Market Synopsis
Market Research Future (MRFR) study on the global automotive air brake system market growth 2020 reveals factors and aftermath of COVID impact on the market for the study period (2022 to 2030). As per MRFR analysis, the air brake system market can rise at about 4.3% CAGR across the review period. The coronavirus pandemic is responsible for changes in the air brake system market size in different regions.
The global Air brake system market can witness a significant expansion across the review period. The growing production of vehicles can prompt the expansion of the world air brake system market in the years to come. The high demand for commercial vehicles due to growing industrialization and rise of service sectors can significantly drive the air brake system market across the review period.
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The chief factors that can cause the expansion of the air brake system market are rise in applications of air brake system and replacement of hydraulic braking with it. The rise in sales and production of commercial automobile across the world, plus increase in demand for off-highway vehicles can spur the expansion of the market. The increase in air brake system in construction, defense, mining, and related sectors can support the expansion of the world market. The rise in long distance transportation and the need for low maintenance cost of these systems can boost the expansion of the air brake system market. The rise in concerns about safety features of commercial vehicles can impel the rise of the air brake system market.
Market Segment
The segment study of the global air brake system market is based on vehicle type, application, component, and brake type. The component based, air brake system market are Foot valve, Compressor, Brake Chambers, Reservoirs, and Others. Increase in reservoir utility can support the expansion of the air brake system market. These other includes rotors, air dryer, slack adjuster, and pads. The break type based, air brake system of the market are air drum and air disc. The vehicle type based segments of the air brake system market are commercial vehicles and passenger cars. The application-based segments of the air brake system market are off-road vehicle and On-road.
Regional Study
Air brake system market in North America is likely to flourish in the near future, revealed study by MRFR. The market in North America is expected to head the growth curve of the global market throughout the forecast period. It is due to increase in the production of commercial vehicles across the US, followed by the rest of North America. The rise in automobile production and sales are boosting the demand for air brake systems, which, in turn, is observed to boost the expansion of the regional market. In Asia Pacific region, the air brake system market is expected to experience rapid expansion across the review period. The increase in purchase potential of individuals across countries such as, India and other regions of APAC, plus expansion of population base can impel the expansion of the air brake system in the region. Fast-paced urbanization and growing focus on security of driver, along with rise in vehicle safety concerns can cause the air brake system market in APAC to boom in the near future.
Key Players
MRFR identified some well-known air brake system developers across the globe. They are WABCO (USA), Sorl Auto Parts (China), Knorr-Bremse (Germany), Meritor (USA), ZF (Germany), Haldex (Sweden), Wabtec Corporation (USA), Federal-Mogul Corporation (USA), Nabtesco (Japan), and TSE Brakes (USA).
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