Global Automotive Air Brake System Market is expected to witness significant growth during the forecast period
Market Research Future published a Half Cooked Research Report Global Automotive Air Brake System Market that contains the information from 2018 to 2023. The Global Automotive Air Brake System market is expected to progress with the CAGR of ~4.3% from 2018 to 2023.
Taste the market data and market information presented through more than 100 market data tables and figures spread in 88 numbers of pages of the project report. Avail the in-depth table of content & market synopsis on “Global Automotive Air Brake System Market Information from 2018 to 2023″
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Key Players:
The prominent players in the global Air Brake System Market include Knorr-Bremse (Germany), WABCO (USA), Meritor (USA), Haldex (Sweden), ZF (Germany), Wabtec Corporation (USA), Nabtesco (Japan), Federal-Mogul Corporation (USA), Sorl Auto Parts (China), and TSE Brakes (USA).
Market Overview:
The automotive air brake system, also known as one of the high-pressure braking systems, uses compressed air to stop the vehicle. The air brake system is used as an alternative to hydraulic braking systems, which are used in lighter vehicles. The major advantage of this system is that it can be designed with enough fail-safe capacity to stop the vehicle safely even with considerable leakage. The increasing uses of air brake system over hydraulic braking, rising sales and production of commercial vehicles across the globe, rising demand for off-road vehicles due to growing construction, mining, defense, and other sectors are considered as the key drivers for the growth of this market.
Growing automobile production and consumption in the developing countries are set to drive the global automotive air brake system market. Demand for passenger vehicles and growing concern over the driver safety will further boost the growth of this market. Growing industrialization, developing economies from emerging countries and technological advancements such as regenerative braking system create opportunities for new entrants in the global market. Increased investments in new product development will enable strategic mergers and acquisitions of small startup companies in this market, which will further enhance the global market during the forecast period. However, the major restraints for the global automotive air brake system market is high manufacturing cost of air braking system.
The global Automotive Air Brake System Market is estimated to witness ~4.3% CAGR during the period from 2018 to 2023.
The global air brake system market is segmented on the basis of component, brake type, vehicle type, application, and region. On the basis of component, the market has been segmented into Compressor, Reservoirs, Foot valve, Brake Chambers, and Others (include air dryer, rotors and pads, and slack adjuster). On the basis of brak type, the market has been segmented into air disc and air drum. On the basis of vehicle type, the market has been segmented into passenger cars, and commercial vehicles. Based on application, the market has been segmented into on-road and off-road vehicle.
On the basis of component, the brake chamber type component is projected to be dominant throughout the study period. This is attributed due to its growing production of commercial vehicle with brake chambers across the globe.
Market Segmentation:
Segmentation based on brake type, the air drum type brake system is expected to be the largest contributor in the growth of this market during forecast period. This growth is attributed due to the growing uses of drum brake from heavy duty vehicles and the rising penetration of this type of brake system in commercial vehicles due to its low cost than disc brake. In addition, the growing demand for heavy load carrying trucks from developed and developing regions are set to drive the growth of this segment, which in turn drives the growth of air brake system market.
On the basis of vehicle type, the market has been segmented into passenger and commercial vehicles. The commercial vehicle segment is projected to dominate the market throughout the forecast period due to the excess uses of braking system in heavy duty vehicles such as trucks and buses from US, Canada, China, Japan, Germany, and India.
Segmentation based on application, the off-road segment is projected to witness faster growth during the review period. This growth is attributed due to the growing construction, mining, defense, and other sectors.
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global automotive air brake system market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis.
