As per a new report by Future Market Insights, the Korea air brake systems market is projected to show a significant growth rate during the forecast period. The global air brake systems market is set to be valued at US$ 2,108.8 million by 2023. Worth of the air brake systems market is expected to exceed US$ 3,003.5 million by 2033, and showcase growth at a CAGR of 3.6% between 2023 and 2033.
Rapid urbanization and industrialization across Korea have increased the demand for heavy-duty trucks and commercial vehicles worldwide, which would propel the need for advanced air brake systems. Ongoing economic development has further surged the need for freight trains all over the world. As railways are considered to be a significant mode of inexpensive and energy-efficient transportation in Korea for transporting large quantities of goods over long distances, sales of air brake systems are likely to surge in the country.
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-16112
Industrial robotics and increasing implementation of automated processes across South Korea are driving the use of air brake systems in vehicles. South Korean government, on the other hand, has made it mandatory for all vehicles to install advanced collision avoidance systems equipped with suitable hardware, which would create lucrative opportunities for air brake system companies.
Compressor segment is anticipated to exhibit high revenue growth during the forecast period in Korea in terms of components. Modern technologies in air brake systems are projected to be designed to mechanically continue to operate even if a train loses its compressed air supply due to leaks or other problems. Newly launched systems are expected to have a second emergency reservoir to allow rapid deployment in an emergency situation, which would aid growth.
Key Takeaways from Korea Air Brake Systems Market
- Korea air brake systems market is expected to grow at a moderate pace through the forecast period.
- South Korea air brake systems market is anticipated to generate a moderate revenue by 2033.
- Korea is expected to capture a considerable share of the air brake systems market globally during the forecast period.
- Increased demand in railways and rail freight vehicles is likely to boost demand for air brake systems in Korea.
“Increasing implementation of strict norms by the government of Korea to put high importance on efficiency and safety is likely to propel installation of air brake systems. Key automakers are expected to focus on improving their existing portfolios by including new features to attract a large client base,” says a lead analyst at Future Market Insights.
Direct Purchase of this Report:
https://www.futuremarketinsights.com/checkout/16112
Competition Landscape in Korea Air Brake Systems Market
Key companies operating in the Korea air brake systems market are focusing on launching new products that would keep up with strict government norms. Increasing demand for passenger and vehicle safety is another factor that is projected to encourage leading manufacturers to invest in research and development of expanding their portfolios.
NOKWON CO., LTD., Wooshin Industries Co., Ltd., and DAEWON SE Co., Ltd. are a few of key competitors in Korea air brake systems market.
Recent Developments
- In September 2021, KGC Korea announced that it started mass-production of M4s 4POT Brake Kit. It is a high-performance kit that can be applied to the front wheel of a SUV or a passenger automobile to enhance its braking performance.
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
Get Your Report Customize, Visit:
https://www.futuremarketinsights.com/customization-available/rep-gb-16112
By End Use Industry:
- Aerospace
- Automotive
- Industrial & Manufacturing
- Healthcare
- Consumer Electronics
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs
