As per the reports published by FMI, the global air brake system market growth is estimated at US$ 2,108.8 Million in year 2023. The market value of the air brake system is anticipated to surpass a valuation of US$ 3 Billion by 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.
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FMI has analyzed that there is a high demand for air-pressing piston applications, which is leading to rising in market share for air brake systems. Stringent regulations have been imposed by the government of developing economies to stop the vehicles that are serving as a major cause to boost the adoption of air brake systems across the globe.
It is identified that the production of high-speed trains and developments made in the railway sector is a key demand driver for air brake systems in the current year. However, after an in-depth analysis of the market, it is witnessed that the high capital expenditure involved in the application of air brakes is still a burden on the industry. Furthermore, increased attention paid to electric vehicles is likely to impede the growth of the market during the projection period.
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.
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Key Segments in the Air Brake Systems Markey
By Product Type:
- Disc Brake
- Drum Brake
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By End Use Industry:
- Aerospace
- Automotive
- Industrial & Manufacturing
- Healthcare
- Consumer Electronics
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
By Component:
- Compressor
- Governor
- Tank
- Air Dryer
- Foot Valve
- Brake Chamber
- Slack Adjuster
- Others
By Technology:
- Anti-lock Braking System (ABS)
- Traction Control System (TCS)
- Electronic Stability Program or Electronic Stability Control (ESC)
- Electronic Brake Force Distribution (EBD)
By Application:
- On-Road
- Off-road Vehicle)
- Rolling Stock and Locomotive Electro-Pneumatic(EP)
- Electronically Controlled Pneumatic (ECP)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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