Air Brake System Market Forecasts to 2030 – Global Analysis By Component Type (Slack Adjuster, Foot Valve, Governor, Compressor , Brake Chamber, Air Dryer, Storage Tank and Other Component Types), Brake Type, Vehicle Type and By Geography

Air Brake System Market Forecasts to 2030 – Global Analysis By Component Type (Slack Adjuster, Foot Valve, Governor, Compressor , Brake Chamber, Air Dryer, Storage Tank and Other Component Types), Brake Type, Vehicle Type and By GeographyAccording to Stratistics MRC, the Global Air Brake System Market is accounted for $5.3 billion in 2023 and is expected to reach $7.7 billion by 2030 growing at a CAGR of 5.4% during the forecast period. The air brake system is a type of stopping device that is used in large, heavy vehicles. An air brake, also known as a compressed air brake system, is a sort of friction brake intended for cars. It works by applying compressed air to a piston, which then exerts pressure on the brake pads, bringing the vehicle to a stop. Large and heavy vehicles, especially those with many trailers, must be connected to the air brake system. Examples of these vehicles are trucks, trailers, buses, and railroad trains. In lighter cars, a water-driven stopping mechanism is used; the air-powered braking system is used as an alternative.

According to OICA, Asia Pacific accounted for ~60% of the global truck production in 2022 due to OEMs such as Zheng Zou Yutong, Xiamen Kinglong Motor, Tata Motors, and Ashok Leyland.

Market Dynamics:

Driver:

Increased manufacturing of high-speed trains and railroads

The need for improved and more sophisticated safety components has grown as a result of technological developments and the adoption of automation in the railway sector. As a result, manufacturers have created new and sophisticated parts like braking systems, which are useful in high-speed trains and railways for assuring safety and retaining control of the vehicle. Thus, the market has expanded as a result of the expansion of railways and high-speed trains.

Restraint:

Electric vehicles and buses are receiving more attention

All nations will concentrate on lowering global carbon emissions in the upcoming years due to environmental developments. The automobile sector, which generates a large amount of carbon emissions, is working to create zero-emission cars. Electric commercial vehicles will significantly reduce the owner's fuel and maintenance expenses, according to the cost-benefit analysis. The market for electric trucks and buses is expected to grow as a result of all these factors.

Opportunity:

Emphasis on compliance and road safety

To decrease traffic accidents and boost road safety, governments and regulatory agencies around the world are enforcing strict safety standards for commercial vehicles. Air brake systems are a favoured option for meeting safety and compliance standards because of its reputation for providing responsive and effective braking performance. A significant factor propelling the market for air brake systems is the rising demand for commercial vehicles including trucks, buses, and trailers.

Threat:

High initial expenditure

Commercial vehicle air brake systems can be expensive to install and maintain. For fleet owners, especially those with small or medium-sized fleets, the initial investment in air brake components, including compressors, valves, and chambers, may provide a financial hurdle. Additionally, the cost of replacing components utilised in air brakes, such as compressors, diaphragms, and others, is higher. Since air brakes are more expensive than hydraulic brakes, the air brake system market is expected to suffer during the forecast period.

Covid-19 Impact

The whole global automotive sector supply chain was thrown off balance when COVID-19 suddenly appeared. The subsequent closure of the assembly plants disrupted production and stopped the export of Chinese components. Government-enforced travel restrictions across the globe have also interfered with opportunities for business partnerships and collaboration. People were unable to move freely from one location to another due to the pandemic. Additionally, the supply side of the automobile brake system market was impacted by the limitations of the small staff at the production site.

The air brake drum segment is expected to be the largest during the forecast period

The air brake drum segment is estimated to have a lucrative growth. Drum brakes in commercial vehicles primarily comprise brake drums, brake shoes, and linings. Thus, tightening regulations governing vehicle stopping distances and the introduction of more modern braking systems globally would have an effect on the development of air drum brakes in the years to come. Due to their widespread application and established performance, they are the most popular type on the market for heavy-duty trucks, buses, and trailers.

The semi-trailer segment is expected to have the highest CAGR during the forecast period

The semi-trailer segment is anticipated to witness the fastest CAGR growth during the forecast period, owing to the increase in road infrastructure and the high rate of industrialization. Since the trailer is an optional attachment, it is not taken into account in the air brake system market for semi-trailer tractors. Due to the need for higher-quality air brakes, the cost of air brake systems for semi-trailer tractors is significantly higher than that of rigid body and heavy-duty trucks.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to increased industrialization, urbanisation, and the expansion of transportation networks. The need for dependable brake solutions has increased in the region as governments tighten laws for commercial vehicles and public awareness of traffic safety rises. Additionally, the continued growth of the mining and construction industries has increased the demand for heavy-duty trucks with effective air brake systems.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period. As consumers in the region are showing an increased inclination toward safety awareness, the region has witnessed higher growth than the matured markets. The ease of setting up manufacturing facilities has attracted a lot of firms to the area. Additionally, the market is growing as a result of both the rising accident rate and the rise in automobile ownership.

Key players in the market

Some of the key players profiled in the Air Brake System Market include ZF Friedrichshafen AG, Nabtesco Automotive Corporation, Brake Systems Inc., Meritor, Inc., Wabtec Corporation., Knorr-Bremse AG, SORL Auto Parts, Inc., Tenneco Inc., Grindlays Engine Parts Pvt. Ltd., Haldex, WABCO Holdings Inc., Hino Motors, Ltd., TSE Brakes Inc., ZF Friedrichshafen AG, Asia Brake Valve Co., Ltd., Soul Auto Parts, SAF-Holland and Knorr-Bremse AG.

Key Developments:

In April 2023, SAF-Holland announced the launch of its new Air Disc Brake system. The Air Disc Brake is a brake system that is designed to improve the safety and performance of commercial vehicles.

In April 2023, Knorr-Bremse AG announced the launch of its commercial vehicle aftermarket brand Knorr-Bremse Truck Services in South America. The portfolio for dealers, workshops, and fleet operators was presented at Automec 2023 in South America.

In March 2023, Continental announced the launch of its new ContiTrailer EBS 3.0 air brake system. The ContiTrailer EBS 3.0 is a brake system that is designed to improve the efficiency and performance of trailer brakes.

Component Types Covered:
• Slack Adjuster
• Foot Valve
• Governor
• Compressor
• Brake Chamber
• Air Dryer
• Storage Tank
• Other Component Types

Brake Types Covered:
• Air Disc Brake
• Air Drum Brake
• Other Brake Types

Vehicle Types Covered:
• Semi-Trailer
• Heavy-Duty Truck
• Rigid-Body Truck
• Other Vehicle Types

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements