The air brake system market has also exhibited strong growth, expanding from $5.08 billion in 2023 to $5.38 billion in 2024, with a CAGR of 5.8%. This growth is driven by the expansion of railways, a need for reliable braking systems, the automotive industry's rise, continuous air brake technology advancements, urbanization, and the development of public transportation systems. The market is expected to further grow, reaching $6.82 billion by 2028 at a CAGR of 6.1%. Key factors for this growth include rising demand for hybrid and electric buses, heavy-duty vehicles, increased vehicle safety awareness, and growing investments in transportation infrastructure. Emerging trends include the integration of advanced driver assistance systems (ADAS), electric air brake systems, and modular air brake systems.
Major Driver In The Air Brake System Market
The air brake system market is set to expand significantly, fueled by a rising demand for commercial vehicles. These vehicles, vital for transporting goods and passengers, are in higher demand due to infrastructure development and logistics growth. Air brake systems ensure safety and efficiency, providing reliable braking power. The International Organization of Automobile Manufacturers reported a rise in global light commercial vehicle production from 19.71 million units in 2022 to 21.44 million units in 2023, underscoring the market's growth potential.
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Air Brake System Market Competitive Landscape
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
Key Air Brake System Market Trend
The air brake system market is witnessing significant advancements, particularly with the introduction of electronic trailer braking systems (ETBS) to enhance safety and performance in commercial vehicles. In December 2023, Knorr-Bremse AG launched the iTEBS X, a state-of-the-art electronic trailer braking system. This innovation combines an electronic control unit, sensor technology, and pneumatic brake control into a compact design, providing trailer manufacturers with a cost-efficient and modular solution while maintaining the reliable features of previous generations.
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Air Brake System Market Segmentation
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
By Geography:The regions covered in the air brake system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Air Brake System Global Market Report 2024 furnishes information about the global air brake system market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
