Global Engine Brake Market is Growing at a CAGR of 6.8% Due to Improved Braking Mechanism and the Availability of a Highly Cost-Effective System | Reports and Data
Market Size - USD 1.02 billion in 2018, Market Growth - CAGR of 6.8%, Market Trends - Expansion of the automotive industry
NEW YORK, September 17, 2019 (Newswire.com) - Improved braking mechanism provided by engine brakes coupled with the availability of a highly cost-effective system is estimated to drive the market demand.
The global engine brake market is expected to reach USD 1.78 Billion by 2026, according to a new report by Reports and Data. Engine brakes are a highly cost-effective system that helps the vehicle owner for the long-term profit. The engine brake decreases the effort needed by the primary friction brakes, which improves the lifespan of the elemental friction brake pads or shoes. This, in turn, enhances the replacement interval of primary brake components.
The growth in the automotive industry contributes to the increasing demand globally. Factors leading to the growth of the market is the rising awareness of safety measures and approving government regulation which supports manufacturers to invest in better technologies of engine brakes. Additionally, the increasing number of road accidents has raised concerns for road safety and stimulated the development of an advanced braking system which is anticipated to stimulate market demand in the forecast period. Road safety remains the elemental concern of all manufactures and is expected to open new opportunities in the market. Advancements and developments in the braking mechanisms due to the increasing demand for safety and security of the vehicle is further expected to boost the market growth in the future.
Governments across the globe have prohibited the application of engine brakes by the vehicles, to reduce the noise pollution levels, which may create hindrances in the growth of the market in the upcoming years. Typically, research shows that the decibel level to be the same as that of a giant lawnmower, which can be very disruptive to local communities.
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Further key findings from the report suggest
- Based on vehicle type, global engine brake market is segmented into passenger vehicle and commercial vehicle. In 2018, the passenger vehicle market accounted for the largest share of 69.9% of global engine brake market.
- The compression release brake segment held the largest market share of 59.9% in 2018 and is estimated to experience a growth rate of 7.1% in the period 2019-2026. The exhaust brake segment generated a revenue of USD 408.4 million in 2018, which is 11.6% over the revenue generation in the previous year.
- The Asia Pacific region dominated the market with around 45% of the market share in 2018 and is forecast to witness the fastest growth rate of 7.5% in the forecast period.
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- The passenger Type vehicle in India is estimated to reach USD 83.5 million by 2026 and is expected to grow at the highest rate of 8.3% during the forecast period. This segment is increasing as they provide better value for money corresponded to SUVs and sedans.
- Key participants include WABCO Vehicle Control Systems, AISIN SEIKO Co., MAN SE, Voith GmbH & Co. KGaA, Robert Bosch, ZF Friedrichshafen AG, Jacobs Vehicle Systems, Inc., SORL Auto Parts, Inc., Eaton Corporation PLC, Telma SA Auto Parts, Inc., and Pacbrake Company among others.
- In February 2019, Jacobs Vehicle Systems launched a compression release engine brake for the all-new 2020 Hino XL Series Truck.
- In September 2018, WABCO inaugurated a new advanced production base in Rayong, Thailand, to support increased local demand for braking systems from major commercial vehicle manufacturers.
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented global engine brake market on the basis of vehicle type, product, engine, transmission type, and region:
Vehicle Type Outlook (Revenue, USD Million; 2016-2026)
- Passenger Cars
- Hatchback cars
- Commercial Vehicles
Product Outlook (Revenue, USD Million; 2016-2026)
- Exhaust Brake
- Compression Brake
Engine Outlook (Revenue, USD Million; 2016-2026)
- Gasoline Engine
- Diesel Engine
Transmission Type Outlook (Revenue, USD Million; 2016-2026)
- Manual transmission
- Automatic transmission
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2026)
- North America
- Asia Pacific
- Latin America
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Tags: Competitive Intelligence, Forecast, Global Engine Brake Market, Industry Overview, Industry Segment, Industry Statistics, Market Leaders, Market Players, Outlook, Price Trend Analysis, Reports and Data, Trends