The Asia Pacific Air Brake System Market would witness market growth of 2.8% CAGR during the forecast period (2023-2030).
Manufacturers provide innovative and cutting-edge parts, like braking systems, that are useful in high-speed trains and on railroads for ensuring safety and retaining control of the vehicle. Governments have taken steps to improve and expand the railways, which has led to a growth in their number. As a result, the market has expanded during the anticipated period due to an expansion in the number of high-speed trains.
The market's expansion might be ascribed to stricter safety regulations and a focus on efficiency. Manufacturers in the market are concentrating on the improvement of their brakes as a result of evolving technologies and components. The OEMs were forced to incorporate these technologies in the air brake systems due to the increase in demand for car safety technology as anti-lock braking systems, electronic stability programs, regenerative braking, and traction control systems.
Air braking systems are often used in commercial vehicles and heavy trucks. They require more effort to brake, which the driver can execute with just one leg. The driver provides compressed air pressure to the flexible diaphragm in the brake chamber to activate the air brake rather than just using foot pressure. Because compressed air has such a high potential energy, air brakes employ it. Pressurized air maintains the engagement brakes' open position. Less air pressure is released as the driver presses the brakes, which re-engages the calipers. As a result, the driver doesn't have to exert much effort to apply the brakes.
China's vehicle ownership increased by 68.12% in ten years, from 207 million in 2010 to 348 million in 2019. Likewise, commercial vehicle exports from India grew from 50,334 to 92,297 units between April 2021 and March 2022. Vehicle manufacturers are now very concerned about providing adequate safety measures that will ensure safe driving and conform to legal requirements. As a result, the APAC region's market is anticipated to grow.
The China market dominated the Asia Pacific Air Brake System Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $360.9 million by 2030. The Japan market is registering a CAGR of 2.2% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 3.5% during (2023 - 2030).
Based on Vehicle Type, the market is segmented into Heavy Duty Trucks, Rigid Body Trucks, Semi Trailer Tractor, and Bus. Based on Brake Type, the market is segmented into Drum Air Brake, and Disc Air Brake. Based on Application, the market is segmented into Brake Chamber, Compressor, Governor, Air Dryer, Foot Valve, Storage Tank, and Slack Adjuster. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Air Brake System Market is Projected to reach USD 3.7 Billion by 2030, at a CAGR of 2.6%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Knorr-Bremse AG, Haldex AB, Meritor, Inc. (Cummins, Inc.), ZF Friedrichshafen AG, Wabtec Corporation, Nabtesco Corporation, TSE Brakes Inc. (Marmon Holdings, Inc.) (Berkshire Hathaway Inc.), SORL Auto Parts Inc. (Ruili Group Ruian Auto Parts Co., Ltd.) and Brakes India Private Limited (TVS Group) (T V Sundram Iyengar & Sons Limited).
By Vehicle Type
By Brake Type
By Application
By Country
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