Air Brake System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Air Brake System Market
The air brake system market size was valued at USD 6.03 billion in 2023, and the market is now projected to grow from USD 6.22 billion in 2024 to USD 8.32 billion by 2032, exhibiting a CAGR of 3.7% during the forecast period of 2024-2032.
The COVID-19 outbreak disrupted the financial system, halting rail and industrial car operations. This decline in call for has an effect on air brake element sales and manufacture. OICA (International Organization of Motor Vehicle Manufacturers) reviews that bus and teach production should decrease through 37% in 2020 in contrast to 2019. In 2021, there has been a in addition 10% lower from 2020 stages.
E-trade and logistics companies rely in large part on a massive fleet of shipping cars, such as vans and vehicles. To accommodate growing client, call for online shopping and rapid deliveries, those firms will want to buy and operate extra trucks. Air brakes are vital for the safety and reliability of business motors, leading to elevated call for this product.
As motors grow to be more electrified and hybridized, especially electric trucks and buses, companies are growing braking structures that supplement those cars. The automatic emergency braking gadget (ADAS) in industrial motors calls for air brake components to feature properly.
Comprehensive Analysis of Air Brake System Market
The market for air brakes is divided into automotive and railways segments.
The railroads section is dominated by the extensive use of air brakes in rolling stock, including locomotives and freight trains. The growing popularity of high-speed trains and railways is driving demand for effective and high-quality air brake systems. The automotive market is predicted to develop the most rapidly, with vehicles such as buses, lorries, and heavy-duty trucks requiring air brakes. The market is divided into air disk brakes and air drum brakes, with the air drum brake sector leading due to its low cost. The compressor segment is expected to grow at the fastest-growing CAGR due to the focus on reducing the weight and size of air braking systems. The market is divided into OEM and aftermarket segments, with the OEM segment dominated by collaborations between automotive players and component suppliers. The aftermarket segment is expected to grow at the highest CAGR due to the increasing demand for commercial vehicles and railways, as well as the increasing operation of these vehicles.
The Asia Pacific region lead the air brake system market share by benefitting a market size of USD 2.43 billion in 2023 due to the region's automotive and rail industries drive demand for both OEM and aftermarket items. Companies expanding into developed and emerging economies improve their market presence and position, leading to increased regional growth. In September 2023, TMT was named Supplier of the Year 2023 in Asia Pacific at Westinghouse Air Brake Tech Corp's Asia Pacific Supplier Conference in Shanghai. This led in the firm progressing to a dominant market position in the region, hence boosting market growth.
The market is fragmented, with large global and local companies including Knorr-Bremse (Germany) and Wabco (Belgium), Meritor (US) SORL Auto Parts, Inc. (China), Wichita Clutchand Bludot Manufacturing are both based in the (U.S.), Continental AG (Germany), Maxcess (United States), and Cojali S.L. (Spain), Haldex (Sweden), Federal-Mogul Holding Corporation (United States), AirMaster Brake Systems (South Africa), Brake India Limited (India), YUMAK Air Brake Systems (Turkey), ZF (Germany)., Wabtec (US) and Nabtesco (Japan). Companies prioritize R&D efforts to provide efficient and lightweight braking systems.
October 2023: The Commercial Vehicle Safety Alliance (CVSA) brought the findings of Brake Safety Week. Approximately 18,875 industrial automobiles had been tested, with 2,375 (12.6%) removed off the street because of brake-related out-of-carrier problems.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 3.7% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Application
Automotive
- Buses
- Trucks
- Others
Railways
By Type
Air Disc Brake
Air Drum Brake
By Component
Compressor
Reservoir
Foot Valve
Brake Chambers & Slack Adjusters
Brake Linings & Drums/Rotors
By Distribution Channel
OEM
Aftermarket
By Geography
North America (By Application, By Type, By Component, By Distribution Channel)
- U.S. (By Application)
- Canada (By Application)
- Mexico (By Application)
Europe (By Application, By Type, By Component, By Distribution Channel)
- U.K. (By Application)
- Germany (By Application)
- France (By Application)
- Rest of Europe (By Application)
Asia Pacific (By Application, By Type, By Component, By Distribution Channel)
- China (By Application)
- Japan (By Application)
- India (By Application)
- South Korea (By Application)
- Rest of the Asia Pacific (By Application)
Rest of the World (By Application, By Type, By Component, By Distribution Channel)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
- 4. Key Insights
- 4.1. Overview of the Parent/Related Markets
- 4.2. Supply Chain Analysis
- 4.3. Regulatory Analysis
- 4.4. Recent Industry Developments – Mergers & Acquisitions, Partnerships, & New Product Launches
- 4.5. Qualitative Analysis Related to COVID-19
- 4.5.1. Impact of COVID-19 on the Market
- 4.5.2. Supply Chain Challenges amidst Pandemic
- 4.5.3. Potential Opportunities due to this Global Crisis
- 5. Global Sparkling Water Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecast
- 5.2.1. By Type
- 5.2.1.1. Natural/Mineral
- 5.2.1.2. Caffeinated
- 5.2.2. By Packaging
- 5.2.2.1. Glass Bottles
- 5.2.2.2. Cans
- 5.2.2.3. Plastic Bottles
- 5.2.3. By Distribution Channel
- 5.2.3.1. Hypermarkets/Supermarkets
- 5.2.3.2. Convenience Store
- 5.2.3.3. Online Channel
- 5.2.3.4. Others
- 5.2.4. By Region
- 5.2.4.1. North America
- 5.2.4.2. Europe
- 5.2.4.3. Asia Pacific
- 5.2.4.4. South America
- 5.2.4.5. Middle East & Africa
- 6. North America Sparkling Water Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Type
- 6.2.1.1. Natural/Mineral
- 6.2.1.2. Caffeinated
- 6.2.2. By Packaging
- 6.2.2.1. Glass Bottles
- 6.2.2.2. Cans
- 6.2.2.3. Plastic Bottles
- 6.2.3. By Distribution Channel
- 6.2.3.1. Hypermarkets/Supermarkets
- 6.2.3.2. Convenience Store
- 6.2.3.3. Online Channel
- 6.2.3.4. Others
- 6.2.4. By Country (Value)
- 6.2.4.1. U.S.
