LONDON--(BUSINESS WIRE)--The global automotive air brake system market is expected to post a CAGR of close to 2% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global automotive air brake system market size is the increasing preference for air brake systems in medium-duty vehicles. The hydraulic brake is the most commonly used system in the automotive industry, which is used in light vehicles as well as several medium-duty vehicles. However, the power generated in the hydraulic brake system is not sufficient to stop heavy-duty vehicles. Furthermore, any minor leaks in the braking fluid can cause safety-related issues such as longer braking distance, and reduction in braking efficiency. As a result, the adoption of air brake systems in heavy-duty vehicles is increasing significantly owing to improved efficiency and braking performance of these systems. Thus, the increasing preference for air brake systems is expected to drive the automotive air brake system market during the forecast period.
As per Technavio, the increasing preference for lightweight brake components will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive air brake system market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global automotive air brake system market: Increasing preference for lightweight brake components
Several manufacturers in the automotive industry are increasingly focusing on improving the efficiency of their vehicles without compromising on their performance. Some of the most commonly used methods for improving vehicle efficiency include technological advancements, vehicle light-weighting, and the integration of multiple functions in a single component. Among these, light weighting is the most economical method to improve vehicle efficiency. As a result, companies are focusing on design enhancements such as engine downsizing and material improvements to reduce the weight of a vehicle. Therefore, innovations supporting the increasing preference for light weighting of brake components will drive the automotive air brake systems market during the forecast period.
“Apart from the increasing preference for lightweight brake components, other factors such as the emergence of truck dust filters to improve air quality, and the improvement in supply chain strategies will have a significant impact on the growth of the automotive air brake system market size during the forecast period,” says a senior analyst at Technavio.
Global automotive air brake system market: Segmentation analysis
This market research report segments the global automotive air brake system market by application (trucks, and buses), and geographic regions (North America, APAC, Europe, South America, and MEA).
The APAC region led the automotive air brake system market in 2018, followed by North America, Europe, South America, and MEA respectively. The growth of the automotive air brake system market in APAC can be attributed to several factors such as the growing sale of heavy-duty trucks in emerging countries, and the rising demand for transportation, which is driven by a significant increase in manufacturing activities in the region.
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Five Forces Analysis
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