Product ID: SQMIG25A2163
Global Air Brake System Market Size, Share, Growth Analysis, By Type(Air disc brake and Air drum brake), By Component(Compressor, Governor) - Industry Forecast 2024-2031
Report ID:
SQMIG25A2163 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
64 |
Figures:
75
Global Air Brake System Market Insights
Air Brake System Market size was valued at USD 4.83 Billion in 2021 and is poised to grow from USD 5 Billion in 2022 to USD 6.59 Billion by 2030, at a CAGR of 3.51% during the forecast period (2023-2030).
The global air brake system market has been experiencing steady growth, primarily driven by the rising demand for commercial vehicles and the increasing focus on road safety. The market's expansion can be attributed to several key drivers. Firstly, the growth in the transportation and logistics industry, particularly the increasing demand for commercial vehicles, has driven the adoption of air brake systems. As global trade and e-commerce continue to grow, the need for efficient and safe transportation of goods has become paramount, leading to higher demand for commercial trucks and buses equipped with air brake systems. Secondly, governments and regulatory bodies around the world are imposing stringent safety standards for commercial vehicles.
Air brake systems, known for their reliable and responsive braking performance, meet these safety requirements and are considered a crucial component in ensuring road safety. As a result, fleet operators and vehicle manufacturers are opting for air brake systems to comply with safety regulations. Moreover, technological advancements in air brake systems have led to the development of more sophisticated and efficient components. The integration of electronic controls, such as antilock braking systems (ABS) and electronic stability control (ESC), has further enhanced the safety and performance of air brake systems, making them even more appealing to end-users. However, the global air brake system market also faces some challenges. One significant challenge is the high initial cost of installing air brake systems in commercial vehicles. The cost of purchasing and maintaining these systems can be a deterrent for small and medium-sized fleet operators, especially in emerging economies with limited financial resources. Furthermore, the market faces competition from alternative braking technologies, such as hydraulic and electric brakes, which are gaining traction due to their cost-effectiveness and potential for energy recovery. The emergence of electric commercial vehicles and the increasing focus on sustainable transportation solutions could impact the demand for air brake systems in the long term.
US Air Brake System Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Air Brake System Market Report Snapshots
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