- 6.2.4.1.1. By Type
- 6.2.4.1.1.1. Natural/Mineral
- 6.2.4.1.1.2. Caffeinated
- 6.2.4.2. Canada
- 6.2.4.2.1. By Type
- 6.2.4.2.1.1. Natural/Mineral
- 6.2.4.2.1.2. Caffeinated
- 6.2.4.3. Mexico
- 6.2.4.3.1. By Type
- 6.2.4.3.1.1. Natural/Mineral
- 6.2.4.3.1.2. Caffeinated
- 7. Europe Sparkling Water Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By Type
- 7.2.1.1. Natural/Mineral
- 7.2.1.2. Caffeinated
- 7.2.2. By Packaging
- 7.2.2.1. Glass Bottles
- 7.2.2.2. Cans
- 7.2.2.3. Plastic Bottles
- 7.2.3. By Distribution Channel
- 7.2.3.1. Hypermarkets/Supermarkets
- 7.2.3.2. Convenience Store
- 7.2.3.3. Online Channel
- 7.2.3.4. Others
- 7.2.4. By Country (Value)
- 7.2.4.1. Germany
- 7.2.4.1.1. By Type
- 7.2.4.1.1.1. Natural/Mineral
- 7.2.4.1.1.2. Caffeinated
- 7.2.4.2. Italy
- 7.2.4.2.1. By Type
- 7.2.4.2.1.1. Natural/Mineral
- 7.2.4.2.1.2. Caffeinated
- 7.2.4.3. France
- 7.2.4.3.1. By Type
- 7.2.4.3.1.1. Natural/Mineral
- 7.2.4.3.1.2. Caffeinated
- 7.2.4.4. Spain
- 7.2.4.4.1. By Type
- 7.2.4.4.1.1. Natural/Mineral
- 7.2.4.4.1.2. Caffeinated s
- 7.2.4.5. U.K.
- 7.2.4.5.1. By Type
- 7.2.4.5.1.1. Natural/Mineral
- 7.2.4.5.1.2. Caffeinated
- 7.2.4.6. Rest of Europe
- 7.2.4.6.1. By Type
- 7.2.4.6.1.1. Natural/Mineral
- 7.2.4.6.1.2. Caffeinated
- 8. Asia Pacific Sparkling Water Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecast
- 8.2.1. By Type
- 8.2.1.1. Natural/Mineral
- 8.2.1.2. Caffeinated
- 8.2.2. By Packaging
- 8.2.2.1. Glass Bottles
- 8.2.2.2. Cans
- 8.2.2.3. Plastic Bottles
- 8.2.3. By Distribution Channel
- 8.2.3.1. Hypermarkets/Supermarkets
- 8.2.3.2. Convenience Store
- 8.2.3.3. Online Channel
- 8.2.3.4. Others
- 8.2.4. By Country (Value)
- 8.2.4.1. China
- 8.2.4.1.1. By Type
- 8.2.4.1.1.1. Natural/Mineral
- 8.2.4.1.1.2. Caffeinated
- 8.2.4.2. India
- 8.2.4.2.1. By Type
- 8.2.4.2.1.1. Natural/Mineral
- 8.2.4.2.1.2. Caffeinated
- 8.2.4.3. Japan
- 8.2.4.3.1. By Type
- 8.2.4.3.1.1. Natural/Mineral
- 8.2.4.3.1.2. Caffeinated
- 8.2.4.4. Australia
- 8.2.4.4.1. By Type
- 8.2.4.4.1.1. Natural/Mineral
- 8.2.4.4.1.2. Caffeinated
- 8.2.4.5. Rest of Asia Pacific
- 8.2.4.5.1. By Type
- 8.2.4.5.1.1. Natural/Mineral
- 8.2.4.5.1.2. Caffeinated
- 9. South America Sparkling Water Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecast
- 9.2.1. By Type
- 9.2.1.1. Natural/Mineral
- 9.2.1.2. Caffeinated
- 9.2.2. By Packaging
- 9.2.2.1. Glass Bottles
- 9.2.2.2. Cans
- 9.2.2.3. Plastic Bottles
- 9.2.3. By Distribution Channel
- 9.2.3.1. Hypermarkets/Supermarkets
- 9.2.3.2. Convenience Store
- 9.2.3.3. Online Channel
- 9.2.3.4. Others
- 9.2.4. By Country (Value)
- 9.2.4.1. Brazil
- 9.2.4.1.1. By Type
- 9.2.4.1.1.1. Natural/Mineral
- 9.2.4.1.1.2. Caffeinated
- 9.2.4.2. Argentina
- 9.2.4.2.1. By Type
- 9.2.4.2.1.1. Natural/Mineral
- 9.2.4.2.1.2. Caffeinated
- 9.2.4.3. Rest of South America
- 9.2.4.3.1. By Type
- 9.2.4.3.1.1. Natural/Mineral
- 9.2.4.3.1.2. Caffeinated
- 10. Middle East & Africa Sparkling Water Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecast
- 10.2.1. By Type
