The air brake system market size is projected to grow from USD 3.1 billion in 2023 to USD 3.4 billion by 2028, at a CAGR of 2.2% from 2023 to 2028. The demand for air brake systems is driven by the increasing sales and production of commercial & OHV trucks, increasing railways & high-speed trains, and the fail-safe nature of air brakes compared with that of hydraulic brakes.
“Disc Brake Segment is anticipated to grow at fastest CAGR during the forecast period.”
The disc brake segment is projected to experience rapid growth, primarily due to the increasing demand for air disc brakes driven by safety concerns and the need to reduce stopping distances. Countries like the US, China, Japan, and India are witnessing a rise in the market share of air disc brakes because of their efficiency and durability, with governments and OEMs emphasizing safety and accident reduction. However, the high cost of air disc brakes remains a significant challenge. Manufacturers should focus on pricing and developing cost-effective alternatives to encourage a shift from air drum brakes to air disc brakes.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=163805421
“Compressor hold the largest market share for construction and mining air brake system market during the forecast period.”
By component for construction and mining trucks, compressors hold the largest market share in the global construction and mining truck air brake system market. the capacity of the compressor varies with the GVWR of the construction and mining truck. However, construction and mining trucks have high-capacity compressors as compared to on-highway vehicles such as heavy-duty trucks. Advancements in air compressors of air brake systems will also drive the demand for air compressor unit and overall air brake systems. The companies are focusing on developing improved and advanced compressors such as electronically controlled compressors, integrated compressors, and maintenance-free compressors for construction and mining trucks
“The Semi-trailer tractor is anticipated to grow at fastest CAGR in on-highway vehicle air brake system market, under vehicle type segment”
Semi-trailer tractor is anticipated to grow at the fastest CAGR of 3.0% during the forecast period. Semi-trailer tractor usage in developing countries such as India and Japan has increased significantly in the last few years. For instance, the growth in semi-trailer production in India and Japan has elevated by 34% and 8%, respectively, in 2022. This growth can be attributed to the increase in road infrastructure and the high rate of industrialization. For instance, the Indian government has allocated USD 8.07 billion for FY2022-2023 for road infrastructure.
“Asia Pacific is estimated to be fastest market for air brake systems during the forecast period.”
The Asia Pacific region, while currently the largest market for air brake systems globally, is projected to experience the fastest growth in terms of CAGR between 2023 and 2028. China and India are the major countries driving this growth, with China being the largest producer of heavy commercial vehicles in the region. The expansion of the market in the Asia Pacific can be attributed to the positive macroeconomic fundamentals in emerging economies like China and India, which influence consumer buying behavior for commercial vehicles. Further, rigid-body trucks in countries such as Japan and South Korea account for the largest market share. Hence, these trucks are estimated to account for the largest market share in the Asia Pacific. However, increasing industrialization and infrastructural activities in the region are estimated to drive the demand for semi-trailers. Thus, this segment will witness the highest CAGR during the forecast period. China, the largest heavy-duty vehicles market in the world, is estimated to account for ~57% of the air brake system market, in terms of volume, in Asia Pacific. The Asia Pacific brake system market is consequently expected to witness growth at a CAGR of 2.2% during the forecast period.
This can be attributed to the increasing commercial production in countries such as China. Additionally, as per a new mandate, axle capacity has increased, which will drive the demand for air brakes as LCVs with a GVWR of 6.5 tons may increase up to 7.5 tons, which will generate more demand for air brakes in the region. Companies such as Wabco, Meritor, and Knorr-Bremse have a robust presence in key Asian countries such as China, India, and Japan.
Key Market Players:
The air brake system market is primarily dominated by globally established players such as Knorr- Bremse AG (Germany), Meritor, Inc. (US), Haldex (Sweden), ZF Friedrichshafen AG (Germany), and Wabtec Corporation (US).
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=163805421
