November 21, 2023 06:13 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India., Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global air brake system market size was valued at USD 5.90 billion in 2022. The industry is expected to expand from USD 6.03 billion in 2023 to USD 7.66 billion by 2030, exhibiting a CAGR of 3.5% over the study period. Reusable Hydraulic Hose Fittings
Commercial vehicles such as railways, trucks, and bases generally deploy air brakes. The market expansion can be ascribed to the growing focus of market players on the development of electronic brake systems to increase vehicle safety. Moreover, technologies are being developed by companies for the reduction of air braking system’s weight without compromising safety and performance.
Technological Development for Future and Modern Vehicles to Proliferate the Market Growth
One of the major factors impelling the air brake system market growth is advancements in technologies for modern and future vehicles. Companies are developing braking systems that synchronize with electric buses and trucks due to the rising trend of hybridization and electrification of vehicles. Despite such growth opportunities, the steep replacement cost of air brake components may impede the market growth.
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Leading Players Focus on Securing Contracts to Strengthen their Market Position
The prominent air brake system market players are implementing various strategic initiatives to gain a competitive edge. Some of these strategies include mergers and acquisitions, product innovations, partnerships, joint ventures, and others. Several companies are also focusing on securing contracts to maximize their revenue while enhancing their industry position.
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Extensive Usage of the Product in Rolling Stock to Propel Railways Segment Growth
By application, the market is bifurcated into railways and automotive. The railways segment accounts for the major market share. The product is widely deployed in rolling stock, including freight and passenger rail cars and locomotives. This factor is fostering the railways segment growth.
Growing Usage of Air Drum Brakes in Commercial Vehicles to Impel Segment Growth
With respect to type, the market is classified into air drum brake and air disk brake. The air drum brake segment held the largest air brake system market share in 2022. Owing to their low cost as compared to air disk counterparts, air drum brakes find huge applications in commercial vehicles. This factor is propelling the air drum brake segment growth.
Technological Innovations by Key Players to Fuel the Brake Linings & Drums/Rotors Segment Growth
By component, the market is classified into reservoir, compressor, brake chambers & slack adjusters, foot valve, and brake linings & drums/rotors. The brake linings & drums/rotors segment captured the largest share in the market in 2022. Technological innovations by leading companies are driving the brake linings & drums/rotors segment growth.
Rising Deployment of Metros to Boost the OEM Segment Growth
By distribution channel, the market is bifurcated into aftermarket and OEM. The OEM segment held the largest share in 2022, owing to the growing uptake of metros and high-speed trains.
Regionally, the market has been studied across North America, Europe, the Asia Pacific, and the rest of the world.
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Asia Pacific Dominated due to the Strong Presence of Major Companies
The Asia Pacific air brake system market captured the largest share in 2022. The regional growth can be attributed to the robust presence of key automotive players.
Europe market for air brake system accounted for a considerable share in 2022, owing to the leading automotive players such aws Volvo, Daimler AG, and others.
The report encompasses an in-depth analysis of the latest trends, driving and restraining factors impacting the market growth. In addition, it highlights the key industry developments and major competitive strategies deployed by leading market players.
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A list of prominent Air Brake System manufacturers operating in the global market:
Disruptions in Production Hindered the Market Growth
The reduction in the demand for rail vehicle operations and commercial vehicles such as buses and trucks that use air brakes due to lockdowns and global travel restrictions in the early stages of the pandemic impeded the market growth. Eventually, this factor impacted the production and sales of air brake components. Thus, the COVID-19 pandemic influenced the market negatively.
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