A historical market valuation of USD 2,025.7 Million has been recorded by the Experts of Future Market Insights for the concerned market during the base year.
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It is identified that the production of high-speed trains and developments made in the railway sector are key demand drivers for air brake systems in the current year. However, after an in-depth analysis of the market, it is witnessed that the high capital expenditure involved in the application of air brakes is still a burden on the industry. Furthermore, increased attention paid to electric vehicles is likely to impede the growth of the market during the projection period.
Key Takeaways from the Air Brake Systems Market Report:
The market valuation of the air brake systems is projected to surpass USD 3,003.5 million by the end of 2033. An approximate surge of USD 83.1 Million has been witnessed from the base year to the current in the air brake systems market. The air drum brake segment by type category is identified to advance at a moderate pace, registering a CAGR of 4.4% through 2033. This segment is currently accountable for 67.5% of 2023. The compressors by component type segment are expected to advance at a CAGR of 5.5% during 2023-2033. The U.S. air brake systems market is accountable for 18.5% of market shares in the current year.
Competitive Landscape:
The air brake systems market is fragmented, and the key players are deploying organic and inorganic growth strategies to compete in the market. The biggies are heavily investing in research and development activities to create advanced air brake systems for efficiently stopping vehicles and strengthening their foothold in the market.
Leading Key Players:
Knorr-Bremse AG, Anand Group, Minda Nabtesco Automotive (P) LTD., WABCO, Airmaster Brake Systems, Bendix Commercial Vehicle Systems LLC, Haldex Europe SAS, Brakes India Limited, SORL Auto Parts, Inc., YUMAK Air Brake Systems, Fricción y Tecnología, S.A. de C.V.
Recent Developments:
In February 2022, Knorr-Bremse AG initiated a long-term framework of a contract with Alstom for delivering braking systems, entrance, and climate control solutions for major projects of transportation. The company is estimated to deliver electro-pneumatic braking systems that include PistonSupply eco oil-free compressors, SysControl electronic brake control systems, and the FlexControl flexible brake control unit, sanding systems, and track brakes.
In June 2022, ZF Friedrichshafen AG launched an expanded facility across India. The facility is identified to be the largest hub of software for the ZF Group, which is anticipated to create extensive opportunities for jobs within the state of Hyderabad.
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