The Global Air Brake System Market size is expected to reach $3.7 billion by 2030, rising at a market growth of 2.6% CAGR during the forecast period.
Heavy commercial vehicles and off-road truck manufacturing and sales are crucial to the market since they use air brakes as their fail-safe mechanism. The Bus segment will capture 1/5th share in the market by 2030. According to the OICA, 23,418,078 commercial vehicles were manufactured worldwide in 2022. Due to the growth of e-commerce and the rebounding travel and tourism sector, demand for large trucks and buses has risen, particularly after 2020. In addition, in 2022, the number of commercial vehicles produced in India, China, Brazil, Mexico, Canada, France, and the United Kingdom were 1017818 units, 3184532 units, 544936 units, 2851071 units, 939364 units, 372707 units, and 101600, respectively. Some of the factors impacting the market are favorable regulations regarding load carrying capacity and compulsion of equipping air brakes in vehicles, rising cases of road accidents and strict government regulations for automotive safety and freezing of air brakes in cold temperatures.
In recent years, nations like India have seen a noticeable growth in their per axle load capacity. The need for high-power brakes has increased in the commercial vehicle category due to the increase in load per axle. The regulated load-carrying capacity per vehicle has grown for many medium commercial trucks because of increased weight per axle. For instance, vehicles that could previously only transport goods weighing up to 6 tons are now capable of doing so. Additionally, because of the mandates, it is predicted that the air brake installation rate will rise soon. Because of this, the market for medium-heavy vehicles is predicted to have a high demand for air brakes. Moreover, the incidence of road traffic accidents is still a significant concern across the globe. The WHO estimates that 1.3 million individuals per year die due to traffic accidents. Because of this, governments all over the world are primarily concentrating on the standard that will result in greater vehicle safety, safeguarding both the driver and passengers. Thus, because of the axle load mandates and rise in creating cutting-edge braking systems to comply with the new laws, the market will grow.
However, the components of air brakes are compressed air tanks and air pipes. Heat is produced during compression, and when this heat interacts with the air brake system's ambient temperature, moisture is produced. It is necessary to remove the moisture from the low areas of the tanks where it collects. The service life of the components is greatly reduced if the moisture is permitted to stay in the system; this is relevant in warm, hot, or cold weather. This could degrade air brakes' overall performance and put the vehicle's safety in danger. The market may expand slowly during the projection period due to this issue with air brake systems.
On the basis of brake type, the market is fragmented into drum air brake, and disc air brake. The disc air brake segment covered a considerable revenue share in the market in 2022. In addition to recovering fast from immersion, disc brakes are less likely to experience brake fade brought on by overheating braking components. As a result of improved driving comfort and rising demand for safety, auto manufacturers are using disc brakes in their vehicles more and more. Independent of the state of the road, disc brakes provide a more precise and shortened braking distance, assuring the passengers' safety.
Based on vehicle type, the market is segmented into rigid body trucks, heavy duty trucks, semi trailer tractor, and bus. In 2022, the heavy duty trucks segment held the highest revenue share in the market. The need for air brake systems in heavy-duty vehicles rises due to their high capacity to carry loads. The primary differences lie in the load-carrying capability and the number of components of air brake systems for rigid trucks and heavy-duty trucks. Fleet managers prefer heavy-duty trucks because of their powerful engines and high weight-bearing capacity.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
By application, the market is classified into compressor, governor, storage tank, air dryer, foot valve, brake chamber, and slack adjuster. The foot valve segment procured a promising growth rate in the market in 2022. The brake valve is a part of the braking system that aids in regulating the flow of brake fluid. The foot valve is crucial because it guarantees the brakes can work correctly and deliver reliable stopping power when required. The market is expected to grow due to increased demand for fast racing cars and strict laws requiring the installation of anti-lock braking systems (ABS) in commercial vehicles.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 3 Billion |
| Market size forecast in 2030 | USD 3.7 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 2.6% from 2023 to 2030 |
| Number of Pages | 262 |
| Number of Table | 389 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Vehicle Type, Brake Type, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2022, the Asia Pacific region led the market by generating the largest revenue share. The region is one of the most profitable investment markets and has made a substantial contribution to global automobile sales. By locating their corporate headquarters or manufacturing facilities in nations like Japan, China, and India, which are the region's automotive hubs, the major players in the automotive business have concentrated on expanding in Asia. The markets for cars are expanding most quickly in emerging nations like India, China, Japan, Australia, and others. Due to the ease of setting up industrial facilities, many firms have expanded into the region.
Free Valuable Insights: Global Air Brake System Market size to reach USD 3.7 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Knorr-Bremse AG, Haldex AB, Meritor, Inc. (Cummins, Inc.), ZF Friedrichshafen AG, Wabtec Corporation, Nabtesco Corporation, TSE Brakes Inc. (Marmon Holdings, Inc.) (Berkshire Hathaway Inc.), SORL Auto Parts Inc. (Ruili Group Ruian Auto Parts Co., Ltd.) and Brakes India Private Limited (TVS Group) (T V Sundram Iyengar & Sons Limited)
By Vehicle Type
By Brake Type
By Application
By Geography
This Market size is expected to reach $3.7 billion by 2030.
Favorable regulations regarding load carrying capacity and compulsion of equipping air brakes in vehicles are driving the Market in coming years, however, Air brakes freeze in cold temperatures restraints the growth of the Market.
Knorr-Bremse AG, Haldex AB, Meritor, Inc. (Cummins, Inc.), ZF Friedrichshafen AG, Wabtec Corporation, Nabtesco Corporation, TSE Brakes Inc. (Marmon Holdings, Inc.) (Berkshire Hathaway Inc.), SORL Auto Parts Inc. (Ruili Group Ruian Auto Parts Co., Ltd.) and Brakes India Private Limited (TVS Group) (T V Sundram Iyengar & Sons Limited)
The expected CAGR of this Market is 2.6% from 2023 to 2030.
The Drum Air Brake segment is leading the Market by Brake Type in 2022; thereby, achieving a market value of $2.2 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1.3 billion by 2030.
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