Global Air Brake System Market Size, Share, Growth Analysis, By Type(Air disc brake and Air drum brake), By Component(Compressor, Governor) - Industry Forecast 2024-2031

Report ID: SQMIG25A2163 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 64 | Figures: 75

Global Air Brake System Market Regional Insights

The dominant region in the global air brake system market is North America. North America has a well-established transportation and logistics industry, with a high concentration of heavy commercial vehicles equipped with air brake systems. The region's dominance is further bolstered by stringent safety regulations for commercial vehicles, which mandate the use of reliable and efficient braking systems. Additionally, the presence of key manufacturers and suppliers in North America contributes to the widespread availability and adoption of air brake systems. The continuous focus on road safety and the importance of robust braking solutions in heavy-duty vehicles solidify North America's position as the dominant market for air brake systems.

The fastest-growing region in the global air brake system market is the Asia-Pacific (APAC) region. APAC has been witnessing significant economic growth, leading to increased industrialization, urbanisation, and the expansion of transportation networks. The rising demand for commercial vehicles, particularly in countries like China and India, has propelled the adoption of air brake systems. As road safety awareness increases and governments implement stricter regulations for commercial vehicles, the demand for reliable braking solutions has surged in the region. Moreover, the ongoing development of the construction and mining sectors has further driven the need for heavy-duty vehicles equipped with efficient air brake systems. These factors, combined with the increasing focus on road safety and the modernization of transportation infrastructure in APAC, position it as the fastest-growing market for air brake systems.

Global Air Brake System Market Report Snapshots

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Air Brake System Market size was valued at USD 4.83 Billion in 2021 and is poised to grow from USD 5 Billion in 2022 to USD 6.59 Billion by 2030, at a CAGR of 3.51% during the forecast period (2023-2030).

The global air brake system market features a highly competitive landscape, characterised by numerous players vying for market share and technological advancements driving innovation. Companies in this industry continuously invest in research and development to improve the performance and safety of air brake systems. The competitive nature of the market fosters collaborations and strategic partnerships between manufacturers and commercial vehicle OEMs to integrate air brake systems seamlessly. Additionally, companies focus on expanding their distribution networks to cater to diverse regional markets and customer requirements. The rising demand for road safety and compliance with stringent regulations further intensifies the competition, encouraging players to offer efficient and reliable air brake solutions. Furthermore, the emergence of new technologies and the adoption of electronic control systems, such as ABS and ESC, have further enhanced the competitive dynamics. As the global transportation and logistics industry continues to grow, companies in the air brake system market are expected to enhance their product offerings, supply chain capabilities, and service networks to gain a competitive edge and meet the evolving demands of commercial vehicle manufacturers and fleet operators worldwide. 'Knorr-Bremse AG', 'WABCO Holdings Inc. (Acquired by ZF Friedrichshafen AG)', 'Haldex AB', 'Meritor, Inc.', 'Bendix Commercial Vehicle Systems LLC (A subsidiary of Knorr-Bremse AG)', 'ZF Friedrichshafen AG', 'TSE Brakes, Inc.', 'Sealco Commercial Vehicle Products, LLC', 'Sorl Auto Parts, Inc.', 'WABCO India Limited (Now part of ZF Friedrichshafen AG)', 'Hino Motors, Ltd.', 'Continental AG', 'Dana Incorporated', 'MAT Holdings, Inc.', 'Federal-Mogul LLC (A subsidiary of Tenneco Inc.)', 'Stemco LP (A subsidiary of EnPro Industries, Inc.)', 'WABCO Holdings Australia Pty Ltd (Now part of ZF Friedrichshafen AG)', 'Haldex India Pvt. Ltd.', 'Sorl Wabco (India) Limited', 'Asia Brake Valve Co., Ltd.'

The increasing demand for commercial vehicles, such as trucks, buses, and trailers, is a major driver of the air brake system market. As global trade, e-commerce, and industrial activities expand, the need for efficient transportation of goods and passengers fuels the adoption of heavy commercial vehicles equipped with reliable air brake systems.

Shift towards Air Disc Brakes: There has been a growing preference for Air Disc brakes over traditional Air Drum brakes. Air Disc brakes offer advantages such as improved stopping power, reduced maintenance requirements, and better heat dissipation, making them an attractive choice for commercial vehicles seeking higher braking efficiency.

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Global Air Brake System Market Size, Share, Growth Analysis, By Type(Air disc brake and Air drum brake), By Component(Compressor, Governor) - Industry Forecast 2024-2031

Global Air Brake System Market Regional Insights

Global Air Brake System Market Report Snapshots

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