NEWARK, DE / ACCESSWIRE / January 16, 2023 / According to reports published by FMI, the global market for air brake systems is estimated at $2,108.8 million. The market value of the air braking system is expected to exceed a valuation of $3,003.5 billion by 2033, a CAGR of 3.6%. A historical market valuation of $2,025.7 million was recorded by Future Market Insights experts for the subject market in the base year.

Future Market Insights, Inc has analyzed that there is a high demand for air pressure piston applications leading to an increase in the market share for air brake systems. The governments of developing countries have enacted strict regulations to stop the vehicles, which serve as the main reason behind the spread of air braking systems around the world.

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It is noted that the production of high-speed trains and developments in the railway sector are the main drivers of demand for air braking systems in the current year. A thorough analysis of the market shows, however, that the high investment costs for the use of air brakes are still a burden on the industry. In addition, increasing attention to electric vehicles is likely to impede the growth of the market during the projection period.

Key insights from the Air Brake System market

• The market valuation of air braking systems is expected to exceed $3,003.5 million by the end of 2033.
• The Air Braking Systems market has increased approximately $83.1 million from base year to date.
• The air drum brake segment by type category is expected to advance at a moderate pace, registering a CAGR of 4.4% by 2033. This segment is currently responsible for 67.5% of 2023.
• Compressors by component type segment is expected to advance at a CAGR of 5.5% over the period 2023-2033.
• The USA…