Air Brake Market is Expected to Progress at a CAGR of 2.7% to Reach US$ 8.99 Billion by 2034

The global air brake market is worth US$ 6.25 billion as of 2024 and is expected to grow at a 2.7% CAGR to reach US$ 8.99 billion by 2034.

One component of automobiles that generates friction is the air brake system, otherwise known as a compressed air brake. Compressed air causes the piston in this system to press against the brake pad and brake shoe in order to help bring the car to a halt.

Commercial trucks, buses, and railroads generally use air brakes. System operating pressure varies from 100 to 120 psi (690 to 830 kPa or 6.9 to 8.3 bar).

For More Insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=889

The air brake market is predicted to grow at a moderate rate over the forecast period, as per the recent study by Fact.MR. The increasing use of braking solutions in medium and heavy duty vehicles is one of the key drivers that is likely to propel overall growth and achieve a net valuation of approximately US$ 9 billion by 2034. Air brakes are picking up steam with increasing vehicle safety concerns among end users lashing air brake manufacturers to provide innovative features in braking systems.

Manifold features in air braking systems are being added by manufacturers, i.e., brake failure warning systems, to interest more consumers in the world. Major key players are investing substantially in research & development to boost innovations and maintain a strong grip in the very competitive market.

What is Driving Demand for Air Brake?

The need for safety features, including air brakes and other braking systems, is growing with the growing number of global road accidents. ASIRT (Association of Safe International Road Travel) states that almost 1.3 million individuals lose their lives every year in road accidents worldwide, with a daily average of 3.2 fatalities. While traffic accidents are the primary cause of death and contribute to 2.2% of total deaths globally.

Individuals are more concerned about these conditions and the need for safety features to be incorporated into their cars. The existing advancements in automotive safety innovations and technology in aerodynamic design have helped in tapping more engine power efficiently and assisted end-users in attaining more speeds.

Increasing Transportations Boosting Air Brake Sales

Increased prices of cars have further boosted the inclination towards on-demand services that help users register their bookings at minimal costs via websites or mobile apps. Booming use of car rental and sharing services by transport is also expected to enhance the overall growth during the forecast period.

While, regulatory bodies across the globe have started to make their city public transport more tolerable and fuel-efficient through the deployment of e-buses. The growth in transportation is caused by robust economic activities and favorable monetary positions in most developed and developing economies, like China and India, during the projection period.

Browse Full Report: https://www.factmr.com/report/889/air-brake-market

Regional Outlook

Asia Pacific region is growing at a significant rate, followed by Europe and North America. Air brakes are largely implemented in heavy commercial vehicles. The region specializes in producing affordable and small commercial vehicles and has some of the visibly fast-growing economies of the world, such as China and India.

Increased end-user requirements for reduced time-consuming and more efficiency-oriented braking activities are continuously boosting demand for air brakes. The automobile & railways is one of the biggest and most prominent industries using such products.

North America is also expected to see a gradual increase, thanks to the growth in subsequent demand for industrial robotics and automation processes being adopted, which is largely contributing to the fast production of goods with few errors.

Key Manufacturers

Knorr-Bremse AG
Minda Nabtesco Automotive Pvt. Ltd.
Haldex Europe SAS
Wabco
Bendix
SORL Auto Parts
Meritor
Brakes India Limited
Airmaster Brake
Yumak Air Brake
TSE Brakes

Segmentation of the Air Brake Market Research

By Vehicle Type :
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
By Distribution Channel :
Original Equipment Manufacturer
Aftermarkets
By Product Type :
Disc Brake
Drum Brake
By Region :
North America
Western Europe
Eastern Europe
Latin America
East Asia
South Asia & Pacific
Middle East & Africa

Check out More Related Studies Published by Fact.MR:

Vehicle Roadside Assistance Market
https://www.factmr.com/report/5348/vehicle-roadside-assistance-market

Quadcopter Market
https://www.factmr.com/report/quadcopter-market

Thermal Drone Market
https://www.factmr.com/report/thermal-drone-market

Automotive Steering System Market
https://www.factmr.com/report/43/automotive-steering-system-market

Contact:

US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com

About Fact.MR

We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.

This release was published on openPR.