Market Size of Air Brake System Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.60 Billion |
| Market Size (2029) | USD 4.13 Billion |
| CAGR (2024 - 2029) | 2.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Air Brake System Market Analysis
The Air Brake System Market size is estimated at USD 3.60 billion in 2024, and is expected to reach USD 4.13 billion by 2029, growing at a CAGR of 2.80% during the forecast period (2024-2029).
Over the medium term, the demand for commercial trucks and buses witnessed a rise in sales and production, particularly in the logistics and construction sectors, which is likely to drive the growth of the market significantly during the forecast period.
The development of major infrastructure projects in several regions, encompassing the construction of highways, feeder roads, ports, and airports, is playing a pivotal role in bolstering the demand for heavy-duty trucks, which is anticipated to enhance the demand for air brake systems in the coming years.
Electric vehicles (EVs) are growing rapidly due to the specific manufacturing requirements of EV components. The demand for lightweight and high-performance components has increased, creating a lucrative opportunity for the market.
