Air Brake System Market is projected to be worth USD 7.01 billion by 2033 and is anticipated to surge at a CAGR of 5.97%.
A compressed air brake system, sometimes known as an air brake, is a kind of friction brake used on automobiles. It works by applying compressed air to a piston, which in turn puts pressure to the brake pads, forcing the car to stop. In addition to being employed in railroad trains, air brakes are also utilised in large, heavy vehicles, especially those with numerous trailers that need to be connected to the braking system, like trucks, buses, trailers, and semi-trailers.
Global Air Brake System Market Driving Factors and Challenges
One of the main factors propelling the global market for air brake systems is the increasing urbanisation of the world. The market is growing faster thanks to an increase in off-highway truck and commercial vehicle sales and production, as well as the integration of systems that provide more forceful braking to both heavy and commercial vehicles. Increased railroads and high-speed trains, as well as a broader use of air brake systems in parking and service brakes, all have an impact on the market. In addition, the global market for air brake systems is positively impacted by the growing number of vehicles on the road, growing passenger safety concerns, and the growth of the automotive industry.
Advancements in automotive technology, particularly in Europe, drive the growth of air brake systems. The surge in autonomous driving popularity boosts the adoption of advanced braking systems, enhancing vehicle safety. Supportive regulations and cost-effective vehicles contribute to widespread usage, aligning with manufacturers' initiatives to reduce road fatalities through safety programs and informative campaigns. The focus remains on developing air brake systems to offer improved driving assistance.
The high cost of air brakes compared to hydraulic brakes and the growing emphasis on electric trucks and buses, however, are anticipated to impede the growth of the air brake system market. In comparison to other braking systems, the air braking system is more effective at preventing accidents involving automobiles. Brakes are used to assure the safety of the vehicle while it is being driven. Due to the differences in the architecture of the air brake system and the hydraulic brakes, they are also thought to be more expensive than hydraulic brakes. Additionally, the cost of replacing air brake components such diaphragms and compressors is higher. In the end, this makes air brakes more expensive than hydraulic brakes. Therefore, it is projected that the high cost of air brakes compared to hydraulic brakes will hinder the market for air brake systems throughout the projection period.
Impact of COVID-19 on Global Air Brake System Market
The COVID-19 epidemic caused hurdles and disruptions for the air brake system market, as it did for many other industries. Air brake systems became less popular as a result of the pandemic's impact on auto sales and manufacturing. The market is anticipated to recover as the automobile sector steadily improves, despite the market's resistance. Regulations and car safety have received more attention as a result of the pandemic's emphasis on the value of safety measures such air brake systems. In the aftermath of the epidemic, there will likely be a greater emphasis on safety, which will fuel demand for air brake systems.
Global Air Brake System Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Haldex, knorr-Bremse AG, Meritor, Inc., Nabtesco Automotive Corporation, SORL Auto Parts, Inc., Tenneco Inc., TSE Brakes Inc., WABCO, Wabtec Corporation, ZF Friedrichshafen AG, Others.
Global Air Brake System Market Segmentation:
By Type: Based on the Type, Global Air Brake System Market is segmented as; Air Disc Brake, Air Drum Brake.
By Component: Based on the Component, Global Air Brake System Market is segmented as; Air Dryer, Brake Chamber, Foot Valve, Governor, Slack Adjuster, Tank, Others.
By Technology: Based on the Technology, Global Air Brake System Market is segmented as; Anti-Lock Braking System (ABS), Electronic Brake Force Distribution (EBD), Electronic Stability Program or Electronic Stability Control (ESC), Traction Control System (TCS).
By Vehicle Type: Based on the Vehicle Type, Global Air Brake System Market is segmented as; Bus, Heavy-Duty Truck, Rigid Body Truck, Rolling Stock, Semi-Trailer.
By Application: Based on the Application, Global Air Brake System Market is segmented as; Electronically Controlled Pneumatic (ECP), Locomotive Electro-Pneumatic(EP), Off-Road Vehicle, On-Road, Rolling Stock, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.