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Electro Pneumatic Train Brakes Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Electro Pneumatic Train Brakes Global Market Report 2024
According to The Business Research Company's, the electro pneumatic train brakes market size has grown strongly in recent years. It will grow from $9.56 billion in 2023 to $9.56 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to urbanization and population growth, demand for effective braking for high-speed trains, increasing focus on passenger safety, increasing train production and repair activities, and expansion of urban rail transit projects.
The electro pneumatic train brakes market size is expected to see strong growth in the next few years. It will grow to $11.68 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to growing need for modernizing rail transportation, increasing incidents of train accidents, growing trade and transport needs, increase in the passenger density, and increasing investments in rail infrastructure. Major trends in the forecast period include advanced braking technologies, increasing demand for high speed trains necessitates cutting edge braking technology, technological innovations in rail systems, innovative features, such as regenerative braking and predictive maintenance, and integration with modern control technologies.
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Market Drivers and Trends:
The increasing number of train accidents is expected to propel the growth of the electro-pneumatic train brakes market going forward. Train accidents refer to unplanned, harmful events involving trains that result in damage, injury, or loss of life. The increasing number of train accidents is due to infrastructure defects, human errors, signaling failures, and increased traffic. Electro-pneumatic train brakes enable efficient and rapid braking control, which mitigates risks in train accidents by facilitating quick response times and precise braking adjustments. For instance, in March 2024, according to the European Commission, a Belgium-based government agency, in 2022, the EU reported 1,615 significant railway accidents, marking a 15.9% increase from 2021. These accidents led to 808 fatalities and 593 serious injuries. Therefore, the increasing number of train accidents drives the growth of the electro-pneumatic train brakes market.
Major companies operating in the electro-pneumatic train brakes market are focused on investing in brake systems to enhance safety, improve braking efficiency, and comply with stringent regulatory standards. The investments aim to develop advanced, reliable, and efficient brake systems that will improve the safety and performance of trains. For instance, In January 2024, Wabtec, a US-based brake technology company, was awarded a $157 million contract by Siemens, a Germany-based automation company, to provide brake systems for 1,200 electric locomotives manufactured for Indian Railways. This partnership underscores their commitment, with Wabtec supplying brake systems from its Hosur plant over 11 years and providing maintenance services for 35 years. These advanced systems for the new 9,000HP locomotives are designed to enhance operational efficiency and safety with state-of-the-art technology.
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Major Key Players of the Market:
Mitsubishi Heavy Industries Ltd., Parker Hannifin Corporation, Wabtec Corporation, Voith GmbH & Co. KGaA, Akebono Brake Industry Co. Ltd., Nabtesco Corporation, Escorts Limited, Schaltbau GmbH, New York Air Brake Corporation, JSC MTZ TRANSMASH, Knorr Brake Company LLC, DAKO-CZ A.S., Yujin Machinery Ltd., Pintsch Bamag GmbH, Uflow Automation, KES GmbH & Co. KG, Faiveley Transport Witten gmbh, Microelettrica Scientifica Ltd., Nanjing Kangni Mechanical & Electrical Co. Ltd., Hitachi Rail
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