Global Air Brake System Market is forecast to reach $4.9 billion by 2025, growing at a CAGR of 4.2% from 2020 to 2025. The market growth is attributed to the factor such as rising production and sales of heavy commercial vehicle, cumulative technological developments, and growing trepidations over safety, and strict government obligations to develop commercial vehicle safety and others.
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By Brake type- Segment Analysis
Air brake system market is segmented into air drum brake and air disc brake on the basis of brake type. The Air disc brake segment is anticipated to hold the highest market share during the forecast period 2020-2025. The heat dissipation of air disc brakes is better than the air drum brakes. Brake loss or deterioration does not arise even if the brakes are constantly depressed. The adjustment in brake disk size after heating doesn’t raise the brake pedal motion. The disc brake mechanism responds rapidly and can conduct high frequency braking operation, which is more suited to the ABS mechanism requirements. The bad brake due to water or dust may be reduced as the brake disc drain smoother. The disc brake is basic in form relative to the drum brake, and quick to fix. In December 2019, Air Disc Brake Program for Trucks and Trailers was launched by DuraBrake. The DuraBrake line of air disc brake parts covers brake systems from Bendix, Knorr Bremse, Meritor, Wabco, Haldex and Hendrickson. The components included rotors, disc pad sets, caliper guide bolts and seals, calipers. Such product launches and benefits of air disc brake leads to rise in demand for air disc brake thereby propelling the market growth.
By Vehicle type- Segment Analysis
Heavy duty truck segment held the highest market share of air brake system in 2019. Moreover, it is anticipated to witness the significant market growth during the forecast period 2020-2025. The market growth is attributed to factors such as growing demand for trucks globally needed for transportation, rising automation and networking, and others. Additionally, high supply of raw materials and low-cost labours foster the region-wide heavy-duty truck industry. Inclining foreign and local trade practices drive the development of heavy duty trucks industry worldwide. In March 2020, Triangle Heavy Equipment entered into an alliance with Renault Trucks. Through this partnership the latest range of heavy-duty truck models was launched. This benefits the growing demands of the nation-wide expanding infrastructure and transportation ventures. Consequently growth of heavy duty truck industry leverages a positive on the market growth of air brake system.
Geography – Segment Analysis
North America held the highest market share of the air brake system market in 2019. The market growth is attributed to the factors such as implementation of advanced technology for automobiles to provide comfort and safety to the drivers as well as passengers results in increment in the demand for air brake system. Moreover rising automotive production and sales in this region enhance the market growth of air brake system. In January 2018, Haldex entered into a partnership with Fras-le. This partnership benefited Haldex to offer customers pof North America a full line of all-makes air disc brake (ADB) pad repair kits. In October 2019, two new electric drivetrain offerings and the introduction of an air-disc brake was made by Meritor. The single-piston EX+ LS air disc brake is lightweight and a next-generation solution designed and engineered for linehaul and trailer applications. It was designed to meet growing fleet expectations for efficiency, safety and weight reduction thereby offering reliable and consistent brake performance. Such product launches and partnerships enhances the market growth. However, APAC region is anticipated to observe the significant market growth during the forecast period 2020-2025. The market growth is attributable to factors including rapid industrialization, substantial investments in infrastructure leading to rise in demand of passenger and commercial vehicles. Additionally, increasing investment in research and development of vehicle electrification-related systems tends to foster the market growth. For instance, in January 2020, an investment of US $110 million was made by Hyundai Motor Company and Kia Motors Corporation in a partnership with Arrival limited for the development of electric commercial vehicles. Thus such investments and partnerships benefits the market growth.
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Drivers – Air brake system market
With growing market for automotive owing to rapid urbanization, industrialization, growing construction activities and others requirement for commercial vehicles and off-road trucks has risen. This has prompted product suppliers across the globe to produce improved and longer-lasting products such as air brakes that need to be installed in vehicles, guaranteeing greater life and protection. Consequently with growing automotive industry the market for air brake system market also flourishes.
Challenges – Air brake system market
Higher prices are one of the main problems for the air brake system. However this method does not make a significant difference in small automobiles requiring limited hydraulic braking. On the other side expense criterion is a major consideration for big vehicles like heavy duty vehicles, semi-trailers and buses, where air braking systems lose out to conventional brake systems. Moreover, in the case of replacement, parts such as compressors, diaphragms and others used in air brakes are more costly.
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the air brake system market. As of 2019, the market for air brake system market is consolidated with the top players including Knorr-Bremse, Wabco, Meritor, Wabtec, Nabtesco, TSE Brakes, Federal-Mogul, Silverbackhd, Mahle Aftermarket, Tata Autocomp, and among others.
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