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  • Air Brake System Market: Future Demand, Market Analysis & Outlook by 2025




    (Transportation-News.com, January 21, 2020 ) The Air Brake System Market is estimated to be USD 4.5 billion in 2018 and is projected to reach USD 5.6 billion by 2025, at a CAGR of 3.31% during the forecast period.

    The market will be driven primarily because of the increase in heavy commercial vehicle production. Owing to the increasing technological advancements, increasing concerns over safety, and stringent government mandates to improve commercial vehicle safety, the demand for air brake systems is estimated to increase in the coming years. Additionally, air brakes are safer than hydraulic brakes owing to multiple fail-safe measures, hence improving the preference of air brakes over hydraulic brakes.

    The key players in the air brake system market are Knorr-Bremse (Germany), Wabco (Belgium), Meritor (US), Haldex (Sweden), ZF (Germany), Wabtec (US), Nabtesco (Japan), TSE Brakes (US), Federal-Mogul (US) and SORL Auto Parts (China).

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    The Asia Oceania region is the largest air brake system market and is expected to retain its position during the forecast period. Asia Oceania has emerged as a hub for automotive production in recent years owing to the increasing population and urbanization in the region. According to OICA, Asia Oceania accounted for ~70% of the global truck production in 2018 owing to the presence of OEMs such as Zheng Zou Yutong, Xiamen Kinglong Motor, Tata Motors, and Ashok Leyland. Manufacturers in this region are focused on developing specific solutions that address the challenging driving and braking situations faced by drivers on the roads. As consumers in the region are showing an increased inclination toward safety awareness, the region has witnessed higher growth than the matured markets of Europe and North America. As most of the heavy commercial vehicles above the GVWR of 7 ton are equipped with air brakes, Asia Oceania is estimated to be the largest air brake system market.

    The disc brake segment is estimated to grow at the fastest rate, by brake type, during the forecast period. The major factor driving the demand for air disc brakes is the rising focus on safety and stopping distance reduction mandate. For instance, the National Highway Traffic Safety Administration (NHTSA) implemented stopping distance regulations to decrease the overall fatality rate in the case of large trucks. There are stopping distance regulations for various vehicle configurations (three-axle, two-axle, and multi-axle) along with loaded and unloaded commercial vehicles. The regulation implemented in August 2013 stated that the stopping distance for unloaded three-axle trucks should be 235 feet and loaded three-axle trucks should be 310 feet. Additionally, because of the increase in population, there is a high demand for intracity and intercity transfers at low cost, which is estimated to drive the air brake system market in railways and some high-speed trains. All these factors would ultimately spur the growth of air disc brakes in the future.

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    Drum brakes in commercial vehicles primarily comprise brake drum, brake shoe, and linings. The drum brakes are the oldest braking mechanisms, which have a maximum adoption rate in Asia Oceania and North America owing to the comparatively low cost than air disc brakes. In the present scenario, Asia Oceania and North America have an adoption rate of approximately 8590% and 8085% respectively for drum brakes in heavy-duty vehicles. Moreover, with a rising focus toward safety and growing demand for high loading carrying capacity trucks mainly in developed regions such as Europe and North America, the market is shifting toward the deployment of air disc brakes. Europe is a prominent market for air disc brakes currently, and simultaneously the countries of North America and Asia Oceania are significantly adopting the deployment of air disc brakes. Thus, increasing stringency in vehicle stopping distance-related regulations, and the introduction of advanced braking mechanisms around the world would impact the growth of the air drum brakes in the coming years.

    The brake chamber market is projected to lead the global component market for an on-highway vehicle type in 2018. The number of slaking adjusters is maximum among all the air brake components. Different vehicle types such as rigid body, heavy-duty trucks, semi-trailers, and buses have 6 to 8 units of slaking adjusters per vehicle. Hence, the rise in the production of heavy trucks and buses would directly increase the number of brake chamber units, which, in turn, will drive the demand for brake chambers in the air brake system market.

    Key questions addressed by the report:

    Which air brake components in on-highway and construction & mining trucks are expected to dominate in the future?
    How are the industry players addressing the challenge of maintaining a balance between performance and cost of an air brake system?
    When is the air disc brake expected to be a mass adoption for the air brake system market, especially in the Asia Oceania region?
    What is the market size of the air brake system for construction & mining trucks?
    What are the key components of the air brake system in rolling stocks?

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    newsletter@marketsandmarkets.com

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