MarketsandMarkets has released a new market research report on the global air brake marketplace.
In the new report, MarketsandMarkets estimates the air brake system market at $4.5 billion in 2018 with a projection of $5.6 billion by 2025 and a compound annual growth rate (CAGR) of 3.31 percent during the forecast period. The company says the market will be driven primarily because of the increase in heavy commercial vehicle production. Owing to the increasing technological advancements, increasing concerns over safety, and stringent government mandates to improve commercial vehicle safety, the demand for air brake systems is estimated to increase in the coming years. Additionally, MarketsandMarkets says air brakes are safer than hydraulic brakes owing to multiple fail-safe measures, hence improving the preference of air brakes over hydraulic brakes.
Regarding the heavy-duty marketplace, the report states heavy-duty trucks include commercial vehicles weighing approximately 15 to 30 ton. According to OICA and MarketsandMarkets analysis, the production of heavy-duty trucks accounted for the maximum of the total truck production for all the regions including North America, Asia Pacific, the RoW, and Europe in 2018 and is expected to dominate during the forecast period. Due to the high load carrying capacity, nearly all heavy trucks are equipped with air brake systems.
However, the difference between the air brake system for rigid trucks and heavy-duty trucks is the capacity and the number of components. Heavy-duty trucks are the most preferred type of trucks used by fleet operators owing to its high weight bearing capacity and engine power. Additionally, the growth in developing economies of Asia and the rest of the world would generate demand for heavy-duty trucks in the future. Owing to the aformentioned factors, the heavy-duty truck segment is estimated to be the largest Air Brake System Market, by vehicle type, the company says.
For more information, and to request a sample of the new report, please CLICK HERE.
