The Air Brake System Market Size at USD 5.59 Billion in 2023, reaching USD 7.53 Billion by 2031 and growing at a CAGR of 3.8% over the forecast period 2024-2031.
Growing Demand for Air Brakes in Commercial Vehicles
The air brake system market is projected to witness significant growth in the coming years, fueled by the rising demand for commercial vehicles globally. This growth can be attributed to several factors, including population growth, urbanization, and increased infrastructural spending. These factors are leading to a greater need for efficient transportation systems, consequently driving up the demand for air brake systems, which are essential for safe and reliable braking in heavy-duty vehicles.
The global production of commercial vehicles has witnessed a significant rise in recent years due to population growth, rapid urbanization, and increasing infrastructural investments worldwide. Furthermore, the e-commerce boom and the recovery of the travel and tourism industry have further fueled the demand for heavy trucks and buses. This has created a domino effect, leading to a greater need for efficient transportation systems to meet the rising demands for goods and passenger movement. Consequently, the demand for air brake systems has surged as they play a critical role in ensuring safe and reliable braking in these heavy-duty vehicles.
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Segment Analysis: Air Drum Brakes dominate the market, and Air Disc Brakes is fastest growing
The air brake system market can be segmented by type into air drum brakes and air disc brakes. Currently, air drum brakes dominate the market due to their lower cost compared to air disc brakes. This cost advantage makes them a more economical choice for commercial vehicle manufacturers.
The Air Disc brake segment is poised for the fastest growth over the forecast period. This can be attributed to the increasing focus on technological advancements in vehicle safety. Air disc brakes offer superior efficiency compared to air drum brakes, ultimately enhancing the overall performance and safety of the vehicle.
Asia Pacific Leads the Market, Driven by Aftermarket Production and Major Players
The Asia Pacific market holds the largest share and is expected to maintain its dominance due to the presence of major automotive players, extensive rail operations, and a robust aftermarket production sector. This region caters to both OEM and aftermarket needs, fueling market growth. Additionally, companies are actively expanding their presence in the region. For instance, TMT’s recognition as the Supplier of the Year 2023 in Asia Pacific by Westinghouse Air Brake Tech Corp. highlights this trend.
North America holds a significant market share due to the high adoption rate of commercial vehicles in the region. The increasing demand for long-haul and heavy-duty trucks for e-commerce and global trade further strengthens the market.
Europe’s market is driven by the growing adoption of environmentally friendly commercial vehicles. Major automotive players like Volvo and Daimler are focusing on developing electric commercial vehicles equipped with electric brake systems, including air brake systems and regenerative technology, which is propelling market growth.
Impact of Russia-Ukraine War and Economic Retardation
The air brake system market, like many others, is not immune to global disruptions. The ongoing Russia-Ukraine war has disrupted supply chains and impacted the production of commercial vehicles, leading to a potential slowdown in the demand for air brakes. Additionally, an economic slowdown can dampen consumer spending and affect investments in infrastructure projects, further impacting the demand for commercial vehicles and consequently, air brake systems.
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Major Players
Some of the key market players are
- Knorr-Bremse
- Meritor
- SORL Auto Parts, Inc.
- Akebono Brake Industry Co. Ltd.
- Continental AG
- Nissin Kogyo Co. Ltd.
- Brembo S.P.A.
- Mando Corporation
- Brakes India Limited
- YUMAK Air Brake Systems
- Haldex
- Wabtec
- and other players.
Recent Developments
- In December 2023, Knorr-Bremse launched a smart latest generation of electronic trailer braking system called iTEBS X System.
- In May 2023, Continental launched a new generation of electronic brake systems for ESC called MK 120 ESC.
- In January 2022, Mando Corporation was awarded at VIT for best innovation award in 2022 for IDB2 HAD.
Key Takeaways
- Insights into the growing demand for air brake systems, particularly within commercial vehicles.
- Understanding the impact of global events and key regional developments on the market landscape.
- The report provides an understanding of the market segmentation, including the dominance of air drum brakes and the anticipated rise of air disc brakes.
- In-depth analysis of regional trends, dominating segments, and key growth drivers in Asia Pacific, North America, and Europe
Table of Content- Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
- Air Brake System Market, By Type
- Air Brake System Market, By Component
- Air Brake System Market, By Vehicle type
- Regional Analysis
- Company Profiles
- Competitive Landscape
- Conclusion
Continue.…
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