18 March 2021
Visiongain has published a new report on Air Brake System Market Report to 2031: Forecasts by Vehicle Type (Disc & Drum), by Component (Compressor, Governor, Tank, Air Dryer, Foot Valve, Brake Chamber & Slackl Adjuster), by Rolling stock, Vehicle Type (Bus, Ssemi-Trailers, Heavy Duty and Rigid Body) by Region. PLUS Profiles of Leading Air Brake System Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Air Brake System was valued at US$ xx billion in 2019 and is projected to reach at a market value of US$ xx billion by 2031. The major factor that driven the growth of the market is due to increasing demand of heavy Commercial vehicle, rising long-haul transportation, increasing number of railways and upcoming safety related regulatory leading to enhance in developed as well as developing countries are projected to drive the air brake industry.
COVID-19 Impact on Air Brake System
As Covid-19 outbreak brought changes in entire globe and directly affected many industry. The three main functions got affected are demand and production, impacts on firms and businesses, and creating supply chain and market disruption. In the very same way it affected the Air brake system market by deploying and affecting the demand, production and supply of the market segment.
Modernization and enhanced energy of individuals became the major driving force of Air brake system market resulting in increasing the number of vehicles expanding globally. New technologies and cost effective products of Air brake system creates new opportunities for the market segment. Intelligent transport systems signals to driver for toll and optimum routes, traffic conditions and and other driver assistance system for stability and speed and other technologies to boost the demand of Air Brake System.
Developing countries such as China and India are expected to drive the Asia Oceania market due to higher duty vehicle production and rising industrialization and urbanization. Regions such as Europe and North America and upcoming mandates in developing countries such as Brazil and India would propel the air disc brake market pertaining to stop the commercial vehicle due to stringent regulatory norms in those particular regions.
The key player in Air brake market system such as Wabco, Meritor, ZF Friedrichshafen, Knorr-Bremse, Wabtec etc have adopted various growth strategies to stand out globally. The major strategies are expansion and new product development. Knorr-Bremse adopted a strategy where they are looking for acquisition, Partnership and new product development to retain in the Air brake system market. Knorr-Bremse introduced this new disc brakes namely SYNACT and NEXT for future generation heavy duty vehicle in 2021.
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