Air Brake System Market Outlook 2018 - 2026
The global air brake system market was valued at $4.81 billion in 2018, and is projected to reach $6.6 billion by 2026, registering a CAGR of 4.4%. North America was the highest revenue contributor, accounting for $2.03 billion in 2018, and is estimated to reach $2.70 billion by 2026, with a CAGR of 4.1%. Asia-Pacific is estimated to reach $2.5 billion by 2026, at a significant CAGR of 5.4%. North America and Asia-Pacific collectively accounted for around 77.4% share in 2018, with the former constituting around 42.2% share. Asia-Pacific and North America are expected to witness considerable CAGRs of 5.4% and 4.1%, respectively, during the forecast period. The cumulative share of these two segments was 77.4% in 2018, and is anticipated to reach 78.9% by 2026.
An air brake or a compressed air brake system is a type of friction brake designed for vehicles in which the compressed air is applied on a piston, which further applies pressure to the brake pads, thereby causing the vehicle to stop. Air brakes are used in large heavy vehicles, particularly those having multiple trailers, which must be linked into the brake system, such as trucks, buses, trailers, and semi-trailers, in addition to their use in railroad trains. 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 which leads to a significant growth of the air brake system market across the globe.
The air brake system is a type of friction brake for vehicles in which compressed air pressing on a piston applies pressure in the brake to stop a vehicle. 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 systems that are commonly available in the 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 thereby causing a significant demand of air brakes eventually boosting the air brake system industry. The increased demand for air brakes has positively impacted the market thereby increasing the air brake system market size across the globe.
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 production 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 air brake system market growth. 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 market thereby increasing the air brake system market size.
The global air brake system market is segmented based on type, component, vehicle type, and region. Based on type, the market is categorized into air disc brake and air drum brake. Based on component, it is divided into compressor, governor, tank, air dryer, foot valve, brake chamber, and slack adjuster. Based on vehicle type, the market is bifurcated into truck, bus and rolling stock. By region, the air brake system market analysis is done across North America, Europe, Asia-Pacific, and LAMEA.
Technical developments in the automotive sector for efficient enforcement of safety features and better drive quality lead toward the growth of the air brake system in Europe. With the rise in popularity of autonomous driving, the adoption of advanced braking system has increased the safety systems of automobiles. The presence of supportive legislations, and cost effective vehicles fuels the use of these systems in vehicles to improve safety and comfort. Automotive manufacturers in the region have focused on reducing road fatalities by adopting various safety ensuring programs such as eSafety aware and other informative campaigns. Automotive manufacturers have prioritized the development of air brake system to provide better driving assisting systems for consumers.
By Type
Air Drum Brake is projected as the most lucrative segments
Key players including Knorr-Bremse, Wabco, Meritor, Haldex, ZF Friedrichshafen AG, Wabtec, Nabtesco, TSE Brakes, Federal-Mogul Sorl Auto Parts and others account for a major air brake system market share.
Increase in Sales & Production of Commercial Vehicles and Off-Highway Trucks
Advancements in technology along with the advent of automation in automobiles, have increased the demand for vehicles equipped with better & advanced safety features. This has led the vehicle manufacturers across the globe to develop vehicles that are equipped with the latest technology. With surge in demand for transportation through vehicles and rise in urbanization, the demand for commercial vehicle and off- highway trucks has increased. This has led the component manufacturers across the globe to develop better and long lasting components such as air brakes to be equipped in vehicles, thereby ensuring longer life and safety. Thus the increase in the sales & production of commercial vehicles and off-highway trucks is expected to boost the growth of the air brake system market during the forecast period.
By Component
Tank is projected as the most lucrative segments
Increased production of railways and high-speed trains
With the advancements in technology and the introduction of automation in the railway industry, the demand for better and advanced safety components has increased. This has led the manufacturers to develop new and advanced components such as braking system, which are effective in the railways and high speed trains for ensuring safety and maintaining control over the vehicle. Governments across the globe have taken initiatives for the betterment and advancement of the railways eventually leading to the increase in the count. Thus, the increased number of railways and high-speed trains has led to the growth of market during the forecast period.
