The new report by Expert Market Research titled, ‘Global Automotive Air Brake System Market Report and Forecast 2022-2027’, gives an in-depth analysis of the Global Automotive Air Brake System Market, assessing the market based on its segments like brake type, vehicle type, component, and regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
- Historical Market Size (2020): USD 4.43 Billion
- Forecast CAGR (2022-2027): 3.10%
- Forecast Market Size (2027): USD 5.32 Billion
Market Overview (2017-2027)
Factors such as rising demand for heavy-duty trucks, a growing desire for air brake systems in medium-duty vehicles, and tight legislation governing heavy-duty vehicle safety measures are driving the global automotive air brake system sector. Because of the proven effectiveness and performance of air brake systems in heavy-duty trucks, they are seeing greater use in medium-duty vehicles. The current hydraulic brake systems are unable to generate enough energy to stop fully charged medium-duty cars, which may pose safety issues, fueling the growing need for automobile air brake systems.
Industry Definition and Major Segments
Pneumatic stress is used by the automotive air braking system to stop a vehicle like a truck or a bus.
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On the basis of brake type, the market is segmented into:
- Air Drum Brake
- Air Disc Brake
On the basis of vehicle type, the market is divided into:
On the basis of component, the market is classified as:
- Storage Tank
- Air Dryer
- Foot Valve
- Brake Chamber
- Slake Adjuster
On the basis of region, the market is segmented into:
- North America
- Latin America
- Middle East and Africa
Heavy-duty vehicle sales are increasing in countries such as China, Japan, North American countries, and Western European countries. This is attributable to increased manufacturing activity and road infrastructure improvements. Automotive OEMs have been consistently working on improving vehicle efficiency, which has resulted in an increase in vehicle weight reduction techniques. This involves the displacement of heavy hydraulic systems in cars. Air brake systems are standard on heavy-duty vehicles such as trucks and buses. As a result, increased sales of heavy-duty vehicles are likely to drive demand for automotive air-brake systems during the forecast period.
Key Market Players
The major players in the market are Knorr-Bremse AG, Meritor Inc, Haldex, SORL Auto Parts Inc, Wabco, Federal-Mogul Motorparts LLC, Nabtesco Automotive Corporation, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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