CHICAGO, November 27, 2018
CHICAGO, November 27, 2018 /PRNewswire/ --
According to the new market research report "Air Brake System Market by Type (Disc & Drum), Component (Compressor, Governor, Tank, Air Dryer, Foot Valve, Brake Chamber & Slack Adjuster), Rolling Stock, Vehicle Type (Rigid Body, Heavy-Duty, Semi-Trailer & Bus), Region - Global Forecast to 2025", published by MarketsandMarkets™, 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 market will be driven primarily because of the increase in heavy commercial vehicle production. Owing to the increasing technological advancements, increasing concerns over safety, and stringent government mandates to improve commercial vehicle safety, the demand for air brake systems is estimated to increase in the coming years. Additionally, air brakes are safer than hydraulic brakes owing to multiple fail-safe measures, hence improving the preference of air brakes over hydraulic brakes.
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171 - Pages
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Heavy-duty truck to be the largest market for air brake systems, by vehicle type
Heavy-duty trucks include commercial vehicles weighing approximately 15 to 30 ton. According to OICA and MarketsandMarkets analysis, the production of heavy-duty trucks accounted for the maximum of the total truck production for all the regions including North America, Asia Pacific, the RoW, and Europe in 2018 and is expected to dominate during the forecast period. Due to the high load carrying capacity, nearly all heavy trucks are equipped with air brake systems. However, the difference between the air brake system for rigid trucks and heavy-duty trucks is the capacity and the number of components. Heavy-duty trucks are the most preferred type of trucks used by fleet operators owing to its high weight bearing capacity and engine power. Additionally, the growth in developing economies of Asia and the rest of the world would generate demand for heavy-duty trucks in the future. Owing to the abovementioned factors, the heavy-duty truck segment is estimated to be the largest Air Brake System Market, by vehicle type.
Storage tank is anticipated to be the fastest growing component market for on-highway air brake system
The compressed air generated by the compressor is stored in the storage tanks. The storage tank is also known as an air reservoir. The number of storage tanks depend on the design and architecture of the air brake system. The size and number of storage tanks may vary from vehicle to vehicle. A vehicle with a high GVWR has a higher number of storage tanks. For instance, the rigid body trucks require 2 to 3 storage tanks, while heavy-duty trucks may require 3-4 storage tanks each. The number of tanks is increased to ensure safer operations of the air brake system. As the engine power of trucks increases resulting in a higher average axle count and weight-bearing capacity, OEMs and brake system manufacturers will have to incorporate more storage tanks to their designs in order to ensure fail-safe operations of the brake system. Thus, all the aforementioned factors make storage tank as the fastest growing component market in the on-highway Air Brake System Market.
Asia Oceania expected to be the largest Air Brake System Market
The Asia Oceania region is the largest Air Brake System Market and is expected to retain its position during the forecast period. Asia Oceania has emerged as a hub for automotive production in recent years owing to the increasing population and urbanization in the region. According to OICA, Asia Oceania accounted for ~70% of the global truck production in 2018 owing to the presence of OEMs such as Zheng Zou Yutong, Xiamen Kinglong Motor, Tata Motors, and Ashok Leyland. Manufacturers in this region are focused on developing specific solutions that address the challenging driving and braking situations faced by drivers on the roads. As consumers in the region are showing an increased inclination toward safety awareness, the region has witnessed higher growth than the matured markets of Europe and North America. As most of the heavy commercial vehicles above the GVWR of 7 ton are equipped with air brakes, Asia Oceania is estimated to be the largest Air Brake System Market.
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The leading players in the Air Brake System Market are Knorr-Bremse (Germany), Wabco (Belgium), Haldex (Sweden), and Meritor (US).
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