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The global heavy-duty vehicle engine brake market has the potential to grow by USD 110.1 million during 2019-2023. The growth momentum will accelerate throughout the forecast period, and the market will grow at a CAGR of almost 6%.
The growing adoption of electronically assisted braking functionalities and the economic advantage for vehicle owners are some of the major factors driving the growth of heavy-duty vehicle engine brake market size. The US, China, and Japan are currently the significant markets for heavy-duty vehicle engine brakes.
The report provides a detailed analysis of the market by type and geography. Also, the heavy-duty vehicle engine brake market analysis report analyzes the market’s competitive landscape and offers information on several market vendors.
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The heavy-duty vehicle engine brake market is concentrated, and the degree of concentration will increase during the forecast period. The market is competitive, and the rising concerns about in-vehicle safety and improved safety norms, manufacturers are launching new models with advanced safety features. AB Volvo, China FAW Group Co. Ltd., and Eaton Corp. Plc are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the increased cost of vehicles with engine brake will challenge the growth of the market participants. To make the most of the increasing heavy-duty vehicle engine brake market size, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The heavy-duty vehicle engine brake market forecast report provides information on the production, sustainability, and prospects of several companies, including:
As heavy-duty vehicles carry a higher load compared to medium-duty cars, a larger force is required to stop the vehicle. The increase in the use of service brakes over a long duration increases friction, and the heat generated at the disc and the brake pad contact point increases the wear and tear of the brake pads and disc. This results in fire in the brakes, which will lead to increased maintenance costs for vehicle owners. This will subsequently drive the demand for heavy-duty vehicle engine brakes, driving market growth.
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North America is a significant market for heavy-duty vehicle engine brakes. The ongoing expansion of the oil and gas industry and the growing industrial manufacturing sector are some of the factors driving market growth in the region. The increase in the sales of class 7 and 8 vehicles with standard fitment of engine brakes will also fuel heavy-duty vehicle engine brake market size.
During the forecast period, almost 32% of the overall market growth will originate from North America. However, market growth in this region will be slower than the growth of the market in APAC and South America.
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Compression release braking systems are highly compatible with cruise control and antilock braking system of the vehicle. The brake features a two-stage operation and is configured by a two-part housing, which simplifies its maintenance. The increasing demand for heavy-duty trucks and stringent safety norms implemented by governing bodies have induced vehicle manufacturers to integrate heavy-duty trucks with advanced safety features, driving the need for compression release brakes.
As a result, the heavy-duty vehicle engine brake market size will steadily increase in the compression release brakes segment during the forecast period. This report provides an accurate prediction of the contribution of various segments to heavy-duty vehicle engine brake market growth.
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
Market condition
PART 06: MARKET SEGMENTATION BY TYPE
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
PART 15: EXPLORE TECHNAVIO
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