Impact of Covid-19 Outbreak on Air Brake System Market

12/ago/2020 13:33:03 Automotive Market Research Reports Contatta l'autore

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Between 2018 and 2023 (forecast period), the global air brake system market 2020 can possibly advance at a rate of 4.3%, as per the exhaustive research by Market Research Future (MRFR).

Growth Inducers and Main Restraints

The air brake system market has gained substantial momentum in conjunction with the rising concerns about vehicle and driver safety among end-users. These concerns have prompted the manufacturers to develop innovative and advanced air braking systems. The manufacturers are increasingly developing air brakes with more features including brake failure warning system, to gain the interest of more consumers around the world. These manufacturers are also collaborating with automotive part suppliers and distributors in the aftermarket industry in an attempt to up their sales. More and more renowned vendors are increasing their investments in research and development (R&D) to design innovative systems and also elevate their position in the fiercely competitive market. The introduction of software updates in air brake systems to enhance the performance of these systems is also likely to emerge as a saleable trend in the market during the analysis period.

With the rapid surge in the vehicle production, the advanced braking systems are expected to witness a hike in demand in the following years. The market also notes the increasing launch of advanced air brake technologies as well as electronic systems like ESC and ABS, which can promote the market growth over the ensuing years.

The regenerative braking concept is set to gain massive traction in the automotive industry. More and more manufacturers are now busy formulating novel technologies that can integrate the regenerative braking technology with air brakes. This factor is deemed to have a positive influence over the global air brake system market during the given timeline.

Market Segmentation

The air brake system market has been covered extensively in the report with respect to component, brake type, vehicle type and application.

The components discussed in the report are Reservoirs, Compressor, Brake Chambers, Foot valve, and others such as rotors and pads, slack adjuster and air dryer.

The break types are air disc as well as air drum.

The vehicle types in the market include passenger cars as well as commercial vehicles.

The various applications of air brake systems are off-road vehicles and on-road vehicles.

 

Regional Study

The regional study of the air brake system market includes Europe, North America, Asia Pacific (APAC), and the Rest of the World (RoW).

With the rapid growth in the production of commercial vehicles in the United States (US), Mexico and Canada, North America can soon reach the top position in the global market. In the region, there are various strict government rules to bring down the stopping distance and the brake shoe residue. This has compelled the leading air brake manufacturers to come up with advanced brake systems that are compact and can enhance the performance characteristics that adhere to the government rules. The rising demand for automotive safety along with the increasing steps being taken to improve can foster the growth of the regional market in the approaching period.

APAC is all set to achieve the fastest CARG over the upcoming years, on account of the rising disposable income of people in India and China. These countries are also observing a rapid surge in population, focus towards driver safety as well as urbanization, which elevates the market demand. The high production of commercial vehicles, continuous technological innovations and the mounting awareness among renowned manufacturers about the ill effects of carbon footprints also pushes the business growth in the region. The European market profits from the widespread establishment of well-known manufacturers like ZF, Haldex and Knorr-Bremse, and more.

Leading Companies

The air brake system market comprises numerous leading competitors like WABCO (USA), TSE Brakes (USA), Meritor (USA), Haldex (Sweden), Wabtec Corporation (USA), Nabtesco (Japan), Knorr-Bremse (Germany), Sorl Auto Parts (China), Federal-Mogul Corporation (USA), ZF (Germany), to name a few.

 

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