Air Brake System Market Estimated to Reach $3.4 billion by 2028

The global air brake system market size was valued at USD 3.1 billion in 2023 and is expected to reach USD 3.4 billion by 2028, at a CAGR of 2.2% during the forecast period 2023-2028. The air brake system market is expected to grow due to several factors. These include the rising demand for heavy commercial vehicles, the expansion of railways, increased long-haul transportation, and upcoming safety-related regulatory requirements. These factors will contribute to the increased adoption of air disc brakes in developed and developing countries.

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Market Dynamics
DRIVER: Increase in sales and production of commercial trucks and buses.

The air brake system market relies heavily on producing and selling heavy commercial vehicles and off-highway trucks, as they use air brakes for their fail-proof mechanism. The global production of commercial vehicles has significantly increased in recent years due to population growth, urbanization, and increased infrastructural spending worldwide. The demand for heavy trucks and buses has also risen, especially after 2020, driven by e-commerce growth and the recovery of the travel and tourism industry. This has led to a greater need for efficient transportation systems to meet the rising demands for goods and passenger transport, resulting in increased usage of air brake systems. As global heavy vehicle manufacturers adapt to these changes, ongoing investments in heavy trucks and buses will be crucial to sustain the high demand. The strong demand for these vehicles and the global economic recovery are expected to drive the market.

OPPORTUNITIES: Regulations on load-carrying capacity and mandates on installing air brakes.

Countries such as India increased their per axle load capacity by 20-25% in 2018. The increase in the load per axle has increased the demand for high-power brakes in the commercial vehicle segment in India. Due to increased weight per axle, many medium commercial vehicles have witnessed increased regulated load-carrying capacity per vehicle. For instance, the vehicles used to carry loads up to 6 tons can now carry weight up to 7.5 ton. According to MarketsandMarkets analysis, the installation rate of the air brake system is between 80 to 90% in the 7-to-14.9-ton GVWR segment.

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"Heavy-duty truck to be the largest market for air brake systems"

Heavy-duty trucks include class 7 and class 8 trucks in which class 7 weighing approximately 12 to 14 tons, whereas class 8 trucks weighing upto approximately 15 t0 36 tons. According to OICA and MarketsandMarkets analysis, the production of heavy-duty trucks accounted for the maximum of the total truck production for all the regions, including North America, Asia Pacific, Rest of the World, and Europe in 2022 and is expected to dominate during the forecast period.

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).

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This release was published on openPR.