Market Research Future (MRFR) studies on the Global Air
Brake System Market 2020 reveals factors and aftermath of COVID impact on the
market for the study period (2018 to 2023). As per MRFR analysis, the air brake
system market can rise at about 4.3% CAGR across the review period. The coronavirus
pandemic is responsible for changes in the air brake system market size in
different regions.
The global Air brake system market can
witness a significant expansion across the review period. The growing
production of vehicles can prompt the expansion of the world air brake system
market in the years to come. The high demand for commercial vehicles due to
growing industrialization and rise of service sectors can significantly drive
the air brake system market across the review period.
The chief factors that can cause the expansion of the air
brake system market are rise in applications of air brake system and
replacement of hydraulic braking with it. The rise in sales and production of
commercial automobile across the world, plus increase in demand for off-highway
vehicles can spur the expansion of the market. The increase in air brake system
in construction, defense, mining, and related sectors can support the expansion
of the world market. The rise in long distance transportation and the need for
low maintenance cost of these systems can boost the expansion of the air brake
system market. The rise in concerns about safety features of commercial
vehicles can impel the rise of the air brake system market.
Key Players
MRFR identified some well-known air brake system developers
across the globe. They are WABCO (USA), Sorl Auto Parts (China), Knorr-Bremse
(Germany), Meritor (USA), ZF (Germany), Haldex (Sweden), Wabtec Corporation
(USA), Federal-Mogul Corporation (USA), Nabtesco (Japan), and TSE Brakes (USA).
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Market Segment
The segment study of the global air brake system market is
based on vehicle type, application, component, and brake type. The component
based, air brake system market are Foot valve, Compressor, Brake Chambers,
Reservoirs, and Others. Increase in reservoir utility can support the expansion
of the air brake system market. These other includes rotors, air dryer, slack
adjuster, and pads. The break type based, air brake system of the market are
air drum and air disc. The vehicle type based segments of the air brake system
market are commercial vehicles and passenger cars. The application-based
segments of the air brake system market are off-road vehicle and On-road.
Regional Study
Air brake system market in North America is likely to flourish
in the near future, revealed study by MRFR. The market in North America is
expected to head the growth curve of the global market throughout the forecast
period. It is due to increase in the production of commercial vehicles across
the US, followed by the rest of North America. The rise in automobile
production and sales are boosting the demand for air brake systems, which, in
turn, is observed to boost the expansion of the regional market. In Asia
Pacific region, the air brake system market is expected to experience rapid
expansion across the review period.
Major Highlights of TOC Covers:
- Executive Summary
- Key Business Trends
- Regional Trends and Growth
- Product Trends
- End-use Trends
- Definition and Forecast Parameters
- Air brake system Market Segmentation
- Air brake system Market Landscape
- Vendor Matrix
- Company Profiles
- Business Overview
More…
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requirements, let know and we will customize the report according to your need.
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