Automotive Air Brake System Market Size to Grow by $ 847.25 mn through 2021-2025
Technavio research projects the automotive air brake system market to grow by $ 847.25 mn, accelerating at a CAGR of almost 6% till 2025. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report
Automotive Air Brake System Market: Key Market Driver
One of the primary factors that will trigger the growth of the automotive air brake system market size is increasing demand for heavy-duty vehicles. This research report provides a comprehensive analysis of all the factors that are likely to propel market growth, taking into account the market trends as well as challenges that are likely to impede growth. The objective of this research report is to equip clients with actionable insights that will help them leverage opportunities and formulate growth strategies for their business.
Automotive Air Brake System Market: Vendor Analysis
The market is concentrated due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Akebono Brake Industry Co. Ltd., Haldex AB, Knorr-Bremse AG, Meritor Inc., Minda Industries Ltd., Nabtesco Corp., SORL Auto Parts, Inc., TBK Co. Ltd., Wabtec Corp., and ZF Friedrichshafen AG are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with a pipeline analysis of vendor operations and the impact of government regulations.
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Technavio has been monitoring the global automotive air brake system market and it is expected to grow by USD 847.25 million, accelerating at a CAGR of almost 6% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. View Free Sample Report
Market Driver: Increase in demand for heavy-duty vehiclesto drive growth
In the automotive industry, air brake systems are highly used in heavy-duty vehicles and few medium-duty vehicles. Therefore, the increase in demand for heavy-duty vehicles will drive the growth of the global automotive air brake system market during the forecast period. The robust growth of heavy-duty vehicles in India and Eastern European countries, owing to the increase in manufacturing activities and improvement in road infrastructure, is expected to positively impact the global automotive air brake system market during the forecast period. There is a growing preference for air brake systems in medium-duty vehicles as a result of improved efficiency and braking performance of air brake systems in heavy-duty vehicles. For instance, medium-duty trucks such as Ashok Leyland A1 Boss 1413, Ashok Leyland Ecomet 1212, Tata 709 series, and Tata 810 series are being equipped with air brake systems.
Leading Product Segment: Trucks segment to dominate the market
The trucks segment will continue to account for a significant share of the overall medium and heavy-duty vehicles market over the forecast period. The rise in the number of medium- and heavy-duty trucks is one of the major drivers for the global automotive air brake system market. Moreover, advancements in the braking systems used in heavy-duty trucks constitute another prime contributor to the growth in the adoption of air brake systems in the trucks segment. The advancements in automotive air brake systems are focused on enhancing the braking efficiency by reducing the weight or by replacing air brake systems with technologically advanced substitute products. Reducing the weight in air brake systems is achieved by replacing the conventional steel components with pressed steel or processed cast iron components. Such developments provide a cost benefit to air brake system manufacturers and support the growth of the global automotive air brake system market.
Automotive Air Brake System Market: Vendor Analysis
The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Akebono Brake Industry Co. Ltd., Haldex AB, Knorr-Bremse AG, Meritor Inc., Minda Industries Ltd., Nabtesco Corp., SORL Auto Parts, Inc., TBK Co. Ltd., Wabtec Corp., and ZF Friedrichshafen AG are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio offers custom research reports with detailed insights from the perspective of global industry trends, regional market influences and supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.
Technavio also provides three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download Free Sample Report
