The North America Air Brake System Market would witness market growth of 2.4% CAGR during the forecast period (2023-2030).
A sort of friction brake called an air brake, also known as a compressed air brake system, is made to be installed on automobiles. The compressed air is applied to a piston, which then exerts pressure on the brake pads, forcing the vehicle to stop. Along with their use in railroad trains, air brakes are utilized in large, heavy vehicles, particularly those with many trailers that need to be connected to the brake system, such as buses, trucks, trailers, and semi-trailers.
The air brake system has a broader array of components, including a control pedal, an air storage tank, and numerous other components, that leads to a considerable increase in the market. The air brake system has a greater scope of use in service brakes and parking brakes. The water-driven braking system, typically utilized in lighter cars, has been replaced by the air-powered braking system. This system has the significant advantage of being well-planned and having adequate capacity. The air brake system is a friction brake for automobiles that stops the car by applying pressure to a piston with compressed air.
The air brake system is a friction brake for cars that use compressed air to exert pressure on a piston to stop the car. The compressor, tank, governor, air dryer, brake chamber, foot valve, and slack adjuster are some of its various parts. Disc air brake systems and drum air brake systems comprise the two main types of air brake systems now available on the market. Heavy and commercial vehicles with air brake systems may apply more forceful braking, increasing demand for air brakes and ultimately growing the market. The market has benefited from the rising demand for air brakes, which has raised the size of the market.
Road traffic accidents are the leading cause of death in the United States among those aged 1-541, as well as the main reason for non-natural mortality among Americans living or traveling overseas. The number of fatal crashes involving automobiles in Canada increased from 1,746 in 2020 to 1,768 in 2021. In 2021, there were 108,018 overall injuries, up 3.6% from the 2020s, 104,286 total injuries, and 8,185 severe injuries, up 4% from the 2020s, 7,868 total serious injuries. The demand for commercial vehicles and the frequency of traffic incidents in the region are both increasing, raising the need for technologies promoting safe driving. The market in North America would therefore grow.
The US market dominated the North America Air Brake System Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $744 million by 2030. The Canada market is experiencing a CAGR of 4.7% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 3.8% 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 U.S., Mexico, Canada, and Rest of North America.
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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