The global brake chamber market is experiencing growth due to increase in demand for commercial vehicles, rise in adoption of air brake systems, growth in focus on vehicle safety, and aftermarket sales growth.
WILMINGTON, Del., Sept. 19, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Brake Chamber Market by Type (Spring Brake Chambers, and Service Brake Chambers), Vehicle Type (Heavy-duty Trucks, Medium-duty Trucks, and Light-duty Trucks), and Sales Channel (OEM, and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2024-2033". The global brake chamber market was valued at $4.9 billion in 2023 and is estimated to reach $8.4 billion by 2033, exhibiting a CAGR of 6.2% from 2024 to 2033.
Prime determinants of growth
The global brake chamber market is experiencing growth due to increase in demand for commercial vehicles, rise in adoption of air brake systems, growth in focus on vehicle safety, and aftermarket sales growth. However, volatility in raw material prices, slow adoption of advanced technologies, and competitive pricing pressure hinder the market growth. Moreover, integration of advanced sensors and electronics, rise in electric and autonomous vehicles, and aftermarket services and solutions offer lucrative opportunities for the expansion of the global brake chamber market.
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Report coverage & details:
Segment Highlights
By type, the service brake chambers segment is expected to have the highest market share. The inclination towards the procurement of service brake chambers is anticipated to escalate owing to their pivotal function in ensuring vehicular safety and operational efficacy. As regulatory standards evolve, there arises an augmented necessity for dependable braking apparatus. Concurrently, the burgeoning aftermarket offers a base for the dissemination of replacement components and maintenance provisions. Innovations in compositional constituents and structural configurations further bolster longevity and operational proficiency, catalyzing widespread acceptance.
By vehicle type, the heavy-duty trucks segment is expected to lead the market. The upsurge in heavy-duty truck sales is expected to expand due to multifaceted factors driving demand. Increasing industrial activities necessitate robust transportation infrastructure, stimulating fleet expansions. Moreover, globalization propels trade, escalating the need for efficient freight transport, predominantly facilitated by heavy-duty trucks. Technological advancements enhance vehicle performance and fuel efficiency, further incentivizing purchases. Additionally, regulatory incentives and evolving emission standards mandate fleet upgrades, contributing to market growth. With these converging dynamics, heavy-duty truck sales are positioned for sustained momentum in the future.
By sales channel, the OEM segment is expected to hold the largest market share due to several contributing factors. As the demand for new vehicle fleets increases, OEMs remain the primary providers of customized solutions. Their established role in supply chains, along with strategic partnerships, reinforces their market dominance. Technological advancements and efficient production processes give OEMs a competitive advantage, enhancing customer loyalty. By closely monitoring changing consumer preferences and regulatory standards, OEMs are well-positioned for continued growth in the market.
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Regional Outlook
By region, the Asia-Pacific region is expected to witness rapid growth in the brake chamber market due to numerous factors. Rapid industrialization, coupled with burgeoning urbanization, propels infrastructural developments, necessitating robust transportation solutions. Moreover, economic expansions and burgeoning consumer markets fuel demand for commercial vehicles and associated components. Strategic investments in research and development further fortify the region's position as a hub for innovation and production. By harnessing untapped potential, the Asia-Pacific region is expected to witness unparalleled growth in the future.
Players: -
- TSE Brakes, Inc.
- Bendix Commercial Vehicle Systems
- WABCO Holdings Inc.
- Meritor, Inc.
- Haldex AB
- Knorr-Bremse AG
- Saf-Holland
- Sealco Commercial Vehicle Products
- ZF Friedrichshafen AG
- Vibgyor Automotive Pvt. Ltd.
The competitive landscape in the brake chamber market is marked by a delicate balance between established industry giants and nimble newcomers. Established players leverage economies of scale and brand recognition, while emerging firms disrupt traditional norms with innovative technologies and agile business models. In addition to direct competitors within the brake chamber market, companies face indirect competition from alternative braking technologies and solutions. The emergence of electric vehicles, autonomous driving systems, and advanced braking algorithms poses challenges and opportunities for traditional brake chamber manufacturers.
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Recent Development:
- On August 03, 2022, Cummins Inc. finalized its acquisition of Meritor, Inc., a renowned global supplier specializing in drivetrain, mobility, braking, aftermarket, and electric powertrain solutions for commercial vehicle and industrial sectors. This strategic move integrates Meritor's expertise, workforce, and product offerings, particularly in axle and brake technology, into Cummins' portfolio. This acquisition positions Cummins to deliver advanced clean mobility products, catering to evolving customer needs.
- On May 31, 2022, Haldex forged a partnership with Schmitz Cargobull to provide ModulT disc brakes. The agreement encompasses the supply of both 22" and 19" ModulT variants, reinforcing Haldex's robust position in the European market.
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