Air Brake System Market | Size, Share Trends, Key Players Analysis of WABCO, Knorr-Bremse, Meritor, Haldex, Wabtec, ZF, Nabtesco | Forecast 2023

Global Air Brake System Market is expected to witness ~4.3% CAGR during the period, 2018 to 2023. The report summarizes market review of the key segments in the market such as by Component, by Brake Type, by Vehicle Type, Application and Region, Forecast 2023.

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).

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Market Overview:
The air brake system is a type of braking system employed in large heavy vehicles especially in those having multiple trailers such as buses, trucks, trailers and semi-trailers for the purpose of safety, efficiency, and reliability. The air brake system is also known as one of the high-pressure braking system uses compressed air to stop the vehicle. The air brake system is used as an alternative to hydraulic braking system which is 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. These types of braking systems are easy to install on chassis and trailers as they are interconnected by pipes. Hence, they are highly used in heavy duty vehicles.

The key driving factors for the growth of this market are increasing applications of air brake system over hydraulic braking, rising sales and production of commercial vehicles across the globe and rising demand for off-highway vehicles. This is courtesy growing construction, mining, defense, and other sectors, increasing long distance transportation, low maintenance cost of this system, and the growing concerns regarding the safety in commercial vehicles.

Air Brake System Market Segmentation:
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 break 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.

Regional Analysis:
Geographically, the global air brake system market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to hold the highest market share throughout the forecast period owing to growing production of commercial vehicles from US, Canada, and Mexico. Moreover, increased production and sales of automobiles is expected to further boost the demand for air brake systems in this region. However, Asia-Pacific region is expected to witness a highest growth during the forecast period due to the growing disposable income from countries such as China, India and other countries, and increasing population, urbanization, and rising focus towards the driver and vehicle safety.

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Scope of Report:
The report for global Air Brake System market of market research future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.

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