The automotive air brake system market at a CAGR of close to 2% during the forecast period
NEW YORK, July 9, 2019 /PRNewswire/ --
Global Automotive Air Brake System Market: About this market
Automotive air brake system that is used in medium- and heavy-duty vehicles use pneumatic pressure for stopping a vehicle. This automotive air brake system market analysis considers the applications of automotive air brake system in trucks and buses. Our analysis also considers the sales of automotive air brake system in North America, Europe, APAC, South America, and MEA. In 2018, the trucks segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the increasing number of medium- and heavy-duty trucks will play a significant role in the trucks segment to maintain their market position. Also, our global automotive air brake system market report looks at factors such as the increasing demand for heavy-duty vehicles, growing preference for air brake systems in medium-duty vehicles, and regulations on safety solutions of heavy-duty vehicles. However, the vehicle recalls due to potential air brake failure, increase in vehicle manufacturing cost leading to reduced profit margin, and growing adoption of electronically controlled braking systems in trucks and buses may hamper the growth of the automotive air brake system industry over the forecast period.
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Global automotive air brake system market: Overview
Increasing preference for air brake systems in medium-duty vehicles
Air brake systems are increasingly being deployed in medium-duty vehicles owing to the proven efficiency and performance of air brake systems in heavy-duty vehicles. The current hydraulic brake systems are incapable of generating enough power to halt fully loaded medium-duty vehicles and can cause safety-related issues. Such factors are increasing the demand for air brake systems in medium-duty vehicles, which will fuel the growth of the automotive air brake system market at a CAGR of close to 2% during the forecast period.
Increasing preference for lightweight brake components
Automotive OEMs have been focusing on improving vehicle efficiency, which has resulted in the growing preference for reducing the weight of vehicle components. Light weighting of components enhances vehicle performance and reduces the manufacturing cost for OEMs. Thus, the growing focus on light-weighting components is resulting in the need for lightweight airbrake systems, which is expected to fuel the growth of the market during the forecast period.
For the detailed list of factors that will drive the global automotive air brake system market during the forecast period 2019-2023, click here.
Competitive Landscape
With the presence of few major players, the global automotive air brake system market is concentrated. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading automotive air brake system manufacturers, that include Akebono Brake Industry Co. Ltd., Knorr-Bremse AG, Meritor Inc., WABCO Holdings Inc., and ZF Friedrichshafen AG.
Also, the automotive air brake system market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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