The Latin America, Middle East and Africa Air Brake System Market would witness market growth of 4.1% CAGR during the forecast period (2023-2030).
Because of the effectiveness and dependability of air brake systems, the market is primarily driven by their broad use. These systems are simple to detach and reattach and continue to function even in the event of an air leak. A favourable outlook for the market is being created by their expanding demand due to growing automobile safety concerns. A further factor driving the market expansion is the advent of lightweight air brake systems for trailer and line haul applications that require fewer parts, offer more ground clearance, safety from road debris, and are more efficient.
Additionally, manufacturers are creating new and sophisticated parts that work well in high-speed trains and railways while guaranteeing safety and retaining vehicle control. In turn, this is accelerating the market's expansion globally. In the upcoming years, the market is expected to be driven by several additional factors, such as the implementation of numerous government initiatives to encourage the use of brake systems in heavy vehicles, an increase in the manufacturing and growth of high-speed trains, and extensive research and development (R&D) activities.
The huge infrastructure and planned housing projects in the UAE will cause the commercial vehicle industry to keep expanding. Contrary to heavy retail vehicle sales, which will continue to be supported by significant infrastructure and other growth initiatives, light commercial vehicle sales ought to keep climbing due to more outstanding businesses and investments associated with increased migration from adjacent nations. Additionally, the UAE's rising tourism and hospitality sectors, as well as the growing demand for use by construction workers, will all contribute to the need for buses and minibuses continuing to climb favourably. As an essential part of vehicles, air brake systems would see increased demand in the region and rising demand for automobiles.
The Brazil market dominated the LAMEA Air Brake System Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $72.6 million by 2030. The Argentina market is showcasing a CAGR of 4.7% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 3.9% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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