Magnetic Brakes Market is segmented by Type (Electromagnetic Track Brakes, Permanent Magnet Track Brakes), and by Application (Tram, High-Speed Train, Others), and by Region (United States, Canada, Mexico, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, Africa and Rest of World)
Magnetic Brakes Market shall reach a value of $2x61.4 Million in 2027, growing with a CAGR of 12.13% during the forecast period of 2020 to 2027.
Magnetic Brakes Market Growth and Trends
The Magnetic brake system market is anticipated to grow to be USD 31.9 Billion in 2021 from USD 22.8 Billion in 2016, and is projected to grow at a Compound annual growth rate of 6.9% during the forecast period.
The key drivers in this market includes:
• The gradual increase in the vehicle manufacturing process that contributes to its growing demand
• Stringent governmental regulations to manufacture vehicles with reduced stopping distance for the safety of passengers and pedestrians away from accidents that boosts the market’s growth. These braking systems combined together with a vehicle’s passive systems for safety together can reduce the risks of collisions, crashes and largely reduces the possibility of the driver’s life being at risk the most during an extreme accident. This is anticipated to be the main point of consideration for end-users across the globe
• Firm environmental concerns related to the brake pads and shoe residue of the market that further increases the demand for vehicles with magnetic brakes over other markets during the forecast period.
• The growing demand for passenger cars and taxis incorporated with these braking systems with the increasing utilization of disc brakes that implements and creates a positive outlook on handling the stopping distance as well that brings the market higher
• The increasing demand for vehicles with brake systems that are more fuel-efficient and less energy is wasted into the atmosphere due to the kinetic forces every time the brakes are pushed. This propels the market’s demand immensely because fuel-efficiency also enables cost-efficiency.
• The rise in technological proliferation that escalates the market’s growth furthermore.
• The diversity in the features the magnetic brakes market brings about which increases the awareness levels among consumers that these are the ideal preferences of braking systems they seek for their vehicles to gain efficient and effective journeys at ease without complexity.
• Increasing cost-efficiency among manufacturers producing vehicles with magnetic braking systems which drives in more consumers who will make larger investments in the market’s economy alongside rising disposable incomes that elevates its growth.
• Enhanced and strong stability thus, these systems do not require frequent maintenance and monitoring for faults or issues that uplifts the market’s growth.
Several challenges faced by this market includes:
• The high cost of developing these magnetic braking systems powered with electrical modes which is a larger restrain in the market’s growth for consumers and manufacturers of less urbanized regions will not be able to afford incorporating these systems in their vehicles thus, arising a risk of less cost-efficiency in the market which hinders its growth on a larger-scale
• The relentless strive by companies looking for the commercialization of this market that only incurs higher costs of importing components from digitalized countries. The higher the rate of manufacturing in the market, the more expenditures will be made thus bringing in a very small rate of profitability to the market’s economic growth. Consumers will have a shift in demand towards the manual braking methods assuming the magnetic braking systems aren’t the most cost-efficient alternatives after all. This will hamper the stability of the market’s economic growth cycle driving consumers away from it
• Reducing the carbon and other emissions and fumes when manufacturing the braking systems that will create drawbacks for the level of efficiency in the market thus, hindering its market growth and providing a rise in the numbers of challenges striking the market as alternatives.
Magnetic Brakes Industry Regional Analysis
Magnetic Brakes Market Research Report Scope/Definition
For the purpose of this market research report, a magnetic brake is defined as a simple brake that is controlled through the means of electromagnets. Magnetic brakes contain high magnetic attraction and repulsion force that assist in the braking effect. These brakes are frictionless; hence they are more durable and have a longer life span than other brake systems. Magnetic brakes are a good replacement for conventional brakes since this brake system does not need any interfacing relay. The properties of the non-grease bearing in magnetic brakes ensure the brake pins do not need any friction buster. This is applicable in lighter vehicles and work handling devices to help minimize wear in brakes. The magnetic brake system is globally appreciated and highly regarded as an improved advancement of brake technology regarding the decrease of friction and heat energy produced during the braking of heavy loads of matter.
Magnetic Brakes Market Share and Competition
Key companies operating in this industry are: Altra Industrial Motion, INTORQ, Ogura Industrial, Hilliard Corporation, Shanghai Tang Yi Electronics, KEB Automation, Kendrion, Lenze, SEPAC, and Magnetic Technologies
Magnetic Brakes Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2021 - 2028)
• Electromagnetic Track Brakes
• Permanent Magnet Track Brakes
Application Analysis (Revenue, USD Million, 2021 - 2028)
• High-Speed Train
Region Analysis (Revenue, USD Million, 2021 - 2028)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Magnetic Brakes Industry Companies
• Altra Industrial Motion
• Ogura Industrial
• Hilliard Corporation
• Shanghai Tang Yi Electronics
• KEB Automation
• Magnetic Technologies
Available Versions of Magnetic Brakes Market: -
United States Industry Research Report
Europe Industry Research Report
Asia Pacific Industry Research Report
India Industry Research Report
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