Air Brake System Market Size to Grow Worth $7.66 Billion by 2030 | Fortune Business Insights

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Air Brake System Market to Grow at 3.5% CAGR over 2023 to 2030; Knorr Bremse Signed a Contract With Alstom to Provide Electropneumatic Braking Systems

Pune, India., Nov. 21, 2023 (GLOBE NEWSWIRE) — The global air brake system market size was valued at USD 5.90 billion in 2022. The industry is expected to expand from USD 6.03 billion in 2023 to USD 7.66 billion by 2030, exhibiting a CAGR of 3.5% over the study period.

Commercial vehicles such as railways, trucks, and bases generally deploy air brakes. The market expansion can be ascribed to the growing focus of market players on the development of electronic brake systems to increase vehicle safety. Moreover, technologies are being developed by companies for the reduction of air braking system’s weight without compromising safety and performance.

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Market Drivers & Restraints-

Technological Development for Future and Modern Vehicles to Proliferate the Market Growth

One of the major factors impelling the air brake system market growth is advancements in technologies for modern and future vehicles. Companies are developing braking systems that synchronize with electric buses and trucks due to the rising trend of hybridization and electrification of vehicles. Despite such growth opportunities, the steep replacement cost of air brake components may impede the market growth.

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Report Highlights:

Report Coverage Details
Forecast Period 2023-2030
Forecast Period 2023 to 2030 CAGR 3.5%
2030 Value Projection USD 7.66 Billion
Base Year 2022
Market Size in 2023 USD 6.03 Billion
Historical Data for 2019-2021
No. of Pages 200


Competitive Landscape-

Leading Players Focus on Securing Contracts to Strengthen their Market Position

The prominent air brake system market players are implementing various strategic initiatives to gain a competitive edge. Some of these strategies include mergers and acquisitions, product innovations, partnerships, joint ventures, and others. Several companies are also focusing on securing contracts to maximize their revenue while enhancing their industry position.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:https://www.fortunebusinessinsights.com/air-brake-system-market-108500

Segments-

Extensive Usage of the Product in Rolling Stock to Propel Railways Segment Growth

By application, the market is bifurcated into railways and automotive. The railways segment accounts for the major market share. The product is widely deployed in rolling stock, including freight and passenger rail cars and locomotives. This factor is fostering the railways segment growth.

Growing Usage of Air Drum Brakes in Commercial Vehicles to Impel Segment Growth

With respect to type, the market is classified into air drum brake and air disk brake. The air drum brake segment held the largest air brake system market share in 2022. Owing to their low cost as compared to air disk counterparts, air drum brakes find huge applications in commercial vehicles. This factor is propelling the air drum brake segment growth.

Technological Innovations by Key Players to Fuel the Brake Linings & Drums/Rotors Segment Growth

By component, the market is classified into reservoir, compressor, brake chambers & slack adjusters, foot valve, and brake linings & drums/rotors. The brake linings & drums/rotors segment captured the largest share in the market in 2022. Technological innovations by leading companies are driving the brake linings & drums/rotors segment growth.

Rising Deployment of Metros to Boost the OEM Segment Growth

By distribution channel, the market is bifurcated into aftermarket and OEM. The OEM segment held the largest share in 2022, owing to the growing uptake of metros and high-speed trains.

Regionally, the market has been studied across North America, Europe, the Asia Pacific, and the rest of the world.

Segmentation By Application

  • Automotive
    • Buses
    • Trucks
    • Others
  • Railways
By Type

  • Air Disc Brake
  • Air Drum Brake
By Component

  • Compressor
  • Reservoir
  • Foot Valve
  • Brake Chambers & Slack Adjusters
  • Brake Linings & Drums/Rotors
By Distribution Channel

  • OEM
  • Aftermarket


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Regional Insights-

Asia Pacific Dominated due to the Strong Presence of Major Companies

The Asia Pacific air brake system market captured the largest share in 2022. The regional growth can be attributed to the robust presence of key automotive players.

Europe market for air brake system accounted for a considerable share in 2022, owing to the leading automotive players such aws Volvo, Daimler AG, and others.

Report Coverage:

The report encompasses an in-depth analysis of the latest trends, driving and restraining factors impacting the market growth. In addition, it highlights the key industry developments and major competitive strategies deployed by leading market players.

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A list of prominent Air Brake System manufacturers operating in the global market:

  • Knorr-Bremse (Germany)
  • Wabco (Belgium)
  • Meritor (U.S.)
  • SORL Auto Parts, Inc. (China)
  • Wichita Clutch (U.S.)
  • Bludot Manufacturing (U.S.)
  • Continental AG (Germany)
  • Maxcess (U.S.)
  • Cojali S.L. (Spain)
  • Haldex (Sweden)
  • Federal-Mogul Holdings Corporation (U.S.)
  • Airmaster Brake Systems (South Africa)
  • Brakes India Limited (India)
  • YUMAK Air Brake Systems (Turkey)
  • ZF (Germany)
  • Wabtec (U.S.)
  • Nabtesco (Japan)

COVID-19 Impact:

Disruptions in Production Hindered the Market Growth

The reduction in the demand for rail vehicle operations and commercial vehicles such as buses and trucks that use air brakes due to lockdowns and global travel restrictions in the early stages of the pandemic impeded the market growth. Eventually, this factor impacted the production and sales of air brake components. Thus, the COVID-19 pandemic influenced the market negatively.

