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Air Brake System Market Size, Share, Trends, Recent Development And Future Growth, Forecast To 2033
Air Brake System Market Size
As per the report, the air brake system market size has grown strongly in recent years. It will grow from $5.08 billion in 2023 to $5.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The air brake system market size is expected to see strong growth in the next few years. It will grow to $6.82 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
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Rising Demand For Commercial Vehicles Fuels Growth In Air Brake System Market
The surging demand for commercial vehicles is expected to propel the growth of the air brake system market going forward. Commercial vehicles are motor vehicles used for transporting goods or passengers for hire, compensation, or profit, typically larger and more robust than personal vehicles. The demand for commercial vehicles is due to infrastructure development and the expansion of the logistics and transportation industries, which require efficient transport solutions. Air brake systems in commercial vehicles ensure safety and efficiency, providing reliable braking power and enhanced control. For instance, in 2023, according to the International Organization of Automobile Manufacturers, a France-based trade association, the worldwide production of light commercial vehicles increased from 19.71 million units in 2022 to 21.44 million units in 2023. Therefore, the surging demand for commercial vehicles is driving the growth of the air brake system market.
Advanced Electronic Trailer Braking Systems In The Commercial Vehicle Industry
Major companies operating in the air brake system market are focused on developing innovative technologies, such as electronic trailer braking systems, to enhance safety, performance, and efficiency in commercial vehicles. Electronic trailer braking systems (ETBS) are advanced braking systems designed for trailers, enhancing braking control and safety through electronic components in conjunction with traditional pneumatic air brake systems. For instance, in December 2023, Knorr-Bremse AG, a Germany-based manufacturer of braking systems for rail and commercial vehicles, launched a cutting-edge electronic trailer braking system, iTEBS X, to provide its customers with a technologically advanced and cost-effective electronic trailer braking system that meets the evolving needs of the commercial vehicle industry. The new iTEBS X combines the electronic control unit, sensor technology, and pneumatic brake control into a single, compact assembly, providing a cost-efficient and modular design for trailer manufacturers. The new system retains the positive features of previous generations, such as an efficient pneumatic coupling design and harmonization of tractor and trailer brake control functions, while also introducing new capabilities like an integrated lift axle valve.
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
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Major companies operating in the air brake system market are 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
Contents of the report:
1. Executive Summary
2. Air Brake System Market Report Structure
3. Air Brake System Market Trends And Strategies
4. Air Brake System Market - Macro Economic Scenario
5. Air Brake System Market Size And Growth
…..
27. Air Brake System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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