As per this study the Global Air Brake System Market was valued USD XX MN (by revenue) in 2021 and is anticipated to reach USD XX MN by 2027 with a CAGR of XX%.
Air brake system can be referred as the braking system that is used to stop the heavy vehicles such as trucks, buses, and trailers. It works when the brake pedal is pressed by the driver, which leads to reduction of the air pressure in the reservoir. This pushes the brake pad against the brake drum and thus vehicle slows down.
The market is growing at a significant pace on account of rise in sales of heavy and off road vehicles. Booming logistics sector and growing demand of heavy vehicles across mining, agriculture and construction sector is also boosting the market growth. Ongoing developments by the major players along with stringent safety standard are further contributing the growth of this market. However, increasing demand for electric buses and relatively higher cost of the product over hydraulic brakes is likely to hinder the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of air brake system.
The broad air brake system market has been sub-grouped into type, component and vehicle type. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Vehicle Type
- Air Dryer
- Brake Chamber
- Rigid Body
- Heavy Duty
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for air brake system in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Air Brake System Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the air brake system market include Federal-Mogul Corporation, Haldex, Knorr-Bremse, Meritor, Sorl Auto Parts, TSE Brakes, WABCO and 0Wabtec Corporation among others. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.