New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- The global air brake systems market size is predicted to expand at ~6.3% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 12.6 billion by the end of 2035, up from a revenue of ~USD 6 billion in the year 2022. This is due to advancements in technologies such as autonomous and electric vehicles as well as the growing need for safety and efficient braking systems in vehicles. A total of 86 million motor vehicles were produced around the world in 2022.
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Moreover, in 2019, there were 30 million automated cars on the road worldwide, and by 2024, the number is predicted to surpass 54 million. Autonomous and electric vehicles are less dependent on manual braking systems and require more sophisticated brakes, such as air brakes, that are able to respond precisely and quickly to sudden changes in speed and direction. This increased demand for air brake systems is driving innovation and growth in the industry.
Air Brake Systems Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- The bus segment to garner the highest growth
- Market in North America to grow at a highest rate
Rise In The Number Of Road Traffic Accidents To Boost Market Growth
As the number of road accidents continues to increase, it is essential to explore new ways to reduce the number of fatalities. Air brake systems, which are designed to slow down or stop vehicles quickly and efficiently, can help to reduce the number of accidents and fatalities on the road. WHO reports that fatal road accidents are the leading cause of death among children and young adults aged 5 to 29 years old.
Moreover, based on statistics released by the Ministry of Road Transport and Highways of India, each year roughly 0.15 million people die on Indian highways, which translates into 1130 accidents resulting in 422 deaths per day, or 47 accidents resulting in 18 deaths per hour. As road safety becomes an increasingly important issue, governments are implementing regulations that require vehicles to be equipped with air brake systems in order to reduce the risk of accidents. The air brake system allows for safer and more efficient braking than conventional hydraulic brakes, which can be affected by extreme weather conditions or by leaking brake fluid.
Furthermore, air brake systems provide greater stopping power and allow for smoother braking, reducing the risk of skidding or jackknifing, which can lead to more serious accidents.
Air Brake Systems Market: Regional Overview
The global air brake systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Government Initiative Encouraging Electric Vehicle Adoption to Drive the Growth in The Asia Pacific Region
The air brake systems market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. This is primarily due to the increasing purchasing power of the population in the region, coupled with the growing demand for safer and fuel-efficient vehicles.
Moreover, government initiatives and subsidies for electric vehicles, along with the emergence of new players in the market, are creating new opportunities for the air brake systems market in the region. Several measures such as FAME-II, PLI SCHEME, Battery Switching Policy, Special Electric Mobility Zone, and Tax Reduction on EVs have been taken by the Indian government to promote sustainable transportation systems through electric vehicles.
As of 2030, all government cars must be electric, all commercial fleets must be phased out, and fossil fuel-powered cars will be available in all cities. Electric vehicles require a different type of brake system than traditional gasoline-powered vehicles, making air brakes the preferred choice for electric vehicles. Additionally, the increased demand for electric vehicles due to their lower emissions and increased efficiency has resulted in higher demand for air brake systems.
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An Increase in The Implementation of Safety Standards to Drive the Growth in The North America Region
The air brake systems market in North America region is expected to generate the largest revenue by the end of 2035 owing to the rise in awareness among public transport authorities in the US to adopt zero-emission buses to reduce their carbon footprint and comply with regulations on air pollution. Additionally, stricter safety regulations have also contributed to the growth of the air brake systems market in North America. For instance, the Federal Motor Vehicle Safety Standards (FMVSS) are the regulations that govern the safety of motor vehicles in the United States. The FMVSS requires motor vehicles to be equipped with braking systems that are able to effectively stop the vehicle in all weather conditions.
Moreover, the National Traffic and Motor Vehicle Safety Act, US legislation requires automobile manufacturers to adopt safety standards to prevent unreasonable risks of accidents. Air brakes are designed to be more responsive and provide shorter stopping distances than traditional brakes, which makes them ideal for emergency situations. They also provide the driver with more control over the vehicle, allowing them to make more precise steering and braking adjustments.
Air Brake Systems, Segmentation by Vehicle Type
- Bus
- Truck
- Rolling Stock
The bus segment is anticipated to hold the largest revenue by the end of 2035. This is mainly due to the increased demand for buses and the advancement in technology that has enabled bus manufacturers to produce buses with increased fuel efficiency and safety. FAME India Phase II involved the deployment of 2435 e-buses in different states and union territories.
In addition, approximately 1,200 electric school buses were ordered, delivered, or operational by September 2022 in the United States. Around 13,000 electric school buses are now committed in the U.S. The electric buses are equipped with an electric motor and a regenerative braking system, which captures the energy created when the bus slows down and stores it in a battery. This means that the driver doesn't need to use as much force on the brake pedal, making it easier to stop the bus and reducing the risk of brake failure due to overuse.
Air Brake Systems, Segmentation by Type
- Disc
- Drum
The disc segment is anticipated to hold the largest share of revenue in the global air brake systems market by 2035. Disc brakes are more efficient than drum brakes and are quickly becoming the preferred choice for commercial vehicles. For instance, WABCO's PANTM and MAXXTM single-piston air disc brakes are safer and reduce vehicle ownership costs when compared with traditional drum brakes.
Additionally, disc brakes require less maintenance and also offer better stopping power and handle high levels of heat better than drum brakes, which makes them ideal for commercial vehicles that have to deal with heavy loads and high speeds. Furthermore, disc brakes have a larger surface area, which allows them to dissipate heat more effectively and are better suited for heavy-duty vehicles.
Air Brake Systems, Segmentation by Component
- Governor
- Tank
- Air Dryer
- Compressor
- Foot Valve
- Slack Adjuster
- Brake Chamber
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Air Brake Systems, Segmentation by Technology
- Traction Control System
- Electronic Stability Control
- Anti-Lock Braking System
- Brake Force Distribution
Few of the well-known market leaders in the global air brake systems market that are profiled by Research Nester are ZF Friedrichshafen AG, Knorr-Bremse AG, Haldex Group, Continental AG, Brembo S.p.A., EBC Brakes, Nissin Kogyo Co., Ltd., Robert Bosch GmbH, Accuride Corporation, Aisin Corporation, and other key market players.
Recent Development in the Market
- An agreement has been signed between Knorr Bremse AG and Alstom to supply braking, sanitary entry, and climate control systems for 130 Coradia Stream regional trains. Currently, it represents Knorr-Bremse's largest contract in Europe.
- A hundred LT series trucks of the fourth generation have been equipped with Wabco Maxxus L2.0 air disc brakes manufactured by ZF Friedrichshafen AG. These air disc brakes from Charleston, South Carolina are MAXXUS L2.0, and were selected due to their durability, ease of maintenance, and high uptime.
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