The U.S. is set to turn up as a leading nation in the North America air brake systems market , with an 18.5% share estimated in 2023. Value of the air brake systems market is projected to exceed US$ 3,003.5 million in 2033, reaching a CAGR of 3.6% between 2023 and 2033. A valuation of US$ 2,025.7 million was recorded by analysts at Future Market Insights for the market during the base year.
The U.S. market is set to be mainly driven by extensive adoption of air brake systems owing to their high reliability and productivity. These systems are easy to eliminate and install, and remain effective even in the event of an air leak.
Rising demand is further expected to create an optimistic outlook for the market as concerns about vehicle safety are growing all over the world. Introduction of lightweight air braking systems for line haul and trailer applications that require few parts, provide high ground clearance, protect against road debris, and improve efficiency is another crucial factor that would spur growth.
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Another factor contributing to development of the U.S. market for air brake systems is constant commercial vehicle manufacturing. According to the research, around 7.6 million commercial vehicles were built in the base year. Trucks carry 70.9% of trade value across the U.S. and Canada, according to the U.S. Department of Transportation, and are expected to be in high demand during the forecast period.
Manufacturers in the U.S. are coming up with new advanced components that are useful in rail and high-speed trains, while ensuring safety and upholding vehicle control. This factor is projected to strengthen development in the market.
Implementation of numerous government initiatives to endorse the use of braking systems on heavy-duty vehicles, increased production of passenger cars, rising demand for high-speed trains, and ongoing research and development activities, are anticipated to positively affect growth in the market.
Key Takeaways from the U.S. Air Brake Systems Market
- The U.S. market for air brake systems is expecting significant growth in the forecast period.
- Growing consumer demand for vehicle safety is likely to drive sales in the U.S. air brake systems market.
- The U.S. air brake systems market is anticipated to contribute to a significant share of the North America industry in the assessment period.
- Air drum brake category by product typeis expected to witness an exponential demand over the forecast period in the U.S.
“Ongoing advancements in the field of vehicle components is likely to encourage automakers to install air brake systems in their cars. High demand for cutting-edge vehicle safety technologies such as traction control systems, anti-lock braking systems, electronic stability programs, and regenerative braking systems is another factor that would push sales of air braking systems worldwide,” says a lead analyst at Future Market Insights.
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Competition Landscape in the U.S. Air Brake Systems Market
In order to increase their market share and initiate healthy growth, large-scale companies in the U.S. are investing heavily in research and development activities. Key competitors are actively working to expand their geographical footprint and increase their manufacturing capabilities.
Bendix Commercial Vehicle Systems, Brake Systems, Inc., and Bepco, Inc. are few of the key competitors in the U.S. air brake systems market.
Recent Developments
- In 2022, TSF Group, which has inherited its legacy from the former TVS Group, one of the largest Indian-based automotive groups, announced its plan to launch new products such as axles, brakes, and wheels primarily aimed at the trailer market.
Key Segments in the Air Brake Systems Markey
By Product Type:
- Disc Brake
- Drum Brake
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By End Use Industry:
- Aerospace
- Automotive
- Industrial & Manufacturing
- Healthcare
- Consumer Electronics
- Others
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By Component:
- Compressor
- Governor
- Tank
- Air Dryer
- Foot Valve
- Brake Chamber
- Slack Adjuster
- Others
By Technology:
- Anti-lock Braking System (ABS)
- Traction Control System (TCS)
- Electronic Stability Program or Electronic Stability Control (ESC)
- Electronic Brake Force Distribution (EBD)
By Application:
- On-Road
- Off-road Vehicle)
- Rolling Stock and Locomotive Electro-Pneumatic(EP)
- Electronically Controlled Pneumatic (ECP)
Explore FMI’s Extensive Ongoing Coverage on Automotive Domain
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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