- 10.2.1.1. Natural/Mineral
- 10.2.1.2. Caffeinated
- 10.2.2. By Packaging
- 10.2.2.1. Glass Bottles
- 10.2.2.2. Cans
- 10.2.2.3. Plastic Bottles
- 10.2.3. By Distribution Channel
- 10.2.3.1. Hypermarkets/Supermarkets
- 10.2.3.2. Convenience Store
- 10.2.3.3. Online Channel
- 10.2.3.4. Others
- 10.2.4. By Country (Value)
- 10.2.4.1. UAE
- 10.2.4.1.1. By Type
- 10.2.4.1.1.1. Natural/Mineral
- 10.2.4.1.1.2. Caffeinated
- 10.2.4.2. South Africa
- 10.2.4.2.1. By Type
- 10.2.4.2.1.1. Natural/Mineral
- 10.2.4.2.1.2. Caffeinated
- 10.2.4.3. Rest of Middle East & Africa
- 10.2.4.3.1. By Type
- 10.2.4.3.1.1.
- 10.2.4.3.1.1.1. Natural/Mineral
- 10.2.4.3.1.1.2. Caffeinated
- 11. Competitive Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 11.2. Global Sparkling Water Market Revenue Share/Ranking Analysis, By Key Manufacturer, 2023
- 12. Company Profiles
- 12.1. Nestlé Waters
- 12.1.1. Overview
- 12.1.2. Description
- 12.1.3. Product Portfolio
- 12.1.4. Financials (Data as available in public domain and/or on paid databases)
- 12.1.5. Recent Developments
- 12.2. PepsiCo Inc.
- 12.2.1. Overview
- 12.2.2. Description
- 12.2.3. Product Portfolio
- 12.2.4. Financials (Data as available in public domain and/or on paid databases)
- 12.2.5. Recent Developments
- 12.3. The Coca-Cola Company
- 12.3.1. Overview
- 12.3.2. Description
- 12.3.3. Product Portfolio
- 12.3.4. Financials (Data as available in public domain and/or on paid databases)
- 12.3.5. Recent Developments
- 12.4. Keurig Dr. Pepper Inc.
- 12.4.1. Overview
- 12.4.2. Description
- 12.4.3. Product Portfolio
- 12.4.4. Financials (Data as available in public domain and/or on paid databases)
- 12.4.5. Recent Developments
- 12.5. Califia Farms
- 12.5.1. Overview
- 12.5.2. Description
- 12.5.3. Product Portfolio
- 12.5.4. Financials (Data as available in public domain and/or on paid databases)
- 12.5.5. Recent Developments
- 12.6. ASAHI Holdings
- 12.6.1. Overview
- 12.6.2. Description
- 12.6.3. Product Portfolio
- 12.6.4. Financials (Data as available in public domain and/or on paid databases)
- 12.6.5. Recent Developments
- 12.7. Anheuser-Busch
- 12.7.1. Overview
- 12.7.2. Description
- 12.7.3. Product Portfolio
- 12.7.4. Financials (Data as available in public domain and/or on paid databases)
- 12.7.5. Recent Developments
- 12.8. National Beverage Corp
- 12.8.1. Overview
- 12.8.2. Description
- 12.8.3. Product Portfolio
- 12.8.4. Financials (Data as available in public domain and/or on paid databases)
- 12.8.5. Recent Developments
- 12.9. Waterloo Sparkling Water Corp
- 12.9.1. Overview
- 12.9.2. Description
- 12.9.3. Product Portfolio
- 12.9.4. Financials (Data as available in public domain and/or on paid databases)
- 12.9.5. Recent Developments
- 12.10. Polar Beverages
- 12.10.1. Overview
- 12.10.2. Description
- 12.10.3. Product Portfolio
- 12.10.4. Financials (Data as available in public domain and/or on paid databases)
- 12.10.5. Recent Developments
- 13. Appendix
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