August 24, 2023 08:58 ET | Source: Research and Markets Research and Markets
Dublin, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The "Global Air Brake Systems Market 2023-2028" report has been added to ResearchAndMarkets.com's offering. Rubber Oil Seal
The global air brake systems market is poised for steady expansion, forecasted to rise from USD 3.1 billion in 2023 to USD 3.4 billion by 2028, marking a Compound Annual Growth Rate (CAGR) of 2.2% during the same period. This growth is propelled by the increasingly stringent regulations for automotive active safety, the escalating production of commercial vehicles, and the integration of advanced braking technologies into air brake systems. These factors collectively fuel the demand for air brake systems, positioning the market on a path of consistent advancement.
The study segments the air brake system market based on components such as compressors, governors, storage tanks, air dryers, foot valves, brake chambers, and slack adjusters. Vehicle types, including rigid body, heavy-duty trucks, semi-trailers, and buses, are also important distinguishing factors. The brake type segment further categorizes systems into disc and drum brakes. Geographically, the market is divided into North America, Asia Oceania, Europe, and RoW (Rest of the World).
Additionally, the air brake system market extends to rolling stock, with components such as compressors, storage tanks, driver's brake valves, brake cylinders, and brake pipes. For construction and mining trucks, the market segments include compressors, governors, storage tanks, air dryers, foot valves, brake chambers, and slack adjusters.
Major players in the air brake system market landscape include Knorr-Bremse AG (Germany), Meritor, Inc. (US), Haldex (Sweden), ZF Friedrichshafen AG (Germany), and Wabtec Corporation (US).
Air Disc Brakes Emerge as the Rapid Growth Leader
The air disc brake segment is projected to experience the most accelerated growth during the forecast period. This surge is attributed to the growing emphasis on safety regulations and the reduction of stopping distances. Government mandates, such as those set by the National Highway Traffic Safety Administration (NHTSA), are driving the adoption of air disc brakes in pursuit of decreasing fatality rates in large trucks. The demand for such brakes is also being shaped by the need for intracity and intercity transportation at low costs. Notably, manufacturers are actively developing advanced air disc brake solutions to enhance brake system efficiency and performance, further propelling their adoption.
Compressor Segment Dominates in Construction and Mining Trucks
Within the construction and mining trucks segment, compressors take the lead as the largest component market. These trucks, designed for heavy-duty tasks and challenging environments, rely on sturdy air brake systems. Compressors play a pivotal role by providing the power required for brake operation, ensuring consistent braking capabilities even under extreme conditions. As construction and mining activities witness a global uptick, the demand for high-capacity compressors in this sector is poised for growth.
Moreover, advancements in air compressor technology, including lightweight designs and maintenance-free options, contribute to the demand for air compressor units and overall air brake systems in construction and mining trucks.
Asia-Pacific Commands the Air Brake System Market
Asia-Pacific emerges as the dominant region in the global air brake system market, with China and Japan leading the way. The region accounts for approximately 60% of global truck production, driven by major Original Equipment Manufacturers (OEMs) like Zheng Zou Yutong, Xiamen Kinglong Motor, Tata Motors, and Ashok Leyland. The substantial truck production, stringent safety regulations, and growing safety awareness among consumers propel the Asia-Pacific market forward. Strategic partnerships between global air brake system manufacturers and regional players, coupled with increased heavy commercial vehicle production, further strengthen the market's presence in the region.
1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 5 Market Overview 6 Analyst's Recommendations 7 Air Brake System Market, by Component Type 8 Air Brake System Market, by Brake Type 9 Air Brake System Market, by Vehicle Type 10 Air Brake System Market for Construction and Mining Trucks, by Component Type 11 Air Brake System Market for Rolling Stock, by Component Type 12 Air Brake System Market, by Region 13 Competitive Landscape 14 Company Profiles 15 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/lqhirr
Center Bolt About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.