Press release
Air Brake System Market – Growth Opportunities Created By Covid19 Outbreak $6.6 billion by 2026 with CAGR of 4.4%
Air Brake System Market
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Drivers, restraints, and opportunities
Surge in sales & production of commercial vehicles & off-highway trucks and surge in number of railways & high-speed trains drive the growth of the global air brake system market. However, higher cost of air brakes as compared to hydraulic brakes and rise in focus on electric trucks & buses hinder the market growth. On the other hand, regulations related to load carrying capacity and mandates on air brakes installation create new opportunities in the market.
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The air drum brake segment to maintain its leadership status during the forecast period
Based on type, the air drum brake segment held more than four-fifths of the total share of the global air brake system market in 2018, and is estimated to maintain its leadership status during the forecast period. This is due to wide usage of safety components and increased production & sales of vehicles across the globe. Moreover, the air disc brake segment is expected to grow at the fastest CAGR of 5.4% from 2019 to 2026, owing to the trend of automation and technological advancements.
The rolling stock segment maintain its dominant position by 2026
Based on vehicle type, the rolling stock segment contributed the highest market share in the global air brake system market, accounting for more than two-fifths of the market share in 2018, and is expected to maintain its dominant position during the forecast period. This is attributed to the introduction of automation in railways across the globe. However, the truck segment is expected to grow at the highest CAGR of 5.3% from 2019 to 2026. This is due to increased production and sales of the vehicle across the globe.
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North America to maintain its highest contribution in terms of revenue by 2026
Based on region, North America contributed to the largest market share, accounting for more than two-fifths of the global air brake system market in 2018, and is expected to maintain its highest contribution in terms of revenue during the forecast period. This is due to adoption of advanced technology along with the constant development in air brake systems. However, Asia-Pacific is expected to maintain the fastest CAGR of 5.4% from 2019 to 2026, owing to wide applications of air brakes in vehicles with increased transportation having an efficient safety and security system.
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Leading market players
Knorr-Bremse
Wabco
Meritor
Haldex
ZF Friedrichshafen AG
Wabtec
Nabtesco
TSE Brakes
Federal-Mogul Sorl Auto Parts
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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