How Is The Global Air Brake System Market Defined?
An air brake system refers to a type of braking mechanism commonly used in heavy vehicles. This system uses compressed air to apply pressure to the brake pads or brake shoes, creating the friction necessary to slow down or stop the vehicle.
Air Brake System Global Market Report 2024 provides data on the global air brake system market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The air brake system market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Air Brake System Market Size And Annual Growth Rates?
The air brake system market has seen robust growth, increasing from $5.08 billion in 2023 to $5.38 billion in 2024 at a CAGR of 5.8%. This expansion was supported by the growth of railways, the need for reliable braking systems in industries, the rise of the automobile sector, continuous technological improvements in air brakes, urbanization, and expanding public transportation systems. By 2028, the market is projected to reach $6.82 billion, growing at a CAGR of 6.1%, driven by demand for hybrid and electric buses, increased adoption of heavy-duty vehicles, greater consumer awareness of vehicle safety, investments in transportation infrastructure, and rising needs for commercial vehicles. Emerging trends include integration with advanced driver assistance systems, electric air brake systems, automated manufacturing, geographical expansion, and modular system development.
Which Key Drivers Are Propelling The Air Brake System Market's Growth?
The increasing demand for commercial vehicles is expected to drive the growth of the air brake system market. Commercial vehicles, which are used for transporting goods or passengers for hire, tend to be larger and more durable than personal vehicles. This demand is spurred by infrastructure development and the expansion of the logistics and transportation sectors, which require efficient transportation solutions. Air brake systems in commercial vehicles ensure both safety and efficiency by providing reliable braking power and better control. For instance, global production of light commercial vehicles increased from 19.71 million units in 2022 to 21.44 million units in 2023, according to the International Organization of Automobile Manufacturers. Thus, the growing demand for commercial vehicles is driving the air brake system market.
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What Are The Key Segments Within The Global Air Brake System Market?
The air brake system market covered in this report is segmented –
1) By Type: Air Disc Brake, Air Drum Brake
2) By Component: Compressor, Governor, Tank, Air Dryer, ??Foot Valve, Brake Chamber, Slack Adjuster, Other Components
3) By Vehicle: Rigid Body Trucks, ?Heavy Duty Trucks, ??Semi-Trailer Tractor, Bus
4) By Application: On-Road, Off-Road Vehicle, Rolling Stock, Locomotive Electro-Pneumatic(EP), Electronically Controlled Pneumatic(ECP), Other Applications
How Are New Trends Impacting The Size Of The Air Brake System Market?
Key players in the air brake system industry are innovating with technologies like electronic trailer braking systems to improve safety, performance, and efficiency in commercial vehicles. These systems combine electronic controls with pneumatic air brakes for enhanced braking accuracy. For example, in December 2023, Germany-based Knorr-Bremse AG introduced iTEBS X, a cutting-edge electronic trailer braking system. This system integrates electronic control units, sensors, and pneumatic brake controls into a compact module, retaining previous system advantages while incorporating new features like an integrated lift axle valve and modular design for cost efficiency.
Which Region Drives The Highest Growth In The Air Brake System Market?
Asia-Pacific was the largest region in the air brake system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the air brake system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
