Air Brake System Market | An In-depth Analysis, Trends and Forecasts with a CAGR 4.4% by 2026

According to a recent report published by Allied Market Research, titled, "Air Brake System Market by Type, Component, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2018-2026," the global air brake system market size was valued at $4.8 billion in 2018, and is projected to reach $6.6 billion by 2026, registering a CAGR of 3.57% from 2018 to 2026.

North America contributed to the largest market share, accounting for more than two-fifths of the global air brake system market in 2018, and is expected to maintain its highest contribution in terms of revenue during the forecast period. This is due to adoption of advanced technology along with the constant development in air brake systems. However, Asia-Pacific is expected to maintain the fastest CAGR of 5.4% from 2019 to 2026, owing to wide applications of air brakes in vehicles with increased transportation having an efficient safety and security system.

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Surge in sales & production of commercial vehicles & off-highway trucks and surge in number of railways & high-speed trains drive the growth of the global air brake system market. However, higher cost of air brakes as compared to hydraulic brakes and rise in focus on electric trucks & buses hinder the market growth. On the other hand, regulations related to load carrying capacity and mandates on air brakes installation create new opportunities in the market.

An air brake or a compressed air brake system, is a type of friction brake for vehicles in which compressed air pressing on a piston is used to apply the pressure to the brake pad needed to stop the vehicle. In addition to their use in railroad trains, air brakes are used in large heavy vehicles, particularly those having multiple trailers that need to be linked into the brake system, such as trucks, buses, trailers, and semi-trailers. George Westinghouse first developed air brakes for use in railway service. Air brake systems are typically used on heavy trucks and buses. The air brake system has a wider application in service brakes, parking brakes, and includes wider range of components such as control pedal, an air storage tank, and various other components.

It comprises several components including compressor, governor, tank, air dryer, foot valve, brake chamber, and slack adjuster. Currently, there are two types of air brake system commonly available in the air brake system market, namely, disc air brake system and drum air brake system. The air brake system is integrated in heavy as well as commercial vehicles to apply more massive brake effort. The increased demand for air brakes has positively impacted the air brake system market growth.

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Air brake system are much more powerful than ordinary mechanical or hydraulic brakes and therefore, they are exclusively used in heavy vehicles. Also, they are easy to install in chassis of the vehicle as they are interconnected by means of pipes to the vehicle. The compressor air can also be used for tire inflation, windscreen wipers, horns, and many other accessories.

Based on vehicle type, the rolling stock segment contributed the highest market share in the global air brake system market, accounting for more than two-fifths of the market share in 2018, and is expected to maintain its dominant position during the forecast period. This is attributed to the introduction of automation in railways across the globe. However, the truck segment is expected to grow at the highest CAGR of 5.3% from 2019 to 2026. This is due to increased production and sales of the vehicle across the globe.

Air brakes are of two types namely air disc brakes and air drum brakes. The air disc brakes use calipers to squeeze the pair of pads against the disc or rotor to create friction thereby slowing the vehicle. This slows the rotation of a shaft, such as a vehicle axle, either to reduce its rotational speed or to hold it stationary. The air drum brakes used in vehicles use friction caused by a set of shoes or pads that press outward against a rotating cylinder-shaped part called a brake drum. Air drum brakes means a brake in which shoes press on the inner surface of the drum thereby leading the vehicle to slow down or stop.

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Factors such as increase in production and sales of commercial vehicles and off-highway trucks along with the increased production of railway and high speed trains are driving the growth of the air brake system market However, factors such as high cost of air brakes over hydraulic brakes, and increasing focus on electric trucks and buses is expected to hamper the growth of the market. Further, regulations related to load carrying capacity and mandates on air brakes installation are expected to create numerous opportunities for the growth and expansion of the air brake system market.

Key Findings of the Air Brake System Market :

1. Based on type, the air drum brake segment generated the highest revenue in 2018.

2. Based on component, the tank segment was the highest revenue contributor in 2018.

3. Based on region, the U.S. is anticipated to exhibit the highest CAGR during the forecast period.

4. Based on region, North America contributed the highest air brake system market revenue in 2018, followed by Asia-Pacific, Europe, and LAMEA.

The key players analyzed in this report are Knorr-Bremse, Wabco, Meritor, Haldex, ZF Friedrichshafen AG, Wabtec, Nabtesco, TSE Brakes, Federal-Mogul and Sorl Auto Parts.

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