VANCOUVER, B C, Feb. 27, 2023 /PRNewswire/ --The air brake system market size was valued at USD 5.09 Billion in 2021 and is expected to register a CAGR of 4.2% during the forecast period, according to the latest analysis by Emergen Research. The increasing demand for commercial vehicles, especially in developing countries, and the implementation of strict regulations regarding vehicle safety are the primary factors driving revenue growth in the global air brake system market.
Drivers:
The growing demand for commercial vehicles, such as heavy-duty trucks, trailers, and buses, is driving the growth of the air brake system market. With the expansion of global trade and e-commerce, there has been an increase in the demand for commercial vehicles for logistics and transportation purposes. Additionally, the increasing population and urbanization have led to an increase in construction activities, which has further fueled the demand for commercial vehicles.
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In addition, strict regulations by government authorities for vehicle safety are driving the adoption of air brake systems in commercial vehicles. For instance, the National Highway Traffic Safety Administration (NHTSA) in the U.S. has implemented regulations for improving vehicle safety, including the requirement for air brake systems in commercial vehicles. Similarly, the European Union has implemented the ECE R13 regulation for commercial vehicles, which mandates the use of air brake systems in all heavy commercial vehicles.
Restraints:
The high cost of air brake systems is one of the major restraints in the growth of the air brake system market. The cost of air brake systems is higher than that of hydraulic brake systems, which are commonly used in small and medium-sized commercial vehicles. This factor limits the adoption of air brake systems, especially in low- and middle-income countries.
Moreover, the complexity of air brake systems and the need for periodic maintenance can also act as a restraint in the market. Air brake systems require periodic inspection and maintenance to ensure their proper functioning. This can be a challenging task, especially for small and medium-sized fleet operators who may not have the necessary resources and expertise.
Growth Projections:
The air brake system market is expected to register a CAGR of 4.2% over the forecast period, and revenue is projected to increase from USD 5.09 Billion in 2021 to USD 7.36 Billion in 2030. The growing demand for commercial vehicles, coupled with the implementation of strict regulations regarding vehicle safety, is expected to drive the growth of the air brake system market.
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Current Trends and Innovations:
One of the current trends in the air brake system market is the increasing adoption of electronic air brake systems. Electronic air brake systems offer several advantages over traditional pneumatic air brake systems, such as improved braking performance, reduced maintenance requirements, and better control and monitoring of the braking system.
Another trend in the market is the integration of air brake systems with advanced driver assistance systems (ADAS) and telematics systems. Integration with ADAS can improve vehicle safety by providing alerts to drivers in case of potential accidents, while integration with telematics systems can provide real-time data on the status and performance of the braking system.
Strategic Initiatives:
Major companies included in the market report are Wabco Holdings Inc., Meritor, Inc., Knorr-Bremse AG, Haldex AB, ZF Friedrichshafen AG, TSE Brakes, Inc., Bendix Commercial Vehicle Systems LLC, Nabtesco Corporation, and Accuride Corporation.
- On 24 May 2022, ZF Friedrichshafen AG announced the launch of its new air disc brake system for commercial vehicles, which offers improved performance and reduced maintenance requirements.
- On 11 April 2022, Meritor, Inc. announced the acquisition of AA Gear & Manufacturing, a manufacturer of precision machined components and sub-assemblies for the automotive, defense, and aerospace industries.
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Scope of Research
Report Details | Outcome |
Market Size in 2021 | USD 5.09 Billion |
CAGR (2022-2030) | 4.2 % |
Size Forecast to 2030 | USD 7.36 Billion |
Base Year for Estimation | 2021 |
Historical Data | 2019-2020 |
Forecast Period | 2022-2030 |
Quantitative Units | Revenue in USD Billion, and CAGR in % from 2022 to 2030 |
Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments Covered | Type, Component, Vehicle Type, and Region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Country Scope | U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa |
Key Companies Profiled | Knorr-Bremse AG, ZF Friedrichshafen AG, Meritor, Inc., Haldex, Wabtec Corporation, Nabtesco Automotive Corporation, Brake Systems Inc., Tenneco Inc., SORL Auto Parts, Inc., and Grindlays Engine Parts Pvt. Ltd. |
Customization Scope | 10 hours of free customization and expert consultation |
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Emergen Research has segmented the global Air Brakes System based on type, component, vehicle type, and region:
- Type Outlook (Revenue, USD Billion, 2019-2030)
- Air Disc Brake
- Air Drum Brake
- Component Outlook (Revenue, USD Billion, 2019-2030)
- Compressor
- Governor
- Tank
- Air Dryer
- Foot Valve
- Brake Chamber
- Slack Adjuster
- Others
- Vehicle Type Outlook (Revenue, USD Billion, 2019-2030)
- Trucks
- Bus
- Rolling Stock
- Regional Outlook (Revenue, USD Billion, 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest of Middle East & Africa
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