Air Brake System Market Summary
As per Market Research Future Analysis, the Global Air Brake System Market was valued at USD 4.83 Billion in 2021 and is projected to grow from USD 5.03 Billion in 2022 to USD 6.61 Billion by 2030, at a CAGR of 3.51% during the forecast period. The air brake system is primarily used in large vehicles such as trucks, trailers, and buses, providing enhanced safety and control. The market is driven by increased production of railways and commercial vehicles, along with advancements in braking technology.
Key Market Trends & Highlights
Key trends influencing the Air Brake System market include technological advancements and increased demand for safety features.
- Increased production of railways and high-speed trains is driving market growth.
- Sales and production of commercial vehicles and off-highway trucks are on the rise, boosting demand for air brake systems.
- The A.B.S. segment held the majority market share in 2021 due to safety concerns over highway accidents.
- Asia-Pacific held the largest market share in 2021, driven by automotive manufacturing in China and India.
Market Size & Forecast
2021 Market Size | USD 4.83 Billion |
2022 Market Size | USD 5.03 Billion |
2030 Market Size | USD 6.61 Billion |
CAGR | 3.51% |
Major Players
Key players include Aisin Seiki Co. Ltd, Continental, Mando Corporation, Knorr-Bremse, and Wabco.