Air Brake System Market worth $3.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 24, 2023 /PRNewswire/ -- Air Brake System Market  is projected to grow from USD 3.1 billion in 2023 to USD 3.4 billion by 2028 at a CAGR of 2.2% from 2023 to 2028, according to a new report by MarketsandMarkets™. The growth in air brake systems is primarily driven due to a rise in heavy commercial vehicle production, driven by technological advancements, safety concerns, and government regulations. For instance, FMVSS 121 (US) or CMVSS 121 (Canada) monitors performance and equipment requirements for braking systems on vehicles equipped with air brake systems. Similarly, air brake regulations are observed under Heavy Vehicle National Law (HVNL) in Australia. Air brakes are preferred in commercial vehicles over hydraulic brakes for their safety features and fail-safe measures.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=163805421

Browse in-depth TOC on "Air Brake System Market".
150 – Tables
50 – Figures
280 - Pages

Air Brake System Market Scope:

"Heavy-duty truck to be the largest market for air brake systems"

Heavy-duty trucks include class 7 and class 8 trucks in which class 7 weighing approximately 12 to 14 tons, whereas class 8 trucks weighing upto approximately 15 t0 36 tons. 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, Rest of the World, and Europe in 2022 and is expected to dominate during the forecast period. Asia Pacific is the largest market for heavy duty trucks which contributes around ~59% of total heavy duty production at global level. Further, at global level production of heavy duty trucks is around 40% of total commercial vehicle production.  Most heavy trucks have air brake systems due to their high load-carrying capacity. The main distinction between the air brake systems for rigid trucks and heavy-duty trucks lies in their load-carrying capacity and number of components. Fleet operators favor heavy-duty trucks for their strong weight-bearing capacity and engine power. The increasing development of economies in Asia and other regions is expected to drive the demand for heavy-duty trucks in the future. As a result, the heavy-duty truck segment is projected to be the largest air brake systems industry in terms of vehicle type.

"Brake chamber is estimated to hold the largest market share in the on-highway air brake system during the forecast period."

Brake chambers hold the largest market share in global air brake systems for on-highway vehicles. Air brake chambers are metallic containers situated at each wheel, which, when forced by compressed air, convert into mechanical force to stop the commercial vehicle. There are two kinds of air brake chambers, namely, service and spring brake chambers. A service brake chamber contains a flexible rubber disc called a diaphragm, a pushrod metal rod, and a return spring. When the brake pedal is pressed, compressed air fills the service brake chamber causing the brakes to apply.

As the brake chamber is placed at the end of the wheel, the number of axles decides the number of brake chambers in each commercial vehicle. Each axle has two brake chambers in a vehicle. Hence, the number of brake chambers increases with the GVWR of the commercial vehicle. The number of brake chambers in each vehicle may vary with each region, as the average number of axles in each region is different for heavy-duty vehicles and buses. North America and Europe have more multi-axle heavy trucks than Asia Oceania. Hence, the average number of brake chambers in buses in India is four, while in European countries, it is six. Asia Pacific holds the largest market share in the brake chamber market. The demand for brake chambers is related to the number of multi-axle commercial vehicles, as each axle requires two brake chambers. Further, growing commercial vehicle production will also drive the demand for the brake chamber market.

"Europe accounted for the second largest global air brake system market."

Europe is estimated to be the second-largest market for air brake systems after Asia Pacific. Countries such as France, Germany, UK, and Spain have a higher production of commercial vehicles. The growth of air brake systems in Europe can be attributed to factors such as the growing production of heavy-duty trucks and stringent government regulations related to active safety. As per ACEB, road freight transport is a crucial way of trade and commerce in the European region. Trucks are responsible for >70% of freight transportation over the land in this region. As maximum transportation is conducted through these heavy trucks, it leads to fatal accidents in this region. According to European Union, out of total road fatalities in the EU in 2019, 14% and 2% died due to heavy good vehicle and bus crashes, respectively. Thus, the European Commission has implemented various braking system regulations for heavy commercial vehicles to avoid fatalities from heavy commercial vehicle crashes. For instance, European union mandates to install rollover stability control system in heavy trucks weighing above 3.5 tons.

Further, the inclusion of additional safety-related components to withstand the government braking-related mandates makes the price of the air brake system comparatively higher in Europe than in Asia-Oceania and North America. Additionally, Europe's disc brake installation rate is the highest due to the shortest stopping braking distance for commercial vehicles. The above factors imply European commercial vehicles' importance and safety standards. Thus, rising commercial vehicle production and adopting advanced technologies related to air brake systems by OEMs is anticipated to drive the growth of air brake systems in Europe. forecast period.

Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=163805421

Key Market Players:

The air brake system companies are Knorr- Bremse AG (Germany),Meritor, Inc. (US), Haldex (Sweden), ZF Friedrichshafen AG (Germany), and Wabtec Corporation (US). These companies consistently develop new products, adopt expansion strategies, and undertake collaborations, partnerships, and mergers & acquisitions to gain traction across different regions in this air brake system market.

Recent Developments:

1. In April 2023, Knorr-Bremse AG announced the launch of its commercial vehicle aftermarket brand Knorr-Bremse Truck Services in South America. The portfolio for dealers, workshops, and fleet operators was presented at Automec 2023 in South America.
2. In September 2022, Knorr-Bremse AG introduced its updated SYNACT Braking system with Active Caliper Release (ACR). Compared to the previous generation, the latest pneumatic version is developed with higher braking torque and reduced-weight brake calipers and backing plates. The optional Active Caliper Release (ACR) uses a spring-loaded system to disengage the pads from the disc and re-center the caliper. This is aimed to reduce fuel consumption by up to one percent and reduce brake pad wear.
3. In March 2022, Meritor, Inc. announced its collaboration with ConMet. This collaboration aimed to develop purpose-built trailer brakes to work with ConMet's PreSet Plus eHub. This innovative system was sought to be designed to enable the production of zero-emissions refrigerated trailers.
4. In March 2022, ZF Friedrichshafen AG announced its collaboration with the C.R. England. This collaboration aimed to update their fleet with a new brake technology. The MAXXUS L2.0 Air Disc Brakes was chosen mainly because of its advantages, including performance, reliability, and savings in total cost of ownership. The C.R. England converted its truck fleet of around 4,000 trucks to the MAXXUS L2.0 Air Disc Brakes.
5. In March 2021, ZF Friedrichshafen AG introduced its MAXXUS L2.0 air disc brakes, which is the fifth generation. The MAXXUS L2.0 air disc brakes are engineered to be incorporated into commercial fleets.
6. In November 2020, Meritor, Inc., and Daimler Trucks North America (DTNA) announced their partnership extension. With this, the Meritor EX+ LS air disc brakes (ADB) were made available as standard on Freightliner Cascadia truck models through 2025.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=163805421

Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting

Related Reports:

Brake System Market - Global Forecast to 2027

Drive by Wire Market - Global Forecast to 2027

Brake Friction Products Market - Global Forecast to 2026

Automotive Switch Market - Global Forecast to 2026

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/air-brake-system-market.asp  
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/air-brake-system.asp  

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets