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Air Brake System Market Outlook 2024: Trends, Growth Drivers, and Key Players
Air Brake System Market Outlook
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According to The Business Research Company's, 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 growth in the historic period can be attributed to railway expansion, the need for efficient and reliable braking systems in the industry, the rise of the automobile industry, continuous improvements in air brake technology, increasing urbanization, and the consequent growth of public transportation systems.
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%. The growth in the forecast period can be attributed to growing demand for hybrid and electric buses, growing adoption of heavy-duty vehicles, growing consumer awareness of vehicle safety, rising investment in transportation infrastructure, and growing need for commercial vehicles. Major trends in the forecast period include integration with advanced driver assistance systems (adas), electric air brake systems, automated manufacturing, geographical expansion, and the development of modular air brake systems.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Air Brake System Market 2024 Key Insights:
• 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%.
• Rising Demand For Commercial Vehicles Fuels Growth In Air Brake System Market
• Advanced Electronic Trailer Braking Systems In The Commercial Vehicle Industry
• Asia-Pacific was the largest region in the air brake system market in 2023
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