Air Brake Market Forecast and CAGR
According to the latest study by Fact.MR, Air Brake market is set to behold a moderate growth rate during the forecast period of 2021-2031. The rising adoption of braking solutions in medium and heavy duty vehicles is one of the foremost driving factors that is expected to drive the overall growth and register net valuation of more than US$ 10 Bn by 2031. The air brakes are gaining attention with the rise in vehicle safety apprehensions among end users lashing air brake manufacturers to deliver innovative features in braking systems.
Manufacturers are augmenting the features in air braking systems such as brake failure warning system, to fascinate a higher consumer base globally. Prominent key players are investing comprehensively in research & development to lift the innovations and uphold a robust position in the highly competitive market.
Currently, hydraulic brakes are widely used in vehicles, which can bear a safety related issue, as these hydraulic brakes are not skillful at creating sufficient power to offer protection to heavy and medium vehicles. Snowballing vehicle production globally from numerous vehicle manufacturers is projected to drive the progress of braking systems during the forecast period.
Apart from leveraging innovative technologies to improve the braking features, manufacturers are adopting advanced advertising strategies to attract end users devotion. Introducing braking repair kits is an emerging trend among manufacturers and distributors worldwide. Ultimately, prominent key players are collaborating with suppliers and distributors in the automotive industry to increase their sales around the world. Despite the rigorous protocols, prominent manufacturers are adopting advanced technologies to redefine the progress in the upcoming years.
What is Driving Demand for Air Brake?
The demand for safety features such as air brakes and other braking systems is on the rise due to the increasing number of worldwide road accidents. According to ASIRT (Association of Safe International Road Travel), nearly 1.3 million people die each year in road accidents globally, with an average of 3.2 demises per day. Whereas, traffic accidents are the leading cause of deaths and account for 2.2% of all deaths worldwide.
People are more worried about these conditions and the demand for safety features likely to be integrated into their vehicles. The current progressions in automotive safety developments and technology in aerodynamic design have aided to exploit more engine power competently and helped end-users to achieve more speeds. However, Driving automobiles at high speeds demands operative vehicle stability. These manufacturers are mostly focused on the improvement of vehicles that are fast and safe.
Air Brakes have become a crucial and significant part of any vehicle to certify safety, which befits highly essentials when the demand for speed is increasing steadily. However, the development of the automotive industry is expected to drive the air brake potentials along with the increasing concerns over resulting government pressures and safety. Significantly turning up the automotive manufacturer towards the introduction of higher braking technology content, thereby driving the global demand for air brakes.
Rising Transportations is Likely to Augment Air Brake Sales
The rising cost of automobiles has enhanced the disposition towards on-demand services that assist users to register their bookings at minor costs through websites or mobile applications. Swelling usage of the car rental and sharing services by transportations is also anticipated to strengthen the overall growth over the forecast period.
Whereas, regulatory authorities worldwide have initiated to make their urban public transport system more bearable and fuel efficient with the use of e-buses. The rise in transportation is due to strong economic activities and positive monetary position in many developed and developing regions such as China and India during the forecast period.
The increasing stringency of transportations in several countries has obliged key players to adopt braking technology. Thus, the rising of such public transportation and adoption of new air brakes into heavy vehicles to augment the worldwide air brake sales.
Asia Pacific Air Brake Market Outlook
Asia Pacific region is the fastest growing air brake market, followed by Europe and North America. Air brakes are mostly used in heavy commercial vehicles. The region is known for manufacturing cost-effective and compact commercial vehicles and comprises some of the fastest rising economies of the world, including China and India. The Asia Pacific region is estimated to be the largest market for air brakes during the forecast period owing to higher availability of manufacturing units for heavy commercial vehicle compared to other regions. China is the prominent player in the region due to the higher production of air brakes for all the types of heavy trucks.
Mounting urbanization and industrialization in emerging countries such as China and India along with growing awareness for driver’s safety and the vehicle is set to fuel the demand for air brakes in the region. The region is an urbanized hub for agricultural tractors due to the great farming requirements. The mounting adoption of mechanical farming rehearses has amended farm productivity, which in turn has increased the demand for air brakes in commercial vehicles like tractors.
North America Demand Outlook for Air Brake
Growing end-user demands for lower time-consuming and higher efficiency of braking activities continue to drive demand for air brakes. The automobile & railways are one of the largest and most significant sectors utilizing such products.
North America is projected to witness a steady rise, owing to the growth in subsequent demand for industrial robotics and implementation of automation processes, which is playing a major role in rapid manufacturing of the products with minimal errors.
North America holds momentous shares owing to growing severe rules and regulations for vehicle safety. Automobile manufacturers are providing their foregoing vehicle models having suitable hardware with collision avoidance systems. All in all, the air brake business is projected to show positive growth during the forecast period.
Who are the Key Manufacturers and Suppliers of Air Brake?
The key manufacturers in Air Brakes are
- Knorr-Bremse AG
- Minda Nabtesco Automotive Pvt. Ltd.
- Haldex Europe SAS
- SORL Auto Parts
- Brakes India Limited
- Airmaster Brake
- Yumak Air Brake
- TSE Brakes
These leading players have implemented various development strategies to expand their universal presence and escalate their respective sales. For Instance, Knorr-Bremse introduced 2 new disc brakes, “NEXTT and SYNACT” in 2018 for future manufacturing of heavy duty commercial vehicles. Whereas SYNACT conquers new dimensions of weight and performance. With the smooth-running of internal mechanics and lighter caliper, the full braking torque of 30 kN-m remains accessible even during protracted braking tactics.
Some of the leading suppliers of air brakes are
- Vanco Power Brake Supply
- Sun Source
- H & R Parts
- Protech Systems
- Hanson Rivet and Supply
- Currie Enterprises
- Friction Materials
- Fleet pride
- Chester Ave Brake LLC
- Karp’s Power Brakes
These key player & suppliers offer a product line of numerous air brakes with different types considered for the use over various commercial vehicles. Additionally, geographic expansion of the key players & suppliers and strict regulatory guidelines are responsible for the growing revenue of the air brake market.
By Product Type
- Disc Brake
- Drum Brake
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By End Use Industry
- Industrial & Manufacturing
- Consumer Electronics
- North America
- US & Canada
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East And Africa
- GCC Countries
- Other Middle East
- South Africa
- Other Africa
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