Global Air Brake System Market Overview And Statistic For 2024-2033

The Business Research Company's Air Brake System Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, August 28, 2024 /EINPresswire.com/ -- The global air brake system market is projected to grow from $5.08 billion in 2023 to $5.38 billion in 2024, at a compound annual growth rate (CAGR) of 5.8%. It will grow to $6.82 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The market's historical growth can be attributed to factors such as railway expansion, the need for reliable braking systems, the rise of the automobile industry, ongoing advancements in air brake technology, increasing urbanization, and the growth of public transportation systems.

Growing Demand for Commercial Vehicles Drives Market Expansion
The surging demand for commercial vehicles is a significant driver of growth in the air brake system market. Commercial vehicles, which are essential for transporting goods and passengers for hire, require efficient and reliable braking solutions. Infrastructure development and the expansion of logistics and transportation industries are pushing the need for advanced air brake systems that ensure safety and efficiency. For example, in 2023, global production of light commercial vehicles increased from 19.71 million units in 2022 to 21.44 million units, reflecting the growing demand for commercial transport solutions.

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Key Players and Market Trends
Leading companies in the air brake system market include ZF Friedrichshafen AG, Eaton Corporation, Wabtec Corporation, and Knorr-Bremse AG. These companies are innovating with technologies like electronic trailer braking systems to enhance safety, performance, and efficiency. For instance, Knorr-Bremse AG introduced the iTEBS X electronic trailer braking system in December 2023. This system integrates electronic control with pneumatic brakes, offering a compact, modular design that improves braking control and safety for commercial vehicles.

Emerging Trends in the Market
Key trends shaping the market include the integration of air brake systems with advanced driver assistance systems (ADAS), the development of electric air brake systems, and the adoption of automated manufacturing processes. Additionally, there is a growing focus on modular air brake systems and geographical expansion as manufacturers aim to capture new markets.

Market Segmentation
• Type: Air Disc Brake, Air Drum Brake
• Component: Compressor, Governor, Tank, Air Dryer, Foot Valve, Brake Chamber, Slack Adjuster, Other Components
• Vehicle: Rigid Body Trucks, Heavy Duty Trucks, Semi-Trailer Tractor, Bus
• Application: On-Road, Off-Road Vehicle, Rolling Stock, Locomotive Electro-Pneumatic (EP), Electronically Controlled Pneumatic (ECP), Other Applications
Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific was the largest region in the air brake system market in 2023 and is expected to be the fastest-growing region moving forward. The region's rapid industrialization and urbanization are contributing to the high demand for air brake systems in commercial and public transportation.

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Air Brake System Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Air Brake System Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on air brake system market size, air brake system market drivers and trends, air brake system market major players, competitors' revenues, market positioning, and market growth across geographies. The air brake system market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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