Commercial Vehicle Retarder Market size to grow by USD 356.82 million from 2023 to 2028; market is fragmented due to the presence of prominent companies like Brakes India Pvt. Ltd., CAMA Luoyang Electromechanic CO. LTD and Cummins Inc., many more
NEW YORK, Jan. 11, 2024 /PRNewswire/ -- The commercial vehicle retarder market is estimated to grow by USD 356.82 million from 2023 to 2028, growing at a CAGR of 4.4%. The commercial vehicle retarder market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer commercial vehicle retarder market are Brakes India Pvt. Ltd., CAMA Luoyang Electromechanic CO. LTD, Cummins Inc., Eaton Corp. Plc, Frenos Electricos Unidos SA, INDUSTRIAS ZELU SL, KRISHNA CHEMICALS, Nippon Steel Corp., Regal Rexnord Corp., Scania AB, Shandong Heavy Industry Group Co. Ltd., SORL Auto Parts Inc., TBK Co. Ltd., Telma SAS, Voith GmbH and Co. KGaA, and ZF Friedrichshafen AG.
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Company Offering:
- Brakes India Pvt. Ltd.- The company offers commercial vehicle retarder systems such as Hydraulic drum brakes and transmission park brakes.
- Cummins Inc: The company offers commercial vehicle retarder systems such as Jacobs High Power Density technology which is the lightest, most cost effective, high power vehicle retarding technology for braking systems under the brand Jacobs Vehicle Systems Inc.
- Frenos Electricos Unidos SA: The company offers electromagnetic retarder for commercial vehicles that improves its performance in terms of safety, economy, comfort and sustainability and reduces the emission of fine particles from conventional friction brakes.
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By Geography, the market is classified as North America, APAC, Europe, South America, and Middle East and Africa. North America will have the largest share of the market.
- North America accounts for 45% of the growth of the global market during the forecast period. In North America, commercial vehicles are mainly used for cargo transportation. Therefore, the adoption of safety systems such as commercial vehicle retarders is likely to rise in the US trucking industry.
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- Impactful driver- The Commercial Vehicle Retarder Market is surging due to the increased adoption of cutting-edge safety solutions in vehicles. This driver notably increases the market growth. The implementation of Brake Retarders, Exhaust Brakes, Hydraulic retarders, Electromagnetic retarders, Engine retarders, Driveline retarders, and Transmission Retarders in Heavy-Duty Trucks, Buses, and Trailers is enhancing safety standards while significantly boosting fuel efficiency. This growing reliance on advanced safety mechanisms solidifies the market's growth, shaping a safer and more efficient commercial vehicle landscape.
- Key Trend - An emergent trend in the Commercial Vehicle Retarder Market is the increased adoption of multistage modulating transmission retarders, significantly influencing market trends. This trend intersects with Global Demand, Regulatory Compliance, and Energy Recovery Systems, augmenting Vehicle Dynamics and Telematics. Commercial Vehicle Manufacturers are driving this trend, aligning with the transportation industry's focus on Road Safety Standards and Vehicle Maintenance. This innovation in Automotive Technology is reshaping the market, emphasizing enhanced safety and efficiency in commercial vehicles.
- Major Challenges - The Commercial Vehicle Retarder Market faces challenges due to the necessity for skilled technicians and the substantial costs associated with calibration, impacting market growth. These challenges intertwine with Customer Demand Trends and the pursuit of Sustainability in Transportation amidst stringent Heavy Vehicle Regulations. Market Forecasting is complicated by these challenges, affecting OEM (Original Equipment Manufacturer), Vehicle Safety, Aftermarket Sales, and compliance with Emission Regulations. Addressing these hurdles is critical for effective Fleet Management and sustained market progress.
Market Segmentation
- The market growth by the electromagnetic retarders segment is significant growth during the forecast period. Electromagnetic retarders utilize the electromagnetic induction process to generate the retardation force. In addition, these retarders can be placed in the driveline or transmission unit. Hence, such factors fuel the growth of this segment.
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TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
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