How Has the Air Brake System Market Size Evolved in Recent Years?
The air brake system market has seen considerable growth due to a variety of factors.
• The air brake system market is expected to expand from $5.38 billion in 2024 to $5.71 billion in 2025 at a CAGR of 6.2%.
This growth can be attributed to railway expansion, the demand for reliable braking systems in the industry, the rising automotive sector, continuous improvements in air brake technology, and the growth of urbanization and public transport systems.
What are the Market Size and Expected Growth Rates for the Air Brake System Market?
The air brake system market is expected to maintain its strong growth trajectory in upcoming years.
• The air brake system market is set to grow to $7.23 billion by 2029, at a CAGR of 6.1%.
This growth is due to the rising demand for hybrid and electric buses, the increasing adoption of heavy-duty vehicles, greater consumer awareness of vehicle safety, investments in transportation infrastructure, and a growing need for commercial vehicles. Major trends include integration with advanced driver assistance systems (ADAS), the development of electric air brake systems, automated manufacturing processes, geographical market expansion, and modular air brake system development.
What Are The Key Drivers Fueling Growth In The Air Brake System Market?
The surging demand for commercial vehicles is expected to boost the growth of the air brake system market. Commercial vehicles are used for transporting goods or passengers, and their demand is driven by infrastructure development and the expansion of logistics. Air brake systems in commercial vehicles ensure safety and efficiency. For example, in 2023, the International Organization of Automobile Manufacturers reported that production of light commercial vehicles increased from 19.71 million units in 2022 to 21.44 million units in 2023. This surge in commercial vehicle demand is propelling the air brake system market.
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
Subsegments:
1) By Air Disc Brake: Single-Piston Air Disc Brakes, Multi-Piston Air Disc Brakes, Heavy-Duty Air Disc Brakes, Lightweight Air Disc Brakes
2) By Air Drum Brake: Full Air Drum Brakes, Single Air Drum Brakes, Twin Air Drum Brakes, Heavy-Duty Air Drum Brakes
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How Are New Trends Impacting The Size Of The Air Brake System Market?
Companies in the air brake system market are advancing technologies such as electronic trailer braking systems to enhance the safety and performance of commercial vehicles. In December 2023, Knorr-Bremse AG, a Germany-based braking systems manufacturer, launched the iTEBS X, a new electronic trailer braking system that integrates electronic control, sensors, and pneumatic brake systems into a single compact unit. This system enhances braking control and efficiency, meeting the evolving demands of the commercial vehicle industry.
Who Are the Key Players In The Air Brake System Market?
Major companies operating in the air brake system market are:
• ZF Friedrichshafen AG
• Eaton Corporation
• Wabtec Corporation
• Knorr-Bremse AG
• Mando Corporation
• Meritor Inc.
• Nabtesco Automotive Corporation
• SAF-Holland Inc.
• Brakes India Pvt. Ltd.
• SORL Auto Parts Inc.
• Jost World
• Haldex AB
• Zhejiang VIE Science & Technology Co. Ltd.
• ProVia LLC
• Wabco India Ltd.
• Federal-Mogul Goetze (India) Ltd.
• TMD Friction Holdings GmbH
• Dayton Parts Inc.
• Webb Wheel Products Inc.
• MGM Brake
• Carlisle Industrial Brake & Friction Inc.
• TSE Brakes Inc.
• VELVAC Inc.
• Aventics
• FUWA K-Hitch
What Are The Regional Insights Into 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.
