The Air Brake System Market is projected to grow from $4.5 billion in 2018 to $5.6 billion by 2025, at a CAGR of 3.31% during the forecast period.
- Increase in Sales & Production of Commercial Vehicles and Off-Highway Trucks
- 1.1 Increasing Population Around the Globe
- 1.2 Increased Urbanization
- 1.3 Increased Industrialization
- 1.4 Increased Infrastructural Spending
- Increased Railways and High-Speed Trains
- Fail-Safe Nature of Air Brakes Over Hydraulic Brakes
The air brake system market is dominated by global players and comprises several regional players. The key players in the air brake system market are Knorr-Bremse (Germany), Wabco (Belgium), Meritor (US), Haldex (Sweden), ZF (Germany), Wabtec (US), Nabtesco (Japan), TSE Brakes (US), Federal-Mogul (US), and SORL Auto Parts (China).
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Drum brakes in commercial vehicles primarily comprise brake drum, brake shoe, and linings. The drum brakes are the oldest braking mechanisms, which have a maximum adoption rate in Asia Oceania and North America owing to the comparatively low cost than air disc brakes. In the present scenario, Asia Oceania and North America have an adoption rate of approximately 85–90% and 80–85% respectively for drum brakes in heavy-duty vehicles. Moreover, with a rising focus toward safety and growing demand for high loading carrying capacity trucks mainly in developed regions such as Europe and North America, the market is shifting toward the deployment of air disc brakes. Europe is a prominent market for air disc brakes currently, and simultaneously the countries of North America and Asia Oceania are significantly adopting the deployment of air disc brake. Thus, increasing stringency in vehicle stopping distance-related regulations, and the introduction of advanced braking mechanisms around the world would impact the growth of the air drum brakes in the coming years.
Heavy-duty trucks include commercial vehicles weighing approximately 15 to 30 ton. According to OICA and MarketsandMarkets analysis, the production of heavy-duty trucks accounted for the maximum of the total truck production for all the regions including North America, Asia Pacific, the RoW, and Europe in 2018 and is expected to dominate during the forecast period. Due to the high load carrying capacity, nearly all heavy trucks are equipped with air brake systems. However, the difference between the air brake system for rigid trucks and heavy-duty trucks is the capacity and the number of components. Heavy-duty trucks are the most preferred type of trucks used by fleet operators owing to their high weight-bearing capacity and engine power. Additionally, the growth in developing economies of Asia and the rest of the world would generate demand for heavy-duty trucks in the future. Owing to the abovementioned factors, the heavy-duty truck segment is estimated to be the largest air brake system market, by vehicle type.
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The Asia Oceania region is the largest air brake system market and is expected to retain its position during the forecast period. Asia Oceania has emerged as a hub for automotive production in recent years owing to the increasing population and urbanization in the region. According to OICA, Asia Oceania accounted for ~70% of the global truck production in 2018 owing to the presence of OEMs such as Zheng Zou Yutong, Xiamen Kinglong Motor, Tata Motors, and Ashok Leyland. Manufacturers in this region are focused on developing specific solutions that address the challenging driving and braking situations faced by drivers on the roads. As consumers in the region are showing an increased inclination toward safety awareness, the region has witnessed higher growth than the matured markets of Europe and North America. As most of the heavy commercial vehicles above the GVWR of 7 ton are equipped with air brakes, Asia Oceania is estimated to be the largest air brake system market.
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