Air Brake System Market Growth Focusing on Trends & Innovations During the Period Until 2026 : Allied Market Research

According to the report published by Allied Market Research, the global air brake system market garnered $4.81 billion in 2018, and is estimated to reach $6.59 billion by 2026, growing at a CAGR of 4.4% from 2019 to 2026. The report provides an extensive analysis of changing market trends, top investment pockets, major segments, business performance, and competitive landscape.

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North America held the highest air brake system market share in 2018, contributing to more than two-fifths of the total market share, and is estimated to maintain its leadership status throughout the forecast period.

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Rise in production of commercial vehicles & off-highway trucks along with increase in number of high-speed trains & railways fuel the growth of the global air brake system market. However, more expensive nature of air brakes in comparison to hydraulic brakes and increase in focus on electric buses & trucks restrain the market growth. On the other hand, stringent regulations regarding load carrying capacity and other policies on air brakes installation present new opportunities in the industry.

Based on type, the air drum brake segment accounted for more than four-fifths of the total market share in 2018, and is expected to contribute its lead position throughout the forecast period. This is attributed to surge in usage of safety components and rise in production of vehicles across the globe. Moreover, the air disc brake segment is estimated to register the highest CAGR of 5.4% from 2019 to 2026.

Based on vehicle type, the rolling stock segment held the largest market share in the global air brake system market, contributing to more than two-fifths of the total share in 2018, and will continue to dominate in terms of revenue during the forecast period. This is due to advent of automation in railways worldwide. However, the truck segment is estimated to register the fastest CAGR of 5.3% during the forecast period, owing to rise in manufacturing and sales of the vehicle across the world.

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On the basis of region, North America held the highest market share in 2018, contributing to more than two-fifths of the total market share, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to adoption of advanced technologies along with continuous development in air brake systems. On the other hand, Asia-Pacific would witness the highest CAGR of 5.4% from 2019 to 2026.

Leading market players analyzed in the air brake system market research include Blackberry Limited, Broadcom Inc., Citrix Systems, Inc., Microsoft Corporation, IBM Corporation, Samsung Electronics, Oracle Corporation, Toshiba Corporation, Cellrox Ltd., and VMware, Inc.

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