Air Brake Systems Market Analysis by Type (Disc, and Drum); by Component (Governor, Tank, Air Dryer, Compressor, Foot Valve, Slack Adjuster, and Brake Chamber); by Technology (Traction Control System, Electronic Stability Control, Anti-Lock Braking System, and Brake Force Distribution); and by Vehicle Type (Bus, Truck, and Rolling Stock) –Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4828 | Published Date: Apr 17, 2023
The global air brake systems market size is estimated to reach ~USD 12.67 Billion by the end of 2035 by growing at a CAGR of ~6.31% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of air brake systems was ~USD 6.08 Billion. The growth of the market can be attributed to the rising sales of the vehicles. Air brakes give higher mechanical forces and it is best for greater distances covered by vehicles. In 2022, India surpassed Japan in auto sales, moving up to third position globally. At least 5 million new cars were sold in the country, exceeding Japan's almost 4 million sales. Moreover, around 19,000 luxury automobile units are predicted to be sold in Germany by 2027.
In addition to these, factors that are believed to fuel the market growth of air brake systems include the rising instances of road accidents. Fatal road accidents are the main cause of global death for children and young adults aged 5 to 29. In addition to this, according to the statistics of the Ministry of Road Transport and Highways of India, every year, nearly 0.15 million people are killed on Indian roadways, which equates to 1130 accidents and 422 deaths every day, or 47 accidents and 18 deaths per hour. Besides this, the growth of the market is also attributed to the rising demand for recreational vehicles. Camping vehicle sales in Japan are expected to reach USD 470 million by 2021. Furthermore, around 600,000 recreational vehicles were shipped globally in 2021. It was around a 362% rise over 2009.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6.31% |
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Base Year Market Size (2022) |
~ USD 6.08 Billion |
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Forecast Year Market Size (2035) |
~ USD 12.67 Billion |
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Regional Scope |
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Growth Drivers
Challenges
The global air brake systems market is segmented and analyzed for demand and supply by vehicle type into bus, truck, and rolling stock. Out of the three types of vehicles using air brake systems, the bus segment is estimated to gain the largest market share in the year 2035. The growth of the segment can be attributed to the increasing deployment of buses. Under Phase II of the FAME India Scheme, the government of India deployed 2435 e-buses across various states and union territories. Moreover, as of September 2022, in the United States, around 1,200 electric school buses were either on order, delivered, or in service. In total, the United States now has around 13,000 committed electric school buses. The compressed air braking system is a sort of friction brake used on large vehicles such as buses. Given that buses are so enormous, they require a lot of effort to stop. With a hydraulic system, the driver must use more force on the brake pedal to bring the bus to a complete stop.
The global air brake systems market is also segmented and analyzed for demand and supply by type into disc, and drum. Amongst these two types of air brakes systems, the disc segment is expected to garner a significant share in the year 2035. In comparison with drum brakes, the automobile industry has embraced the new-age disc brakes in the braking system of cars. When opposed to drum brakes, disc brakes have more complex mechanics and more components. Moreover, automotive disc brake have a number of advantages over traditional drum brakes, which is why at least all mid-size sedans, sport utility vehicles (SUVs), and automobiles have disc brakes all around. The growth of the segment is primarily attributed to the growing sales of SUVs. Despite supply chain challenges and rising inflation, global SUV sales climbed by roughly 3% between 2021 and 2022. Moreover, SUV attributed to nearly 46% of global car sales in 2022, with the maximum growth marked in India, Europe, and United States.
Our in-depth analysis of the global air brake systems market includes the following segments:
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By Type |
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By Component |
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By Technology |
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By Vehicle Type |
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The market share of air brake systems in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about ~38% by the end of 2035. The growth of the market can be attributed majorly to the rising government initiatives to boost the braking system and ensure the security of the vehicles. Ministry of Road Transport & Highways of India, stated that the large vehicles must now have advanced braking systems. Moreover, existing vehicles will be obliged to accept the new provisions beginning in April 2021, with all new vehicles beginning in April 2022. Furthermore, rising sales of cars in the region is also expected to augment the market growth in Asia Pacific. In 2022, China's auto sales increased 9.5%, with electric vehicle purchases nearly doubling. Moreover, in 2021, around 56 million of passenger cars were sold in China.
The North American air brake systems market is estimated to be the second largest, registering a share of about ~25% by the end of 2035. The growth of the market can be attributed majorly to the growing cases of vehicle crashes and road accidents. According to the National Highway Traffic Safety Administration, 38,824 people will die in motor vehicle accidents in the United States year 2022. On the other hand, the higher deployment of buses is also expected to drive market growth in the region. In the United States, zero-emission bus deployment is expected to increase by around 27% by 2021, reaching nearly 3,500 buses. More than 70% of US fleets have ten or fewer full-size ZEBs. As a result, the upcoming investment will be critical in scaling fleets.
Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the initiatives taken by the government to reduce road accidents. By improving passenger, pedestrian, and cycling safety across the EU, the European Commission hopes to save at least 140,000 deaths and avoid at least 140,000 serious injuries by 2038. On the other hand, market growth in the region is also expected on the account of rising vehicle crashes followed by a higher number of people dying in road accidents. As per the statistics of the Eurostat, around 18 800 people were killed in road accidents in the EU in 2020, out of which 44.2% were passenger car drivers or passengers, and 19.2% were pedestrians. Moreover, in 2020, 85 people were killed in road accidents in Romania.
Knorr-Bremse AG signed a framework agreement with Alstom to provide braking, sanitary entrance, and climate control systems to 130 Coradia Stream regional trains. It is so far the largest contract of the Knorr-Bremse in Europe.
ZF Friedrichshafen AG introduced 100 international LT series trucks equipped with Wabco Maxxus L2.0 air disc brakes of the fifth generation. The MAXXUS L2.0 air disc brakes were chosen because of their durability, ease of maintenance, and high uptime. These disc brakes are manufactured in Charleston, South Carolina.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Harshita Srivastava, Saima Khursheed
Ans: Increasing incidences of road accident fatalities and rising demand for luxury vehicles & recreational vehicles are the major factors driving the market growth.
Ans: The market size of air brake systems is anticipated to attain a CAGR of ~6.31% over the forecast period, i.e., 2023 – 2035.
Ans: Lack of specialized knowledge for using it and presence of other alternative in the market are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Aisin Corporation, Haldex Group, Continental AG, Brembo S.p.A., EBC Brakes, Knorr-Bremse AG, Nissin Kogyo Co., Ltd., Robert Bosch GmbH, ZF Friedrichshafen AG, and Accuride Corporation
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, technology, component, vehicle type, and by region.
Ans: The bus segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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