Growing demand for heavy truck and commercial vehicles, and rising demand for air brakes in the railway sector are driving global air brakes system revenue growth
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The Global Air Brakes System Market Size was USD 5.09 Billion in 2021 and is expected to register a revenue CAGR of 4.2% over the forecast period, according to the latest analysis by Emergen Research. In the upcoming years, the market for air brake systems is anticipated to expand significantly due to factors like rising commercial vehicle demand and the requirement for increased safety in the transportation sector. An essential part of the commercial vehicle sector, air brake systems are a form of braking system that employs compressed air to actuate the brakes.
The rising demand for commercial vehicles, particularly in developing nations like China, India, and Brazil, is one of the major factors driving the air brake system market. Global road freight transport is anticipated to rise by 50% by 2040, with emerging nations driving the majority of the growth, according to the International Energy Agency (IEA). The demand for commercial cars is anticipated to increase as a result of this growth, which will also increase demand for air brake systems.
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The demand for increased safety in the transportation sector is another market-driving factor. Because air brake systems are made to offer consistent and effective braking, commercial vehicles must have them as a standard safety feature. To guarantee the safety of drivers and passengers, governments around the world have enacted legislation requiring the installation of air brake systems in commercial vehicles.
The air brake system market does, however, encounter certain difficulties. The high cost of air brake system installation and maintenance, which may deter customers, is one of the key issues. A larger likelihood of system failures, which can result in accidents and safety issues, is also brought on by the system’s complexity.
Components such as compressors, tanks, braking chambers, valves, and others are also broken down into several market segments. Given that they are an essential part of the air brake system and regulate the flow of air to the brake chambers, valves are predicted to make up the largest section. Due to the widespread use of brake chambers in commercial vehicles, significant growth is also anticipated in this market.
Air Brake System Market Segmentation
The air brake system market can be segmented by type, component, and vehicle type. In terms of type, the market can be segmented into air disc brake and air drum brake. Air disc brake is expected to be the larger segment due to its higher efficiency and better performance than air drum brake.
The market can also be segmented by component, including compressor, governor, tank, air dryer, foot valve, brake chamber, slack adjuster, and others. Valves are expected to be the largest segment due to their crucial role in controlling the flow of air to the brake chambers. Brake chambers are also expected to see significant growth due to their high usage in commercial vehicles.
In terms of vehicle type, the market can be segmented into trucks, buses, and rolling stock. Trucks are expected to be the largest segment due to the increasing demand for heavy-duty vehicles in the transportation industry. Rolling stock is also expected to see significant growth due to the increasing demand for rail transportation in both developed and developing economies.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights from the Report:
- Over the projected period, the air drum brake segment is anticipated to have the biggest revenue share. The widespread use of drum braking systems is due to its straightforward construction and affordable production. Air drum brakes are also less expensive, easier to make, and require less maintenance than air disc brakes.
- Over the course of the projected period, the compressor segment is anticipated to have substantial revenue growth. Modern compressed air brakes are made to continue operating automatically even if a train loses some compressed air due to a leak or other issue. Most systems have a second emergency reservoir that enables quick application in times of need.
- In 2021, the rolling stock segment had the largest revenue share. Most trains in the world feature braking systems that use compressed air to push brake blocks into wheels or brake pads onto discs. The market’s revenue growth may be fueled by increasing demand for both freight rail transportation and railroads as a low-cost form of transportation.
- The biggest revenue share during the forecast period is anticipated to come from the North American market. The expansion in market revenue is being driven by an increase in the production of heavy trucks and commercial vehicles in the nations of this region as well as an increase in the reliance on trucks and commercial vehicles for inland trade.
- Some major companies in the market report include Knorr-Bremse AG, ZF Friedrichshafen AG, Meritor, Inc., Haldex, Wabtec Corporation, Nabtesco Automotive Corporation, Brake Systems Inc., Tenneco Inc., SORL Auto Parts, Inc., and Grindlays Engine Parts Pvt. Ltd.
- On 29 May 2020, ZF Friedrichshafen AG acquired Westinghouse Air Brake Company (WABCO). WABCO is integrated into ZF as its Commercial Vehicle Control Systems Division. The acquisition benefits customers by providing them with innovative advanced technology, and an extensive product portfolio.
About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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