ID: MRFR/AM/5738-HCR | February 2021 | Region: Global | 100 pages
Air Brake System Market Overview:
The Air brake system is a kind of braking mechanism utilized in enormous hefty vehicles. An air brake or a compressed air brake system is a type of friction brake designed for vehicles in which the compressed air is applied on a piston, which further applies pressure to the brake pads, which results in causing the vehicle to stop. Air brakes are used in large and hefty vehicles, particularly those having multiple trailers, which must be linked into the air brake system, such as trucks, trailers, buses, and to their use in railroad trains.
The air-powered brake system is utilized as an option to water-driven stopping mechanism, which is utilized in lighter vehicles. The significant benefit of this system is it's well planned with sufficient safeguard ability to stop the vehicle securely even with impressive spillage. These sorts of braking mechanisms are not difficult to introduce on undercarriage and trailers as pipes interconnect them. Henceforth, they are profoundly utilized in substantial vehicles.
Factors like expansion in business vehicles and off-highway trucks and the increased production of rail routes and fast trains are driving the market development. However, factors like the significant expense of air brakes over water-driven brakes and expanding centre around electric trucks and transports are expected to hamper the market growth.
Further, guidelines identified with load-carrying capacities and commands on air brakes installation are expected to set out various opportunities for the development and extension of the market along these lines increasing the Air Brake System Market Size.
The air brake System Market incorporates a deep analysis of the impact of COVID-19 lockdown on the income of market pioneers and followers. Since the lockdown was carried out contrastingly in different locales and nations, the effect of the same situation is likewise seen distinctively by districts and segments. The research has covered the current situation and long-term impact on the available market. It would help the decision-makers set up the diagram and procedures for organizations by region.
Except for the clinical supplies and life support product industries, most industries have been extraordinarily affected, and Air Brake enterprises have also been incredibly influenced. With the slowdown in world financial development, the air Brake industry market has also experienced a specific effect, yet at the same time has kept an ideological development, the previous four years, Air Brake market size to keep up with the normal average annual growth rate of 15 from 2015 to 2020.
The key participants in the Air Brake System Market Sharein the automobile market are:
The Air brake System Market is assessed to USD 4.5 billion out of 2018 and was projected to arrive at USD 5.6 billion by 2025. The Significant driving factors or the major drivers of the market are expanding the number of vehicles that have extended basically over the globe in light of modernization and upgraded energy through the effort of people.
This has also provoked an expansion in the automotive emanation levels, expanding requests from travelers and different commercial vehicles. Developing R&D activities by major players to improve cost-effective products is expected to set out new open doors of opportunities.
The transport system offering alerts to drivers in rush traffic hour conditions, costs, and ideal routes, just as the driver help system to control speed, stability, and even compressed air brake system requirements are factors that support the demand for the Market Trends. The significant expense with the increased stopping distance of air brakes over hydraulic brakes will restrain the market.
Significant Opportunities for the market:
The demand for safety features, such as compressed air brakes and other braking mechanisms, is on the ascent because of the expanding number of overall road mishaps. Air brakes have become a significant and critical part of any vehicle to affirm safety, which profoundly benefits essentials when the demand for speed is expanding consistently. However, the improvement of the automobile industry is expected to drive the air brake possibilities along with the increasing concerns over coming about government pressurize factors and security.
The expanding stringency of transportations in a few countries has obliged key players to embrace the braking system's innovation. Along these lines, growth in such public transportation and adoption of new air brakes into substantial vehicles expand the overall air brake deals. The focus point that drives the Air Brake System Market Share comprises expanding utilization in the automobile businesses with the low maintenance cost for the system. It will help in expanding the significant long-distance transportation and improve the automobile industry manufacturing.
