New technological advancements have led to the development of air brakes with increased durability and longer lifespan, which will expand the commercial air brake market.

Newark, NJ, May 24, 2022 (GLOBE NEWSWIRE) -- As per the report published by MarketQuest.biz, the global commercial air brake market is expected to grow from USD 4.78 billion in 2021 to USD 6.58 billion by 2030, at a CAGR of 3.62% during the forecast period 2022-2030.

Rapid urbanization and industrialization have led to an increase in demand for commercial vehicles. Commercial vehicles are trucks, trailers, buses, and off-highway trucks. The construction, building, automotive, manufacturing, and industrial sectors are the primary users of commercial vehicles. The rising safety concerns have shifted consumers' demand towards commercial vehicles with air brakes over commercial vehicles with hydraulic breaks. The increase in demand for commercial vehicles with air brakes due to their advanced safety features will drive the growth of the global commercial air brake market. Governments worldwide have focused on developing standard safety rules, regulations, and guidelines that govern the load-carrying capacity and brake failure warning system to ensure the safety of goods, vehicles, and people. Such regulations mandate the use of air brakes to ensure safety and hence will provide lucrative opportunities to the market players. However, the higher cost of air brakes over hydraulic brakes will hamper the market's growth. Also, the components used in an air brake are expensive, and the replacement adds extra costs to the consumer, further challenging the market's growth. Technological advancements can facilitate the expansion of the market by overcoming the previously mentioned challenges with extensive research and product innovations.

Competitive Strategy

To enhance their market position in the global commercial air brake market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• Knorr Bremse AG signed a 10-year supply contract for braking systems for USD 1.13 million with a top global truck OEM in June 2021.

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Market Growth & Trends

The increasing government expenditure on building railways and high-speed trains with excellent safety standards drives the growth of the commercial air brake market in the forecast period. The use of air brakes in railways and high-speed trains enables the drivers to gain more control over the vehicle and enhances maneuverability, which is essential to avoid accidents. The use of off-highway trucks to transport goods is witnessing an increase, which will significantly contribute to the growth of the commercial air brake market as it makes the off-highway trucks safer than trucks equipped with conventional air brakes. The rise in disposable income of consumers will also contribute significantly to the growth of the commercial air brake market with the increase in demand for vehicles by the population. New technological advancements have led to the development of air brakes with increased durability and longer lifespan, which will expand the commercial air brake market. However, the growth of electric buses and trucks could challenge the development of the commercial air brake market.

Key Findings

• In 2021, the air drum brake segment dominated the market with the largest market share of 66% and market revenue of 3.15 billion.

The type segment is divided into air disc brake and air drum brake. In 2021, the air drum brake segment dominated the market with the largest market share of 66% and market revenue of 3.15 billion.

• In 2021, the heavy truckers and trailers segment accounted for the largest share of the market, with 46% and market revenue of 2.19 billion.

The application segment is divided into heavy trucks and trailers, buses, & others. In 2021, the heavy trucks and trailers segment accounted for the largest share of the market, with 46% and market revenue of 2.19 billion.

Regional Segment Analysis of the Commercial Air Brake Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Among all regions, the North American region emerged as the largest market for the global commercial air brake market, with a market share of around 34% and 1.62 billion of the market revenue in 2021. The Asia Pacific is expected to be the fastest-growing market during the forecast period. The commercial air brake market in the Asia Pacific has been expanding rapidly. China dominates commercial air brakes in the Asia Pacific. The growing production of commercial vehicles in the region, owing to the increasing development of the building, construction, and automotive sectors, will contribute to the growth of the Asia Pacific commercial air brake market.

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Key players operating in the global commercial air brake market are:

• Meritor
• Haldex
• ZF Friedrichshafen
• Knorr-Bremse
• Wabtec Corporation
• Nabtesco Automotive Corporation
• Sorl Auto Parts
• TSE Brakes
• UNO Minda
• Aventics (Emerson)

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Market Quest has segmented the global commercial air brake market based on the below-mentioned segments:

Global Commercial Air Brake Market by Type:

• Air Disc Brake
• Air Drum Brake

Global Commercial Air Brake Market by Application:

• Heavy Trucks and Trailers
• Buses
• Others

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About the report:

The global commercial air brake market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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