LONDON--(BUSINESS WIRE)--The global heavy-duty vehicle engine brake market is expected to post a CAGR of nearly 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Engine brakes reduce the vehicle speed without the use of regular service brakes. Constant use of engine brakes results in a significant reduction in service brake wear, thereby extending service brake replacement intervals. This helps vehicle owners achieve significant cost savings in terms of annual maintenance and repair expenditure. Owing to such economic advantages, heavy-duty vehicle owners are exhibiting strong demand for engine brakes. As a result of these factors, the market growth is expected to accelerate during the forecast period.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR32159
As per Technavio, the rising adoption of electronically assisted braking functionalities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Heavy-Duty Vehicle Engine Brake Market: Growing Adoption of Electronically Assisted Braking Functionalities
With the emergence of advanced brake assist functions, such as electronic brakeforce distribution (EBD), anti-lock braking system (ABS), electronic brake assist (EBA), traction control system (TCS), and electronic stability control (ESC), the braking capabilities of heavy-duty vehicles have significantly improved. These technologies are synchronized with the operations of engine brakes, and service brakes to achieve optimum braking performance. Many governments across the world are mandating automobile manufacturers to equip such advanced technologies in their vehicles to enhance safety. The rising adoption of electronically assisted braking functionalities will boost the growth of the global heavy-duty vehicle engine brake market during the forecast period.
“Apart from the rising adoption of electronically assisted braking functionalities, emergence of electric trucks and the advent of remote diagnostics for advanced braking systems are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 10,000+ market research reports.
Global Heavy-Duty Vehicle Engine Brake Market: Segmentation Analysis
This market report segments the global heavy-duty vehicle engine brake market by type (compression release brake, exhaust brake, and retarder) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to the growing adoption of heavy-duty trucks across oil and gas, agriculture, and mining industries.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.