Global Air Brake System Market is estimated to reach $5.23 billion by 2025, forecast togrow at a CAGR of 3.62%during 2020-2025. Increasing adoption of air brake industry in medium to heavy duty vehicles is one of the major driving factor that is expected to drive the automotive air brake system market. Currently, hydraulic braking system which is extensively used in vehicles can impact a safety related issue, because these hydraulic brakes are not capable of generating enough power to offer safety to the medium and heavy vehicle while vehicles are in motion. Increasing vehicle production across the globe from various vehicle manufactures is expected to drive the growth of air brake industryoutlook during the forecast period.
• Asia-Pacific dominates the air brake system market
owing to increasing demand from Heavy duty truck vehicle segment.
• With rising focus toward safety and increasing demand of medium to high loading capacity mostly demanding from regions including North America and Asia-pacific region penetrate the growth of the market across the globe.
• Automotive OEMs have been continuously focusing on improving the vehicle efficiency that has resulted in the growth of weight reduction measures of the vehicle. This includes displacement of high volume and weight hydraulic systems in vehicles.
Type of Components- Segment Analysis
Air dryer component segment is expected to have a largest market share in the air brake systemoutlookby 2025. This segment is estimated to grow at a CAGR of 4.04% during the forecast period. Increasing preference for lightweight brake components is expected to drive the growth of the market in the forecast period. Automotive OEMs are investing more amount of money in the research and developments to innovate new air brake systems and increase the existing vehicle efficiency.
Vehicle Type- Segment Analysis
By vehicle type by the market has been classified in to four different parts including Rigid Body Truck, Heavy-Duty truck, Semi-trailer, and Bus. Increasing adoption of air brake systems for heavy-duty trucks and semi-trailer is increasing rapidly offering safety and reliable features to the driver. Thismarket works efficiently even with minor leaks, that is not possible in case of liquid brake system.Most of the heavy truck and extra heavy truck manufactures have offered optional air operated disc brake system. Air brake system includes a variety of features to improve braking control and ensure backups for safety, some of the feature includes service brakes, parking brakes, control pedal, air storage tank, air pressure gauge, and wig wag device.
This air brakeare more suitable for the heavy and semi-trailers as the reliable braking-air brakes uses atmospheric air that never runs out, rather than fluid which can leak. Air brake systems are also easy to remove and attached, and remain effective even if there is an air leak.These are the some of the advanced features offered by the air brake system that is expected to drive the market in the long term.
Geography- Segment Analysis
APAC region dominated the global air brake system market with a share of more than 30%,followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investmentfor economic development of South East Asia, the current scenario is changing.Countries in South East Asia are witnessing high growth in the automotive industriesAccording to OICA, APAC automotive sales witnessed a growth of over 6.52% during 2012-2018, with South East Asian countries having huge potential to grow.
• Safety: Safety is one of the major driving factor for advanced vehicles.
In the moving vehicle once the brake pedal is pressed the pressure is applied to the frictional components near the wheels which then press against each other’s to stop the vehicle. This traditional braking system has some drawbacks, if there is a leak in the braking system which results in partial or complete loss of the braking fluid, the efficiency of the braking system is significantly reduce or it will completely loss. Air brake system resolve this traditional issue by offering air by offering special fluid to deliver pressure to the braking components. This air braking system reduce the chance of brake failure due to the avoidance of leaks in the braking system. Nowadays use of air brake system is being made mandatory under many governmental regulation for vehicles exceeding a certain size or carrying passengers for commercial purpose
• Reliability: Air braking systems are much more reliable as compare to hydraulic brakes
Air brake systems operates in a different principle includes triple valve systems. In a conventional braking system the brake is always kept in its own position by default and the brake is applied when brake fluid is compressed. Triple valve system air brake helps activation of brake is activated state by default and brake released when the vehicle moves in to motion. As a result if there is a leak or even if the compression mechanism totally fails, the brake revert back to their default activated position and the vehicle will stop moving. So in the vehicle system air brake system plays an important role for reliability of the vehicle safety concern.
• Expensive and Excessive Air leakage rate
Higher cost is one of the major concern for air brake system, however this system doesn’t make much difference in small vehicle that requires small hydraulic braking system. On the other hand cost parameter is a significant factor for large vehicle includes heavy duty trucks, semi-trailer and buses, where air brake systems lose out to traditional brake systems.
Excessive air leakage rate is another concern for air brake system. Air system loses pressure at a high rate, which lends importance to the rate at which the system builds pressure. A reservoir that losses pressure too quickly not only put strains on the compressor as the same time it can also leave without adequate stopping power when it require the most power. This situation create a large air leakage rate when air brake systems are applied in the vehicle. Leakage rate more than 2 psi/minute indicates that manufactures are likely to give more attention to resolve this current challenge.
Technology launches,acquisitions and R&D activitiesare key strategies adopted by players in the air brake system market. In 2018, the market of air brake systemhas been fragmentedby the top five players accounting for 34% of the share. Major players in the air brake system market are,Knorr-Bremse, Wabco, Meritor, Wabtec, Nabtesco, TSE Brakes, Federal-Mogul, Silverbackhd, Mahle Aftermarket, Tata Autocomp, and among others.
- In June 2019, Wabco is planning to acquireZF Friedrichshafen AG, which is a privately held system supplier and global technology companies offers various technology solutions to the passenger cars, and commercial vehicles. The aim of this merger will expected to offer new technology for commercial vehicle safety and efficiency for active air suspension system and air brake system.
- In March 2019, New York Air Brake LLC, has announced the acquisition of Snyder Equipment Company. Snyder is a leading manufacturer of locomotive service and fueling equipment’s. The acquisition will help Air Brake LLC to make a better strategy plan to diversify and expand its current capabilities and strong geographical reach.
IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.