By Application
Rolling Stock is projected as the most lucrative segments
High Cost of Air Brakes over Hydraulic Brakes
Brakes used in an automobile ensure the safety of the vehicle while driving and the air braking system is more efficient to avoid mishap to the vehicle as compared to any other braking system. At the same time, they are considered costlier as compared to the hydraulic brakes due to the difference in architecture of the air brake system and the hydraulic brakes. Also, components such as compressors, diaphragm and others, used in air brakes are costlier in case of replacement. This eventually increases the cost of the air brakes as compared to hydraulic brakes. Hence, high cost of air brakes over hydraulic brakes is anticipated to hamper the air brake system market during the forecast period.
The Asia-Pacific air brake system market is expected to experience significant growth during the forecast period. The automotive sector in Asia-Pacific has evolved in recent years. The region has significantly contributed to the global vehicle sales, and is one of the lucrative markets for investment. The key players operating in the automotive market have focused on expanding in Asia by establishing their headquarters or manufacturing plants in countries such as Japan, India, and China, which are the automotive hubs of the region. The demand for luxury vehicles is anticipated to rise in the Asian region, due to strong economic conditions and continuous rise in disposable income of the population. Emerging economies, such as China, India, Japan, Australia, and others, have the fastest growing markets for automobiles. Numerous manufacturers have ventured into the region due to the flexibility of establishing manufacturing facilities.
By Region
Asia-Pacific would exhibit the highest CAGR of 5.4% during 2019-2026.
Regulations Related to Load Carrying Capacity and Mandates on Air Brakes Installation
The increased transportation of goods by means of roads has led vehicle manufacturers to increase the load carrying capacity of the vehicles. Thus the governments across the globe have made rules and regulations for the load carrying capacity of the vehicle, thereby ensuring the safety and security while driving. For instance, the Indian government has increased the load carrying capacity of heavy vehicle by 20%-25% besides scrapping the mandatory annual renewal of fitness certificates for freight carriers. Also, the government has mandated the use of air brakes in the vehicle for ensuring the safety while driving, which has led to the growth of the market. Thus, the regulations related to load carrying capacity and mandates on air brakes are anticipated to provide numerous opportunities for the air brakes system market during the forecast period.
Key Benefits for Air Brake System Market :
This study presents the analytical depiction of the global air brake system market analysis along with the current trends and future estimations to depict the imminent investment pockets.
The overall air brake system market opportunity is determined by understanding the profitable trends to gain a stronger foothold.
The report presents information related to the key drivers, restraints, and opportunities of the global air brake system market with a detailed impact analysis.
The current air brake system market is quantitatively analyzed from 2018 to 2026 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Air Brake System Market Report Highlights
| Aspects | Details |
 By Type |
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 By Component |
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 By Vehicle Type |
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 By Region |
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 Key Market Players | Federal-Mogul, TSE Brakes Inc., KNORR-BREMSE AG, Haldex Inc., ZF FRIEDRICHSHAFEN AG, Meritor, Inc., Nabtesco Automotive Corporation, WABCO, SORL Auto Parts, Inc., Wabtec Corporation |
Analyst Review
Air brake systems are a crucial component in the safety of the vehicle while driving. They are responsible for controlling the running of the vehicle on the road thereby maintaining traction on the road. They are 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. Air brakes are used in large heavy vehicles, particularly those having multiple trailers which must be linked into the brake system, such as trucks, buses, trailers, and semi-trailers, in addition to their use in railroad trains. 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 systems that are commonly available in the market, namely, the air disc brake and the air drum brake. The air brake system is integrated in heavy as well as commercial vehicles to apply a more massive brake effort. The increased demand for air brakes has positively impacted the air brake system market.
Factors such as increase in production and sales of commercial vehicles and off-highway trucks along with the increased count of railway and high speed trains production are driving the growth of the 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.
Among the analyzed regions, currently, North America is the highest revenue contributor, and is expected to maintain the lead during the forecast period, followed by Asia-Pacific, Europe, and LAMEA.
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