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Air Brake System Market to Surpass $6.94 Billion by 2029 | Key Trends & Insights
Air Brake System Market
How Will the Air Brake System Market Grow by 2025 in Terms of Size and Growth?
Gains in the air brake system market size have been continual over the past years. The market, which is projected to expand from $5.38 billion in 2024 to $5.64 billion in 2025, is expected to achieve a compound annual growth rate (CAGR) of 4.8%. The historic period's growth has been driven by factors such as railway development, the necessity for effective and trustworthy braking systems in the sector, the surge of the automobile industry, unceasing enhancements in air brake technology, escalating urbanization, and the resulting expansion of public transportation systems.
What Are the Estimated Growth Rates for the Air Brake System Industry Through 2029?
In the upcoming years, the air brake system market is predicted to experience substantial growth, escalating to $6.94 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 5.4%. This surge in the projection period can be credited to the escalating demand for hybrid and electric buses, an increase in the adoption of heavy-duty vehicles, expanding consumer consciousness about vehicle safety, rising investment in transportation infrastructure, and an augmenting demand for commercial vehicles. The forecast period also foresees major trends such as advanced driver assistance systems (ADAS) integration, electric air brake systems, automated production, geographical expansion, and the innovation of modular air brake systems.
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What Are the Strategic Drivers Boosting Air Brake System Market Performance?
The rising need for commercial vehicles is set to fuel the expansion of the air brake system market in future. Commercial vehicles, which consist of motor vehicles designed for the transport of goods or passengers in exchange for payment or profit, are typically bigger and sturdier than personal vehicles. This increased demand for commercial vehicles is attributed to the growth of infrastructure, as well as the expansion of logistics and transportation industries requiring effective transport options. Air brake systems integrated in commercial vehicles ensure safety and efficacy, providing dependable braking power and superior control. For example, the International Organization of Automobile Manufacturers, based in France, reported that the global production of light commercial vehicles spiked from 19.71 million units in 2022 to 21.44 million units in 2023. Thus, the escalating demand for commercial vehicles is propelling the growth of the air brake system market.
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What Are the Segments in the Air Brake System Market?
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
Subsegments:
1) By Air Disc Brake: Single-Piston Air Disc Brakes, Multi-Piston Air Disc Brakes, Heavy-Duty Air Disc Brakes, Lightweight Air Disc Brakes
2) By Air Drum Brake: Full Air Drum Brakes, Single Air Drum Brakes, Twin Air Drum Brakes, Heavy-Duty Air Drum Brakes
What Are the Key Adoption Trends in the Air Brake System Market?
Leading enterprises in the air brake system market are adopting strategies like launching new technologies, such as electronic trailer braking systems, to heighten safety, performance, and efficiency of commercial vehicles. These electronic trailer braking systems (ETBS) are progressive braking mechanisms intended for trailers, boosting braking control and safety by implementing electronic elements with conventional pneumatic air brake systems. For instance, in December 2023, a premier manufacturer of braking systems for rail and commercial vehicles based in Germany, Knorr-Bremse AG, rolled out an innovative electronic trailer braking system, iTEBS X. The aim was to cater to their customers' requirements with an advanced, cost-efficient electronic trailer braking setup that aligns with the contemporary demands of the commercial vehicle sector. The novel iTEBS X merges the electronic control unit, sensor technology, and pneumatic brake control in one streamlined assembly, proving to be a cost-effective and modifiable design for trailer manufacturers. It carries forward the desirable attributes of its predecessors, like an efficacious pneumatic coupling design and consolidation of tractor and trailer brake control features, while also incorporating new features like an integrated lift axle valve.
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Which Companies Lead the Competitive Landscape of the Air Brake System Industry?
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
Where Are the Key Air Brake System Market Opportunities by Region?
Asia-Pacific was the largest region in the air brake system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the air brake system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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