Air Brake System Market Share

APAC Market Statistics

Asia Pacific industry is predicted to dominate majority revenue share of 38% by 2037, owing to rising government initiatives to boost the braking system and ensure the security of the vehicles in the region.. The growth of the market can be attributed majorly to the rising government initiatives to boost the braking system and ensure the security of the vehicles. Ministry of Road Transport & Highways of India, stated that the large vehicles must now have advanced braking system. Moreover, existing vehicles will be obliged to accept the new provisions beginning in April 2021, with all new vehicles beginning in April 2022. Furthermore, rising sales of cars in the region is also expected to augment the market growth in Asia Pacific. In 2022, China's auto sales increased 9.5%, with electric vehicle purchases nearly doubling. Moreover, in 2021, around 56 million of passenger cars were sold in China.

North American Market Forecast

The North American air brake system market is estimated to be the second largest, registering a share of about 25% by the end of 2037. The growth of the market can be attributed majorly to the growing cases of vehicle crashes and road accidents. According to the National Highway Traffic Safety Administration, 38,824 people will die in motor vehicle accidents in the United States year 2022. On the other hand, the higher deployment of buses is also expected to drive market growth in the region. In the United States, zero-emission bus deployment is expected to increase by around 27% by 2021, reaching nearly 3,500 buses. More than 70% of US fleets have ten or fewer full-size ZEBs. As a result, the upcoming investment will be critical in scaling fleets.

Europe Market Forecast

Further, the air brake system market in Europe is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the initiatives taken by the government to reduce road accidents. By improving passenger, pedestrian, and cycling safety across the EU, the European Commission hopes to save at least 140,000 deaths and avoid at least 140,000 serious injuries by 2038. On the other hand, market growth in the region is also expected on the account of rising vehicle crashes followed by a higher number of people dying in road accidents. As per the statistics of the Eurostat, around 18 800 people were killed in road accidents in the EU in 2020, out of which 44.2% were passenger car drivers or passengers, and 19.2% were pedestrians. Moreover, in 2020, 85 people were killed in road accidents in Romania.