Notable Industry Development:

  • February 2022 – Knorr Bremse inked a deal with Alstom to provide electropneumatic braking systems, including PistonSupply Eco oil-free compressor, SysControl electronic brake control systems, FlexControl flexible brake control unit, and electromagnetic track brakes and sanding systems.

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Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
    • Market Trends
  • Key Insights
    • Key Industry Developments – Mergers, Acquisitions & Partnerships
    • Latest Technological Advancements
    • Porters Five Forces Analysis
    • Impact of COVID-19 Pandemic on Global Air Brake System Market
  • Global Air Brake System Market Analysis, Insights and Forecast, 2019-2030
  • 5.1 Key Findings / Definition
  • 5.2. Market Analysis, Insights and Forecast – By Application
    • 5.2.1. Automotive
    • 5.2.1.1. Buses
    • 5.2.1.2. Trucks
    • 5.2.1.3. Others
    • 5.2.2. Railways
  • 5.3. Market Analysis, Insights and Forecast – By Type
    • 5.3.1. Air Disc Brake
    • 5.3.2. Air Drum Brake
  • 5.4. Market Analysis, Insights and Forecast – By Component
    • 5.4.1. Compressor
    • 5.4.2. Reservoir
    • 5.4.3. Foot Valve
    • 5.4.4. Brake Chambers & Slack Adjusters
    • 5.4.5. Brake Linings & Drums/Rotors
  • 5.5. Market Analysis, Insights and Forecast – By Distribution Channel
    • 5.5.1. OEM
    • 5.5.2. Aftermarket
  • 5.6. Market Analysis, Insights and Forecast – By Region
    • 5.6.1. North America
    • 5.6.2. Europe
    • 5.6.3. Asia Pacific
    • 5.6.4. Rest of the World
  • North America Air Brake System Market Analysis, Insights and Forecast, 2019-2030
    • Market Analysis, Insights and Forecast – By Application
      • Automotive
        • Buses
        • Trucks
        • Others
      • Railways
    • Market Analysis, Insights and Forecast – By Type
      • Air Disc Brake
      • Air Drum Brake
    • Market Analysis, Insights and Forecast – By Component
      • Compressor
      • Reservoir
      • Foot Valve
      • Brake Chambers & Slack Adjusters
      • Brake Linings & Drums/Rotors
    • Market Analysis, Insights and Forecast – By Distribution Channel
      • OEM
      • Aftermarket
    • Market Analysis, Insights and Forecast – By Country
      • U.S.
        • Market Analysis, Insights and Forecast – By Application
      • Canada
        • Market Analysis, Insights and Forecast – By Application
      • Mexico
        • Market Analysis, Insights and Forecast – By Application
  • Europe Air Brake System Market Analysis, Insights and Forecast, 2019-2030
    • Market Analysis, Insights and Forecast – By Application
      • Automotive
        • Buses
        • Trucks
        • Others
      • Railways
    • Market Analysis, Insights and Forecast – By Type
      • Air Disc Brake
      • Air Drum Brake
    • Market Analysis, Insights and Forecast – By Component
      • Compressor
      • Reservoir
      • Foot Valve
      • Brake Chambers & Slack Adjusters
      • Brake Linings & Drums/Rotors
    • Market Analysis, Insights and Forecast – By Distribution Channel
      • OEM
      • Aftermarket
    • Market Analysis, Insights and Forecast – By Country
      • U.K.
        • Market Analysis, Insights and Forecast – By Application
      • Germany
        • Market Analysis, Insights and Forecast – By Application
      • France
        • Market Analysis, Insights and Forecast – By Application
      • Rest of the Europe
        • Market Analysis, Insights and Forecast – By Application
  • Asia Pacific Air Brake System Market Analysis, Insights and Forecast, 2019-2030
    • Market Analysis, Insights and Forecast – By Application
      • Automotive
        • Buses
        • Trucks
        • Others
      • Railways
    • Market Analysis, Insights and Forecast – By Type
      • Air Disc Brake
      • Air Drum Brake
    • Market Analysis, Insights and Forecast – By Component
      • Compressor
      • Reservoir
      • Foot Valve
      • Brake Chambers & Slack Adjusters
      • Brake Linings & Drums/Rotors
    • Market Analysis, Insights and Forecast – By Distribution Channel
      • OEM
      • Aftermarket
    • Market Analysis, Insights and Forecast – By Country
      • China
        • Market Analysis, Insights and Forecast – By Application
      • Japan
        • Market Analysis, Insights and Forecast – By Application
      • India
        • Market Analysis, Insights and Forecast – By Application
      • South Korea
        • Market Analysis, Insights and Forecast – By Application
      • Rest of Asia Pacific
        • Market Analysis, Insights and Forecast – By Application

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