As per the reports published by FMI, the global air brake system market is estimated at US$ 2,108.8 Million by year 2023. The market value of the air brake system is anticipated to surpass a valuation of US$ 3,003.5 Million by the year 2033, advancing at a CAGR of 3.6%. A historical market valuation of US$ 2,025.7 Million has been recorded by the analysts of Future Market Insights for the concerned market during the base year. FMI has analyzed that there is a high demand for air-pressing piston applications, which is leading to rising in market share for air brake systems. Stringent regulations have been imposed by the government of developing economies to stop the vehicles that are serving as a major cause to boost the adoption of air brake systems across the globe. Request a Sample of this Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-16112 It is identified that the production of high-speed trains and developments made in the railway sector is a key demand driver for air brake systems in the current year. However, after an in-depth analysis of the market, it is witnessed that the high capital expenditure involved in the application of air brakes is still a burden on the industry. Furthermore, increased attention paid to electric vehicles is likely to impede the growth of the market during the projection period. Key Takeaways from the Air Brake System Market The market valuation of the air brake systems is projected to surpass US$ 3,003.5 million by the end of 2033. An approximate surge of US$ 83.1 Million has been witnessed from the base year to the current in the air brake systems market. The air drum brake segment by type category is identified to advance at a moderate pace, registering a CAGR of 4.4% through 2033. This segment is currently accountable for 67.5% of 2023. The compressors by component type segment are expected to advance at a CAGR of 5.5% during 2023-2033. The U.S. air brake systems market is accountable for 18.5% of market shares in the current year. For more insights: https://www.futuremarketinsights.com/reports/air-brake-systems-market “With surging demand for speed in vehicles, lucrative growth avenues are getting unraveled for the air brake system manufacturers across the globe.” – Says an FMI Analyst. Competitive Landscape in the Air Brake System Market The air brake systems market is fragmented, and the key players are deploying organic and inorganic growth strategies to compete in the market. The biggies are heavily investing in research and development activities to create advanced air brake systems for efficiently stopping vehicles and strengthening their foothold in the market. Anand Group, Minda Nabtesco Automotive (P) LTD., WABCO, Airmaster Brake Systems, and Bendix Commercial Vehicle Systems LLC are some of the key players proliferating in the market. Recent Developments In February 2022, Knorr-Bremse AG initiated a long-term framework of a contract with Alstom for delivering braking systems, entrance, and climate control solutions for major projects of transportation. The company is estimated to deliver electro-pneumatic braking systems that include PistonSupply eco oil-free compressors, SysControl electronic brake control systems, and the FlexControl flexible brake control unit, sanding systems, and track brakes. In June 2022, ZF Friedrichshafen AG launched an expanded facility across India. The facility is identified to be the largest hub of software for the ZF Group, which is anticipated to create extensive opportunities for jobs within the state of Hyderabad. Explore FMI’s Extensive Ongoing Coverage on Automotive Domain Automotive Brake System & Components Market: https://www.futuremarketinsights.com/reports/automotive-brake-system-and-components-market Automated Guided Vehicle (AGV) Market: https://www.futuremarketinsights.com/reports/automated-guided-vehicles-market Automotive ADAS (Advanced Driver Assistance Systems) Market: https://www.futuremarketinsights.com/reports/adas-market

The global automotive steering system market is expected to grow at an average CAGR of 4.6% from 2023 to 2033. The target market will accrue a revenue of US$ 38.0 billion by 2033 as opposed to US$ 24.1 billion in 2023. Historically, the market for automotive steering systems registered a CAGR of 2.3% from 2015 to 2021. Factors like surging sales of passenger vehicles, rising demand for fuel-efficient vehicles, the development of advanced steering systems, and the shifting dynamics of the automobile industry are responsible for the restored growth of the automotive steering market during the forecast period. With the growing demand for electric vehicles, the emergence of autonomous driving controls, and advanced braking systems, the market for automotive steering systems is expected to witness bright prospects over the upcoming years. Increasing production of electric cars acts as a main growth inducer for the market. The transforming dynamics of the automobile industry also influence the automotive steering systems market. In addition to this, strict regulations regarding fuel efficiency and pollution control have resulted in manufacturers increasingly adopting electronically assisted steering systems. Request a Sample of this Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-1133 The growing demand for emission control opens up avenues of growth for the automotive steering system market. New product innovations and developments, expansion activities, and increasing investments in the market will underpin the automotive steering systems market growth. The rising investments in research and development activities for product development will also result in new growth opportunities for the market. These research programs deliver a smooth automatic steering system with fuel-efficient functions. As the advent of power steering enables autonomous vehicle control, the market for automotive steering systems will undergo greater demand. Power-assisted steering further provides ideal power and torque delivery; ensuring an improved response to the driver. Hydraulic power steering, electric power hydraulic steering, and fully electric power steering are creating new steering solutions and contributing to the market growth as they offer enhanced engine performance and fuel efficiency. All of these considerations further fuel the growth of the automotive steering systems market. Key Takeaways: Increasing sales of electronic vehicles and favorable government support strengthen the growth prospects of the market. Expanding automobile sector and rising demand for fuel-efficient vehicles drives the market growth in the Asia Pacific region. China will be the fastest-growing automotive steering system market with a 6.0% CAGR and a value of US$ 12 billion by 2033. The U.K automotive steering system market will record a CAGR of 4.9% and will be driven forward due to the strong presence of key market manufacturers. By vehicle type, passenger cars will account for a sizable portion of the market share because of the segment’s affordability and maneuverability. Competitive Landscape Among others are some of the key players in the automotive steering system market profiled in the full version of the report. Prominent market players are concentrating on new product innovations, product releases, and upgrades. These enterprises also employ various organic and inorganic strategies like product development, capacity expansion, partnerships, mergers, acquisitions, and collaborations to gain a competitive edge. For more information: https://www.futuremarketinsights.com/reports/automotive-steering-system-market Major Contributors to the Automotive Steering System Market are JTEKT Corporation, Nexteer Automotive Group Ltd., Showa Corp., ThyssenKrupp AG, Hitachi Automotive System Ltd., Robert Bosch GmbH, NSK Steering System Co. Ltd., Mando Corp., ZF Friedrichshafen AG, ATS Automation Tooling System Inc., Hyundai Mobis, Mitsubishi Electric Corporation, China Automotive Systems, Inc., Explore Wide-ranging Coverage of FMI’s Automotive Landscape Automotive Brake System Market: https://www.futuremarketinsights.com/reports/automotive-brake-system-market Automated Guided Vehicle (AGV) Market: https://www.futuremarketinsights.com/reports/automated-guided-vehicles-market Electric Vehicle Battery Market: https://www.futuremarketinsights.com/reports/electric-vehicle-battery-market