PUBLISHER: The Business Research Company | PRODUCT CODE: 1539579
PUBLISHER: The Business Research Company | PRODUCT CODE: 1539579
An air brake system is a braking mechanism commonly employed in heavy vehicles that utilizes compressed air to exert pressure on brake pads or shoes, generating the friction needed to decelerate or halt the vehicle.
Two primary types of air brake systems are air disc brakes and air drum brakes. Air disc brakes involve using compressed air to operate disc brakes instead of hydraulic fluid. Components of such systems include a compressor, governor, tank, air dryer, foot valve, brake chamber, slack adjuster, and others, designed for a variety of vehicles such as rigid-body trucks, heavy-duty trucks, semi-trucks, and buses. These systems find application in diverse settings including on-road and off-road vehicles, rolling stock, locomotive electro-pneumatic (EP), electronically controlled pneumatic (ECP), and others.
The air brake system market research report is one of a series of new reports from The Business Research Company that provides air brake system market statistics, including air brake system industry global market size, regional shares, competitors with an air brake system market share, detailed air brake system market segments, market trends and opportunities, and any further data you may need to thrive in the air brake system industry. This air brake system market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 during the historical period can be attributed to several factors, including the expansion of railways, the demand for efficient and dependable braking systems across industries, the growth of the automobile sector, ongoing advancements in air brake technology, rising urbanization, and the resulting expansion of public transportation networks.
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%. In the forecast period, growth can be attributed to increasing demand for hybrid and electric buses, greater adoption of heavy-duty vehicles, heightened consumer awareness regarding vehicle safety, expanding investments in transportation infrastructure, and growing requirements for commercial vehicles. Key trends expected during this period include integration with advanced driver assistance systems (ADAS), implementation of electric air brake systems, automation in manufacturing processes, geographical expansion initiatives, and advancements in modular air brake systems.
The increasing demand for commercial vehicles is expected to drive the growth of the air brake system market in the future. Commercial vehicles are motor vehicles designed for transporting goods or passengers for hire, compensation, or profit, typically larger and more robust than personal vehicles. This demand is fueled by infrastructure development and the expansion of logistics and transportation industries, which necessitate efficient transport solutions. Air brake systems installed in commercial vehicles ensure safety and efficiency by delivering reliable braking power and enhanced control. For example, in 2023, according to the International Organization of Automobile Manufacturers, a trade association based in France, global production of light commercial vehicles rose from 19.71 million units in 2022 to 21.44 million units in 2023. Thus, the increasing demand for commercial vehicles is a key driver of the growth in the air brake system market.
Major companies in the air brake system market are actively pursuing innovative technologies, such as electronic trailer braking systems (ETBS), to enhance safety, performance, and efficiency in commercial vehicles. ETBS represent a significant advancement in trailer braking, combining electronic components with traditional pneumatic air brake systems to improve braking control and overall safety. For example, in December 2023, Knorr-Bremse AG, a leading German manufacturer of braking systems for rail and commercial vehicles, introduced the iTEBS X, a state-of-the-art electronic trailer braking system. This new system integrates an electronic control unit, sensor technology, and pneumatic brake control into a compact unit, offering trailer manufacturers a cost-effective and modular design solution. The iTEBS X builds upon previous generations by retaining efficient pneumatic coupling design and harmonizing tractor-trailer brake control functions. Additionally, it introduces new features such as an integrated lift axle valve, further enhancing functionality and adaptability to meet evolving industry needs.
In April 2022, Cummins Inc., a US-based company specializing in the design, manufacturing, and distribution of engines, filtration, and power generation products, completed the acquisition of Jacobs Vehicle Systems. The acquisition, whose financial details were undisclosed, bolstered Cummins' powertrain portfolio by integrating advanced engine braking and valve actuation technologies. This strategic move aimed to enhance vehicle efficiency, performance, and emissions control capabilities. Jacobs Vehicle Systems, also based in the US, is renowned for its expertise in manufacturing engine braking and valve actuation technologies tailored for commercial vehicles and off-highway machinery.
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
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.
The countries covered in the air brake system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The air brake system market consists of sales of products including air reservoirs, brake pedals, pressure gauges and indicators, brake lines and hoses, and quick-release valves. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Air Brake System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on air brake system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for air brake system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The air brake system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.