The global air brake system market was valued at $4.81 billion in 2018, and is projected to reach $6.6 billion by 2026, registering a CAGR of 4.4%. North America was the highest revenue contributor, accounting for $2.03 billion in 2018, and is estimated to reach $2.70 billion by 2026, with a CAGR of 4.1%. Asia-Pacific is estimated to reach $2.5 billion by 2026, at a significant CAGR of 5.4%. North America and Asia-Pacific collectively accounted for around 77.4% share in 2018, with the former constituting around 42.2% share. Asia-Pacific and North America are expected to witness considerable CAGRs of 5.4% and 4.1%, respectively, during the forecast period. The cumulative share of these two segments was 77.4% in 2018, and is anticipated to reach 78.9% by 2026.
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Major Market Players:
- KNORR-BREMSE AG
- Federal-Mogul
- WABCO
- Meritor, Inc.
- Haldex Inc.
- ZF FRIEDRICHSHAFEN AG
- Wabtec Corporation
- Nabtesco Automotive Corporation
- TSE Brakes Inc.
- SORL Auto Parts, Inc.
An air brake or a compressed air brake system is a type of friction brake designed for vehicles in which the compressed air is applied on a piston, which further applies pressure to the brake pads, thereby causing the vehicle to stop. Air brakes are used in large heavy vehicles, particularly those having multiple trailers, which must be linked into the brake system, such as trucks, buses, trailers, and semi-trailers, in addition to their use in railroad trains. George Westinghouse first developed air brakes for use in railway service. Air brake systems are typically used on heavy trucks and buses. The air brake system has a wider application in service brakes, parking brakes, and includes wider range of components such as control pedal, an air storage tank, and various other components which leads to a significant growth of the air brake system market across the globe.
The air brake system is a type of friction brake for vehicles in which compressed air pressing on a piston applies pressure in the brake to stop a vehicle. It comprises several components including compressor, governor, tank, air dryer, foot valve, brake chamber, and slack adjuster. Currently, there are two types of air brake systems that are commonly available in the market, namely, disc air brake system and drum air brake system. The air brake system is integrated in heavy as well as commercial vehicles to apply more massive brake effort thereby causing a significant demand of air brakes eventually boosting the air brake system industry. The increased demand for air brakes has positively impacted the market thereby increasing the air brake system market size across the globe.
Key Market Segments
- By Type
- AIR DISC BRAKE
- AIR DRUM BRAKE
- By Component
- Compressor
- Governor
- Tank
- Air Dryer
- Foot valve
- Brake chamber
- Slack adjuster
- Others
- By Vehicle Type
- TRUCKS
- BUS
- ROLLING STOCK
- By Region
- NORTH AMERICA
- U.S
- CANADA
- MEXICO
- EUROPE
- GERMANY
- FRANCE
- ITALY
- UK
- REST OF EUROPE
- ASIA-PACIFIC
- JAPAN
- CHINA
- INDIA
- SOUTH KOREA
- REST OF ASIA-PACIFIC
- LAMEA
- LATIN AMERICA
- MIDDLE-EAST
- AFRICA
- NORTH AMERICA
Factors such as increase in production and sales of commercial vehicles and off-highway trucks along with the increased production of railway and high speed trains production are driving the growth of the air brake system market However, factors such as high cost of air brakes over hydraulic brakes, and increasing focus on electric trucks and buses is expected to hamper the air brake system market growth. Further, regulations related to load carrying capacity and mandates on air brakes installation are expected to create numerous opportunities for the growth and expansion of the market thereby increasing the air brake system market size.
The global air brake system market is segmented based on type, component, vehicle type, and region. Based on type, the market is categorized into air disc brake and air drum brake. Based on component, it is divided into compressor, governor, tank, air dryer, foot valve, brake chamber, and slack adjuster. Based on vehicle type, the market is bifurcated into truck, bus and rolling stock. By region, the air brake system market analysis is done across North America, Europe, Asia-Pacific, and LAMEA.
Advancements in technology along with the advent of automation in automobiles, have increased the demand for vehicles equipped with better & advanced safety features. This has led the vehicle manufacturers across the globe to develop vehicles that are equipped with the latest technology. With surge in demand for transportation through vehicles and rise in urbanization, the demand for commercial vehicle and off- highway trucks has increased. This has led the component manufacturers across the globe to develop better and long lasting components such as air brakes to be equipped in vehicles, thereby ensuring longer life and safety. Thus the increase in the sales & production of commercial vehicles and off-highway trucks is expected to boost the growth of the air brake system market during the forecast period.
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Key Benefits for Air Brake System Market :
- This study presents the analytical depiction of the global air brake system market analysis along with the current trends and future estimations to depict the imminent investment pockets.
- The overall air brake system market opportunity is determined by understanding the profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global air brake system market with a detailed impact analysis.
- The current air brake system market is quantitatively analyzed from 2018 to 2026 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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