The air brake system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Air Brake System Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Air Brake System Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Air Brake System Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the air brake system market are focused on developing innovative technologies, such as electronic trailer braking systems, to enhance safety, performance, and efficiency in commercial vehicles. Electronic trailer braking systems (ETBS) are advanced braking systems designed for trailers, enhancing braking control and safety through electronic components in conjunction with traditional pneumatic air brake systems. For instance, in December 2023, Knorr-Bremse AG, a Germany-based manufacturer of braking systems for rail and commercial vehicles, launched a cutting-edge electronic trailer braking system, iTEBS X, to provide its customers with a technologically advanced and cost-effective electronic trailer braking system that meets the evolving needs of the commercial vehicle industry. The new iTEBS X combines the electronic control unit, sensor technology, and pneumatic brake control into a single, compact assembly, providing a cost-efficient and modular design for trailer manufacturers. The new system retains the positive features of previous generations, such as an efficient pneumatic coupling design and harmonization of tractor and trailer brake control functions, while also introducing new capabilities like an integrated lift axle valve.
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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
- Executive Summary
- Air Brake System Market Characteristics
- Air Brake System Market Trends And Strategies
- Air Brake System Market – Macro Economic Scenario
- Air Brake System Market Size And Growth
……..…..
- Global Air Brake System Market Competitive Dashboard
- Key Mergers And Acquisitions In The Air Brake System Market
- Air Brake System Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Air Brake System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Air Brake System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Air Brake System Market, Segmentation By Vehicle, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
……….
Table 75: ZF Friedrichshafen AG Financial Performance
Table 76: Eaton Corporation Financial Performance
Table 77: Wabtec Corporation Financial Performance
Table 78: Knorr-Bremse AG Financial Performance
Table 79: Mando Corporation Financial Performance
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