Dublin, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The "Global Air Brake Systems Market 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global air brake systems market is poised for steady expansion, forecasted to rise from USD 3.1 billion in 2023 to USD 3.4 billion by 2028, marking a Compound Annual Growth Rate (CAGR) of 2.2% during the same period. This growth is propelled by the increasingly stringent regulations for automotive active safety, the escalating production of commercial vehicles, and the integration of advanced braking technologies into air brake systems. These factors collectively fuel the demand for air brake systems, positioning the market on a path of consistent advancement.
Segmentation and Key Players
The study segments the air brake system market based on components such as compressors, governors, storage tanks, air dryers, foot valves, brake chambers, and slack adjusters. Vehicle types, including rigid body, heavy-duty trucks, semi-trailers, and buses, are also important distinguishing factors. The brake type segment further categorizes systems into disc and drum brakes. Geographically, the market is divided into North America, Asia Oceania, Europe, and RoW (Rest of the World).
Additionally, the air brake system market extends to rolling stock, with components such as compressors, storage tanks, driver's brake valves, brake cylinders, and brake pipes. For construction and mining trucks, the market segments include compressors, governors, storage tanks, air dryers, foot valves, brake chambers, and slack adjusters.
Major players in the air brake system market landscape include Knorr-Bremse AG (Germany), Meritor, Inc. (US), Haldex (Sweden), ZF Friedrichshafen AG (Germany), and Wabtec Corporation (US).
Air Disc Brakes Emerge as the Rapid Growth Leader
The air disc brake segment is projected to experience the most accelerated growth during the forecast period. This surge is attributed to the growing emphasis on safety regulations and the reduction of stopping distances. Government mandates, such as those set by the National Highway Traffic Safety Administration (NHTSA), are driving the adoption of air disc brakes in pursuit of decreasing fatality rates in large trucks. The demand for such brakes is also being shaped by the need for intracity and intercity transportation at low costs. Notably, manufacturers are actively developing advanced air disc brake solutions to enhance brake system efficiency and performance, further propelling their adoption.
Compressor Segment Dominates in Construction and Mining Trucks
Within the construction and mining trucks segment, compressors take the lead as the largest component market. These trucks, designed for heavy-duty tasks and challenging environments, rely on sturdy air brake systems. Compressors play a pivotal role by providing the power required for brake operation, ensuring consistent braking capabilities even under extreme conditions. As construction and mining activities witness a global uptick, the demand for high-capacity compressors in this sector is poised for growth.
Moreover, advancements in air compressor technology, including lightweight designs and maintenance-free options, contribute to the demand for air compressor units and overall air brake systems in construction and mining trucks.
Asia-Pacific Commands the Air Brake System Market
Asia-Pacific emerges as the dominant region in the global air brake system market, with China and Japan leading the way. The region accounts for approximately 60% of global truck production, driven by major Original Equipment Manufacturers (OEMs) like Zheng Zou Yutong, Xiamen Kinglong Motor, Tata Motors, and Ashok Leyland. The substantial truck production, stringent safety regulations, and growing safety awareness among consumers propel the Asia-Pacific market forward. Strategic partnerships between global air brake system manufacturers and regional players, coupled with increased heavy commercial vehicle production, further strengthen the market's presence in the region.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 256 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $3.1 Billion |
| Forecasted Market Value (USD) by 2028 | $3.4 Billion |
| Compound Annual Growth Rate | 2.2% |
| Regions Covered | Global |
Premium Insights
- Increasing Commercial Vehicle Production and Growing Government Regulations on Braking Systems to Drive Market During Forecast Period
- Brake Chamber Segment to Hold Largest Market Share During Forecast Period
- Air Disc Brakes Segment to Drive Market During Forecast Period
- Semi-Trailer Segment to Witness Highest CAGR During Forecast Period
- Compressor Segment to Register Higher CAGR During Forecast Period
- Brake Cylinder Segment to Lead Market for Rolling Stock During Forecast Period
- Asia-Pacific to Possess Largest Market Share During Forecast Period
Market Dynamics
- Drivers
- Increasing Sales and Production of Commercial Trucks and Buses
- Stringent Automotive Active Safety Regulations and Integration of Anti-Lock Braking System (ABS) and Electronic Stability Control Braking System (ESC)
- Growing Demand for Off-Highway Heavy-Duty Trucks
- Increasing Development of Railway Network with Growing Number of High-Speed Trains
- Restraints
- High Cost of Air Brakes Over Hydraulic Brakes
- Increasing Focus on Electric Trucks and Buses
- Opportunities
- Regulations on Load-Carrying Capacity and Mandates on Air Brake Installation
- Challenges
- Freezing of Air Brakes at Low Temperature
Ecosystem Analysis
- Air Brake System Manufacturers
- Component Suppliers/Technology Providers
- Automotive OEMs
- Government and Regulatory Authorities
- Dealers and Distributors
- Service and Repair Centers
- Fleet Owners and Operators
Use Case Analysis
- Several Challenges for Knorr-Bremse AG in Developing Brake Systems
- New Air Brake System Developed by Arvin Meritor and TBS Solution
- Goizper Brake Clutch
Companies Profiled
- Key Players
- Knorr-Bremse AG
- Meritor, Inc.
- Haldex
- ZF Friedrichshafen AG
- Wabtec
- Nabtesco Corporation
- TSE Brakes Inc.
- Federal-Mogul Corporation
- Sorl Auto Parts, Inc.
- Brakes India
- Other Players
- Sealco Commercial Vehicle Products
- SilverbackHD
- Fort Garry Industries
- Metelli S.p.A.
- Mahle GmbH
- Aventics GmbH
- Knott Brake
- Kongsberg
- Tata Autocomp Systems
- Mei Brakes
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Analyst's Recommendations
7 Air Brake System Market, by Component Type
8 Air Brake System Market, by Brake Type
9 Air Brake System Market, by Vehicle Type
10 Air Brake System Market for Construction and Mining Trucks, by Component Type
11 Air Brake System Market for Rolling Stock, by Component Type
12 Air Brake System Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/lqhirr
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