The Europe Air Brake System Market would witness market growth of 2.2% CAGR during the forecast period (2023-2030).
The market is expanding due to factors like rising production & sales of commercial vehicles and off-road trucks, as well as rising production of high-speed trains and railroads. Additionally, laws pertaining to weight-bearing capacity and requirements for the installation of air brakes are anticipated to open up several prospects for market growth and expansion, consequently expanding the market.
The market is expanding because of technological advancements in the automobile industry for the effective implementation of safety features and improved drive quality. The introduction of improved braking systems has increased the safety features of cars as autonomous driving has grown in popularity. The deployment of these technologies in automobiles to increase safety and comfort is encouraged by the existence of enabling laws and affordable transportation options.
By implementing numerous safety-ensuring programs like eSafety Aware and other educational campaigns, automotive manufacturers in the region have concentrated on lowering the number of traffic deaths. To provide consumers with better driving assistance systems, automakers have given the development of air brake systems a top priority.
There is an increasing need for a more contemporary distribution network as e-commerce grows throughout Europe. German firms include the VW Group, BMW Group, and Daimler Group. Germany is an important automotive hub in Europe. The nation is a significant light commercial vehicle producer in Europe. Commercial trailer producers in Germany additionally manufacture more than whatever the law mandates. The market would eventually grow in the Europe region as a result of the growth of the automobile sector.
The Germany market dominated the Europe Air Brake System Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $238.2 million by 2030. The UK market is exhibiting a CAGR of 1.4% during (2023 - 2030). Additionally, The France market would experience a CAGR of 3% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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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