PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421616
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421616
The global air brake system market size is expected to reach USD 3.86 billion by 2032, according to a new study by Polaris Market Research. The report "Air Brake System Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type (Rigid Body Trucks, Heavy Duty Trucks, Semi-Trailer Tractor, Bus, and Rolling Stock); By Brake Type; By Component; By Technology; By Region; Segment Forecast, 2024-2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Rising sales of vehicles and increasing demand for automobiles across the world have driven the demand for air brake systems which is propelling the market growth over the forecast period. According to the IEA, global car sales will be 69 Mn units, in 2023, driven by increased penetration in the middle economies & rising use of EVs. Car sales are expected to reach 74 million in 2024. Air brakes provide greater mechanical forces and are ideal for cars traveling longer distances. Air brake systems are used on large commercial trucks. Air brake systems use pressurized air stored in tanks to create the force that applies the brakes at each wheel. As a result, increased car sales will aid the market's growth.
In addition to this, increased instances of road accidents are thought to be fueling the market expansion of air brake systems. According to the Centers for Disease Control and Prevention, Every year, 1.35 Mn individuals lose their lives on the world's roads. Every day, nearky 3,700 people are killed in accidents across the globe. The brakes are installed to decrease accidents and vehicle damage by preventing accidents between two vehicles. Air brakes are used to prevent collisions between trucks, railroads, and buses. Therefore, the air brakes in vehicles prevent road accidents which is driving the market growth.
Market's expansion is being attributed to increased demand for recreational vehicles. Governments and regulatory agencies around the world are enforcing stricter safety standards for commercial vehicles to decrease traffic accidents and improve road safety. Because of their fast and efficient braking performance, air brake systems are a popular alternative for meeting safety and compliance standards.
Polaris Market Research has segmented the Air Brake System market report based on vehicle type, brake type, component, technology, and region: