The air brake system market is estimated to be USD 4.5 billion in 2018 and is projected to reach USD 5.6 billion by 2025, at a CAGR of 3.31%
NEW YORK, Dec. 3, 2018 /PRNewswire/ -- Increasing sales and production of commercial & OHV trucks, increasing railways & high-speed trains will drive the air brake system market.
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The air brake system market is estimated to be USD 4.5 billion in 2018 and is projected to reach USD 5.6 billion by 2025, at a CAGR of 3.31% during the forecast period. The demand for the air brake systems is driven by the increasing sales and production of commercial & OHV trucks, increasing railways & high-speed trains and fail-safe nature of air brakes compared with that of hydraulic brakes. However, the high cost and increasing stopping distance of air brakes over hydraulics brakes are acting as restraints for the air brake system market.
Compressor segment is estimated to have the largest share in construction and mining trucks.
The compressor segment held the largest market, in terms of value, for construction and mining trucks in 2018.Only rigid dump trucks and articulated dump trucks have been considered under this vehicle segment.
The trucks used in the construction and mining activities are of high power output (HP) with heavy load carrying capability and should withstand harsh and rigorous working conditions as seen in the construction and mining environment.Because of heavy load handling capabilities, these trucks also require effective braking mechanisms, which subsequently requires the deployment of large load capacity and efficient compressors.
This also leads to the additional cost of these compressors compared to those fitted in the other vehicle type. Thus, with rising construction and mining activities around the world, the demand for trucks used in this industry would also increase, which would ultimately drive the growth of the high capacity compressors for construction and mining trucks in the coming years.
Disc brake is estimated to be the fastest growing air brake system market, by brake type.
The disc brake segment is estimated to grow at the fastest rate, by brake type, during the forecast period.The major factor driving the demand for air disc brakes is the rising focus on safety and stopping distance reduction mandate.
For instance, the National Highway Traffic Safety Administration (NHTSA) implemented stopping distance regulations to decrease the overall fatality rate in the case of large trucks.There are stopping distance regulations for various vehicle configurations (three-axle, two-axle, and multi-axle) along with loaded and unloaded commercial vehicles.
The regulation implemented in August 2013 stated that the stopping distance for unloaded three-axle trucks should be 235 feet and for loaded three-axle trucks should be 310 feet.Additionally, because of the increase in population, there is a high demand for intracity and intercity transfers at low cost, which is estimated to drive the air brake system market in railways and some high-speed trains.
All these factors would ultimately spur the growth of air disc brakes in the future.
Asia Oceania is estimated to be the largest air brake system market during the forecast period.
The Asia Oceania region is projected to lead the air brake system market owing to the largest share in global commercial vehicle production compared to other regions such as North America and Europe.As per MarketsandMarkets Analysis, the share of heavy trucks and buses in Asia Oceania is very high.
Further, according to OICA statistics, heavy trucks have shown a significant rise of 19.5% between 2016 and 2017. As the air brake systems are fitted in almost all medium and heavy trucks (above 7.0 ton), the growing number of heavy trucks in Asia Oceania would subsequently boost the air brake system market in the coming years.
-- By Company Type: Tier I - 58%, Tier II - 17%, and OEMs -25%
-- By Designation: C level - 53%, D level - 28%, Others - 19%
-- By Region: Europe - 42%, North America - 34%, Asia Oceania -- 18%, RoW - 6%
Note: Others includes sales managers, marketing managers, and product managers.
Company tiers are based on the value chain; revenue of the company is not considered
OEMs are vehicle manufacturers, tier-1 companies are air brake system manufacturers, and Tier-2 companies are air brake component manufacturers
The air brake system market is dominated by global players and comprises several regional players.The key players in the air brake system market are Knorr-Bremse (Germany), Wabco (Belgium), Meritor (US), Haldex (Sweden), ZF (Germany), Wabtec (US), Nabtesco (Japan), TSE Brakes (US), Federal-Mogul (US) and SORL Auto Parts (China).
The study includes an in-depth competitive analysis of these key players in the air brake system market with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies.
Research Coverage
The study segments the air brake system market on the basis of component (compressor, governor, storage tank, air dryer, foot valve, brake chamber, and slake adjuster), vehicle type (rigid body, heavy-duty trucks, semi-trailer, and bus), brake type (disc and drum), and region (North America, Asia Oceania, Europe, and RoW). The market also segments the air brake system market for rolling stock, by component (compressor, storage tank, driver's brake valve, brake cylinder, and brake pipe) and construction & mining trucks, by component (compressor, governor, storage tank, air dryer, foot valve, brake chamber, and slake adjuster).
Key Benefits of Buying the Report:
This report provides insights with reference to the following points:
-- Country-level vehicle type: The report offers in-depth market sizing and forecast up to 2025, by vehicle type, such as rigid body, heavy-duty truck, semi-trailer, and bus. The market sizing for the air brake system is covered at the country and regional levels that are considered in this study.
-- Construction & mining trucks, by component: The report offers in-depth market sizing and forecast up to 2025, by component, such as compressor, governor, storage tank, air dryer, foot valve, brake chamber, and slake adjuster. The market sizing for components is covered at a regional level that is considered in this study.
-- Rolling Stock, by component: The report offers in-depth market sizing and forecast up to 2025, by component, such as compressor, storage tank, driver's brake valve, brake cylinder, and brake pipe. The market sizing for rolling stock is covered for regions considered in the study.
-- The report provides "Market Share" of the leading players in the air brake system market.
-- Market Development: The report provides comprehensive information about lucrative emerging markets for the air brake system across regions.
-- Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the air brake system market.
-- Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the air brake system market.
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