Advancements in technology and the advent of automation in the automobile industry have expanded the demand for vehicles furnished with better and progressed security highlights. This has driven transportation across the globe to develop vehicles that are outfitted with the most recent innovation. With the surge in demand for transportation through vehicles and development in urbanization, the demand for vehicle and off-highway trucks has expanded. This has driven the manufacturers across the globe to foster better and enduring segments such as compressed air brakes to be prepared in vehicles, along these lines guaranteeing longer life and safety.
Market Growth Challenges
The higher cost is one of the significant concerns for the Air Brake System Industry; anyway, this system doesn't have a lot of effect in a small vehicle that requires a small hydraulic pressure braking mechanism. Then again, cost boundary is a huge factor for a large vehicle, including heavy-duty trucks, semi-trailers, and transports, where air brake systems miss out on traditional and normal braking mechanisms. Unreasonable air spillage rate is another worry for the air brake system.
The air brake system loses pressure at a high rate, which lends significance to the rate at which the system assembles pressure. The present circumstance makes a large air spillage rate when air brake systems are applied in the vehicle. Leakage rate multiple psi/minute shows that manufacturers are likely to concentrate on resolving these current challenges.
Cumulative Growth Analysis:
The air brake system market size was esteemed at $4.8 billion in 2018 and is projected to reach $6.6 billion by 2026, enlisting a CAGR of 3.57% from 2018 to 2026. The air brake system is coordinated into hefty just as commercial vehicles to apply huge brake exertion along these lines causing a huge demand for air brakes, in the long run, boosting the air brake system industry.
The expanded demand or the augmented demand for air brakes has affected the market, boosting the Air Brake System Market size across the globe. The Global Air Brake System Market report gives a comprehensive assessment of the market. The research report comprehensively examines key segments, drivers, patterns, serious scenes, limitations, and variables that assume a great part of the market.
The Market is fragmented into segments based on vehicle, braking, technology, and region.
The Marketis divided into vehicle types such as heavy-duty, rigid body, semi-trailer, and bus.
The braking type segment is classified as Disc and drum braking type.
The application segment of the Market is T.C.S. (Traction Control system), E.S.C. (Electronic Stability Control), EBD (Electronic Brake-force Distribution), and A.B.S. (Anti-Lock braking system)
The Marketis classified as Europe, North America, Asia Pacific, the Middle East and Africa, and South America.
Asia Pacific regions ruled the global air brake framework market with over 32% in 2020, followed by North America and Europe. The economy of Asia Pacific is mainly impacted by the financial dynamics of nations like China and India. Yet, with developing unfamiliar direct speculation for the economic development of South East Asia, the current situation is evolving. Nations in South East Asia are seeing high development in the automotive industry.
The report for the global air brake market of statistical surveying or research future covers broad essential researches. This is accompanied by a detailed analysis of subjective and quantitative aspects by different industry specialists and key opinion leaders to acquire different knowledge into the market and industry execution. The report gives a transparent image of the detailed data about the procedures of the top organizations in the business, along with a broad investigation of the distinctive market sections and regions.
The targeted audience of the Air Brake System Market in Market Study:
|Market Size||2027: Significant Value|
|CAGR||Substantial CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By Application, By Vehicle type, By End Market,|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Knorr-Bremse (Germany), WABCO (USA), Meritor (USA), Haldex (Sweden), ZF (Germany), Wabtec Corporation (USA), Nabtesco (Japan), Federal-Mogul Corporation (USA), Sorl Auto Parts (China), and TSE Brakes (USA).|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global air brake system market is predicted to grow at a 4.3% CAGR between 2018- 2023.
North America will lead the global air brake system market.
Air disc and air drum are the different types of air brake systems.
Growing demand for off-highway vehicles and increasing sales of commercial vehicles are the key factors driving the global air brake system market growth.
Key contenders profiled in the global air brake system market include WABCO (USA), Sorl Auto Parts (China), Knorr-Bremse (Germany), Meritor (USA), ZF (Germany), Haldex (Sweden), Wabtec Corporation (USA), Federal-Mogul Corporation (USA), Nabtesco (Japan), and TSE Brakes (USA).