Air Brake System Market Research Report

Air Brake System Market Research Report – Global Forecast till 2023

The report published by Market Research Future (MRFR) projects that the global

is marked to expand at a noteworthy growth rate during the forecast period of 2018-2023 and reach a significant market valuation by the end of the review period. Air brake system or compressed air brake system is a friction brake for automobiles. Extensive utilization of air brake system in traditional railway services in emerging economies of the developing regions such as India, high demand for heavy commercial vehicles, and increased incorporation of high-power brake systems for optimizing the vehicle safety are majorly propelling the growth of the global air brake system market. Rapid industrialization and urbanization are inducing high demand for consumer goods which require transportation from the place of manufacturing to the distribution channel, which in turn is fueling the growth of the global air brake system market during the forecast period.

Global Air Brake System Market: Segmental Analysis

The global air brake system market has been segmented on the basis of component, brake type, vehicle type, and application. Based on component, the global air brake system market has been segmented into compressor, reservoirs, foot valve, brake chambers, and others. The others segment includes air dryer, rotors and pads, and slack adjuster. Based on brake type, the global air brake system market has been segmented into air disc and air drum. Based on vehicle type, the global air brake system market has been segmented into passenger cars and commercial vehicles. Based on application, the global air brake system market has been segmented into On-road and off-road vehicle.

Global Air Brake System Market: Regional Analysis

The global

air brake system

market has been geographically segmented into four regions such as Asia Pacific (APAC), Europe, North America, and the rest of the world. The North America region commands the major share of the global air brake system market owing to increased sales and production of commercial vehicles in the countries such as Canada, and the U.S. in order to fulfill the growing need for mode of transport from various industries that require logistics for product supply, rapid industrialization and high demand for automobiles in this region. The air brake system market in the Asia Pacific region is expanding at the fastest growth rate during the assessment period owing to the high demand for commercial vehicles in industrial areas of the emerging economies such as India and China, increased production of commercial vehicles to fulfill the growing global demand, and high demand for heavy vehicles for logistics in rapidly expanding manufacturing industry in this region. Rapid urbanization, growing industrialization, high demand for commercial vehicles, and increased transportation activities are majorly propelling the growth of the global air brake system market in the Europe region.

Global Air Brake System Market:

Industry Updates

In January 2019, Bendix Spicer Foundation Brake LLC (BSFB) has announced the launch of remanufactured air disc brake calipers for commercial vehicles.

In February 2019, WABCO Holdings Inc., a leading supplier of braking control systems, has announced that it has signed an agreement to manufacture and supply advanced air suspension technology for leading manufacturers of premium passenger cars in Europe.

Global Air Brake System Market:

Key Players

Some of the prime players operating in the global air brake system market are Knorr-Bremse (Germany), WABCO (the U.S.), Meritor (the U.S.), Haldex (Sweden), ZF (Germany), Wabtec Corporation (the U.S.), Nabtesco (Japan), Federal-Mogul Corporation (the U.S.), Sorl Auto Parts (China), and TSE Brakes (the U.S.).