advancements, increasing concerns over safety, and stringent government mandates to improve commercial vehicle safety, the demand for air brake systems is estimated to increase in the coming years. Vehicles now are able to access upon the external information and content are factors to impact more on the growth of Air Brake System market.
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Based on the Vehicle, Heavy-Duty vehicle is expected to hold the largest share in the market during the forecast period. Rising potential demand for trucks in every country. Automation and connectivity are driving the heavy duty vehicle industry. Owing to the increasing manufacturing across the globe. High availability of raw materials and low-cost labors will promote heavy-duty trucks industry across the region. Inclining international and local trading activities world-wide will fuel the heavy duty trucks industry growth over the projected timeframe. Around 2017, it appears to have stabilized the heavy truck market, and there is reason to expect further growth averaging 5.0 percent or more annually between forecasted period. In Type, Disc is also expected to lead the market growth.
The report provides details list of drivers and restraints of the market, which are influencing the market growth.
Major driving factors of the Air Brake System market are increasing the quantity of vehicles has expanded essentially over the globe because of modernization and enhanced spending energy of individuals. This has prompted an expansion in the automotive emanation levels too. Increasing demand from passenger and commercial vehicle. Increasing R&D activities by major players for development of cost effective product is expected to create new opportunities. Intelligent transport systems giving alert to drivers in traffic conditions, tolls and optimum routes, as well as driver assistance systems to control speed, stability and even air brake system requirement are factorâ€™s to boost the demand for Air Brake System market. The high cost and increasing stopping distance of air brakes over hydraulics brakes will act as a restraint to the market.
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In terms of region, Asia pacific is expected to hold the largest share in the market during the forecast period. The global economy is continuing its gradual recovery from the financial crisis, with the latest data pointing to a broad-based pickup. However, longer term Asia is seen maintaining its position as the fastest-growing region, with China and India leading the charge. Environmental concerns, safety features, and Internet connection are increasing rapidly in this region. Population with enormous projected growth has important implications in terms of economic development. Needs and preferences of truck owners and operators and evolving business environment. China, India and Japan are leading market player in Asia pacific.
The report includes a detailed study of Porterâ€™s Five Forces model to analyze the different factors affecting the growth of the market. Moreover, the study also covers a market attractiveness analysis, brand portfolio expansion, mergers, collaborations, joint ventures, acquisitions, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
Scope of the Report for Air Brake System Market
Global Air Brake System Market, by Vehicle
Global Air Brake System Market, by Type
Global Air Brake System Market, by Technology
ABS â€“ (Anti-lock Braking System)
TCS â€“ (Traction Control System)
ESC â€“ (Electronic Stability Program or Electronic Stability Control)
EBD â€“ (Electronic Brake force distribution)
Global Air Brake System Market, by Rolling Stock & Locomotive
EP – (Electro-Pneumatic)
ECP – (Electronically controlled pneumatic)
Global Air Brake System Market, by Region
Middle East & Africa
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Key Players Operating in Air Brake System Market
SORL Auto Parts, Inc.
ZF TRW Automotive Holdings Corporation
Aisin Seiki Co. Ltd.
Akebono Brake Industry Co. Ltd.
Nissin Kogyo Co. Ltd.
Federal-Mogul Holdings Corporation3
YUMAK Air Brake Systems
Airmaster Brake Systems
Brakes India Limited