Air Brake System Market

Increased production of railways and high-speed trains

With the advancements in technology and the introduction of automation in the railway industry, the demand for better and more advanced safety components has increased. This has led the manufacturers to develop new and advanced components such as braking systems, which are effective in the railways and high-speed trains for ensuring safety and maintaining control over the vehicle. Governments across the globe have taken initiatives for the betterment and advancement of the railways eventually leading to an increase in the count. Thus, the increased number of railways and high-speed trains has led to the growth of the market.

Increase in Sales & Production of Commercial Vehicles and Off-Highway Trucks

Advancements in technology along with the advent of automation in automobiles have increased the demand for vehicles equipped with better & advanced safety features. This has led vehicle manufacturers across the globe to develop vehicles that are equipped with the latest technology. With a surge in demand for transportation through vehicles and a rise in urbanization, the demand for commercial vehicles and off-highway trucks has raised. This has led component manufacturers across the globe to develop better and long-lasting components such as air brakes to be equipped in vehicles, thereby ensuring longer life and safety.

Thus the increase in the sales & production of commercial vehicles and off-highway trucks is expected to boost the growth of the market.

The Global Air Brake System Market Industry is experiencing a surge in demand for commercial vehicles, driven by the expansion of logistics and transportation sectors. As urbanization accelerates and e-commerce grows, the need for efficient freight transport becomes paramount. In 2024, the market is projected to reach 5.26 USD Billion, reflecting the increasing adoption of air brake systems in heavy-duty trucks and buses. This trend is likely to continue, as the global commercial vehicle fleet expands to meet rising consumer demands, thereby enhancing the market's growth trajectory.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific held the largest market share in 2021. As a result, businesses in the area provide considerable cost savings. Additionally, the center of the car manufacturing industry is located in nations like China and India, among others. The market is anticipated to develop as a result of the increased popularity of automotive braking systems and a rise in sales of luxury and premium vehicles. Additionally, the rise in automotive ownership and the rising accident rate both contribute to the market's expansion.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: AIR BRAKE SYSTEM MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

North America's market is predicted to increase at a CAGR because of a rising desire for improved vehicle performance in poor weather, the presence of major automobile manufacturers, and a rise in the supply of light commercial vehicles and passenger cars.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development such as new product releases, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Air Brake System industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Air Brake System industry to benefit customers and expand the market sector. Major market players, including Aisin Seiki Co. Ltd, Continental, Mando Corporation, Knorr-Bremse, and others, are attempting to increase market demand by funding R&D initiatives.

Aisin Seiki provides major OEMs with engines, drivetrain, body and chassis, aftermarket, and other automobile parts. Aside from the automotive sectors, Aisin also provides life and amenity items (such as furniture and sewing machines), energy systems, welfare products, and other products/services. Aisin Seiki also collaborated with Toyota Central R&D Labs Inc. on the development of dye-sensitized solar cells.

Continental Automotive is a manufacturer of automobile parts. Driver assistance, hydraulic braking, passive safety, vehicle dynamics, conveyance, air spring, vibration control, and fluid systems are all available. The firm manufactures tires for commercial vehicles, two-wheelers, passenger vehicles, and light trucks. Continental Automotive Grundstücksgesellschaft also provides solutions for connected vehicle networking, human-machine interfaces, actuation, and other areas.