An air brake system refers to a type of braking mechanism commonly used in heavy vehicles. This system uses compressed air to apply pressure to the brake pads or brake shoes, creating the friction necessary to slow down or stop the vehicle.
Sizing and Forecast
The air brake system market size has grown strongly in recent years. It will grow from $5.08 billion in 2023 to $5.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to railway expansion, the need for efficient and reliable braking systems in the industry, the rise of the automobile industry, continuous improvements in air brake technology, increasing urbanization, and the consequent growth of public transportation systems.
The air brake system market size is expected to see strong growth in the next few years. It will grow to $6.82 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to growing demand for hybrid and electric buses, growing adoption of heavy-duty vehicles, growing consumer awareness of vehicle safety, rising investment in transportation infrastructure, and growing need for commercial vehicles. Major trends in the forecast period include integration with advanced driver assistance systems (adas), electric air brake systems, automated manufacturing, geographical expansion, and the development of modular air brake systems.
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Segmentation & Regional Insights
The air brake system market covered in this report is segmented –
1) By Type: Air Disc Brake, Air Drum Brake
2) By Component: Compressor, Governor, Tank, Air Dryer, Foot Valve, Brake Chamber, Slack Adjuster, Other Components
3) By Vehicle: Rigid Body Trucks, Heavy Duty Trucks, Semi-Trailer Tractor, Bus
4) By Application: On-Road, Off-Road Vehicle, Rolling Stock, Locomotive Electro-Pneumatic(EP), Electronically Controlled Pneumatic(ECP), Other Applications
Asia-Pacific was the largest region in the air brake system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the air brake system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The surging demand for commercial vehicles is expected to propel the growth of the air brake system market going forward. Commercial vehicles are motor vehicles used for transporting goods or passengers for hire, compensation, or profit, typically larger and more robust than personal vehicles. The demand for commercial vehicles is due to infrastructure development and the expansion of the logistics and transportation industries, which require efficient transport solutions. Air brake systems in commercial vehicles ensure safety and efficiency, providing reliable braking power and enhanced control. For instance, in 2023, according to the International Organization of Automobile Manufacturers, a France-based trade association, the worldwide production of light commercial vehicles increased from 19.71 million units in 2022 to 21.44 million units in 2023. Therefore, the surging demand for commercial vehicles is driving the growth of the air brake system market.
Key Industry Players
Major companies operating in the air brake system market are ZF Friedrichshafen AG, Eaton Corporation, Wabtec Corporation, Knorr-Bremse AG, Mando Corporation, Meritor Inc., Nabtesco Automotive Corporation, SAF-Holland Inc., Brakes India Pvt. Ltd., SORL Auto Parts Inc., Jost World, Haldex AB, Zhejiang VIE Science & Technology Co. Ltd., ProVia LLC, Wabco India Ltd., Federal-Mogul Goetze (India) Ltd., TMD Friction Holdings GmbH, Dayton Parts Inc., Webb Wheel Products Inc., MGM Brake, Carlisle Industrial Brake & Friction Inc., TSE Brakes Inc., VELVAC Inc., Aventics, FUWA K-Hitch
The air brake system market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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