According to a new report, published by KBV research, The Global Air Brake System Market size is expected to reach $3.7 billion by 2030, rising at a market growth of 2.6% CAGR during the forecast period.
The Semi Trailer Tractor segment is registering a CAGR of 3.2% during (2023 - 2030). In recent years, the use of semi-trailer tractors has greatly expanded in developing nations like India and Japan. The expansion of the road system and the rapid industrialization rate are to blame for this growth. The semi-trailer tractor typically has three axles. Due to the need for higher-quality air brakes, the cost of air brake systems for semi-trailer tractors is significantly higher than that of rigid-body and heavy-duty trucks.
The Drum Air Brake segment is leading the Global Air Brake System Market by Brake Type in 2022; thereby, achieving a market value of $2.2 billion by 2030. The growth in this segment is attributed to low production cost and simple-to-construct design of drum brakes, leading to their wider adoption. Furthermore, in comparison to the disk brakes, the drum brakes have a low maintenance cost.
The Compressor segment is showcasing a CAGR of 2.3% during (2023 - 2030). These compressors are designed in a way that makes them capable of functioning automatically in case a vehicle loses compressed air supply because of any flaw or leakage issue. A second emergency reservoir can be quickly used owing to an emergency capability, which will increase the need for compressors in the years to come.
The Asia Pacific region dominated the Global Air Brake System Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1.3 billion by 2030. The Europe market is anticipated to grow at a CAGR of 2.2% during (2023 - 2030). Additionally, The North America market would witness a CAGR of 2.4% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/air-brake-system-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Geography
Companies Profiled
Unique Offerings 
