Air Brake System Market Report 2024 (Global Edition)

Market Dynamics of Air Brake System Market

Key Drivers of the Air Brake System Market

• Growing demand for commercial vehicles is boosting the growth of the air brake market

The increasing demand for commercial vehicles, such as trucks, buses, and trailers, is a major driver of the air brake system market. As global trade, e-commerce, and industrial activities expand, the need for efficient transportation of goods and passengers fuels the adoption of heavy commercial vehicles equipped with reliable air brake systems. Increasing demand for commercial vehicles in emerging economies, which are witnessing rapid industrialization and infrastructure development. As the demand for commercial vehicles grows in these regions, the need for reliable and efficient air brake systems is expected to increase, presenting opportunities for manufacturers in the market to expand their operations and reach new customers. Manufacturers in the market are likely to focus on innovation and product development to capitalize on these growth opportunities and stay competitive in the market. The global Air Brake system market is significantly driven by the escalating demand for heavy-duty vehicles, including trucks and buses, fueled by the expansion of logistics, construction, and infrastructure sectors. As economies grow, the need for robust and reliable braking systems in large commercial vehicles continues to rise.
•    For instance, Wabtec, a prominent player in the field of transportation solutions, has also made a noteworthy move by securing a brake system order from Alstom India. Alstom India, a subsidiary of Alstom, a leading global provider of innovative and sustainable mobility solutions, has entrusted Wabtec with the responsibility of delivering state-of-the-art brake systems.
https://southeast.newschannelnebraska.com/story/49953313/air-brake-system-market-to-hit-usd-727-billion-by-2030-on-account-of-increasing-demand-in-commercial-vehicles-andexpansion-of-the-railway-sector

• An increasing percentage of manufacturers incorporating features in air brakes resulted in fuel efficiency favoring market growth.

Advanced braking technologies aim to optimize the energy usage within the braking system, enhancing overall vehicle efficiency and aligning with the industry’s emphasis on sustainability and reduced fuel consumption. Liquid fuels have become the energy source of choice for transport because of their high energy density and because they are easy to transport and store. Fuel consumption is a high cost for trucking companies, and fuel prices are volatile, making fuel savings and efficiency a critical factor in the industry's success. Improved aerodynamics tractor design can reduce fuel consumption and, in turn, costs for trucking companies. Improved aerodynamics can lead to lower fuel costs and reduced emissions, which can help truck manufacturers meet these targets. In response to the growing concern over emissions from heavy-duty vehicles, the European Union has implemented a comprehensive set of regulations to reduce CO2 emissions. These regulations specifically target trucks, placing stringent requirements on manufacturers to enhance fuel efficiency and lower their environmental impact. By optimizing the design and shape of trucks, manufacturers can minimize air resistance, thus improving overall fuel efficiency. Enhancing aerodynamics can reduce truck operators' fuel costs, promoting economic sustainability. Moreover, as trucks become more streamlined, they generate fewer emissions and lessen their carbon footprint, aligning with broader environmental goals.
•    For instance, the European Union has implemented a comprehensive set of regulations to reduce CO2 emissions. These regulations specifically target trucks, placing stringent requirements on manufacturers to enhance fuel efficiency and lower their environmental impact.
https://www.neuralconcept.com/post/truck-aerodynamics-enhancing-performance-fuel-economy

Restraints of the Air Brake System Market

• The growing adoption of alternative propulsion technologies, including electric and hydrogen-powered vehicles might hamper market growth

As the automotive landscape shifts towards cleaner energy sources, the demand for traditional air brake systems in vehicles with alternative powertrains may see alterations, requiring adaptation strategies. Using vehicles powered by alternative fuels such as electricity, hydrogen, and biofuels has been envisioned as the ideal way to curb noxious vehicular emissions. However, the availability of resources for the sustainable use of these alternative fuels, the possible risks, and their fate at the end of their life are frequently questioned, necessitating a detailed assessment of factors influencing the use of all three alternative fuels for vehicular use.
Though the vehicles powered by batteries and fuel cells are “locally” zero-emission vehicles (ZEVs), they have resource scarcity, and infrastructure limitations and are relatively expensive, thus restricting their market penetration and consumer acceptance. Biofuels, though can be used in the existing vehicles, procuring the required amounts of feedstock, and mitigating food-versus-fuel issues is still a challenge. Strategies that have been investigated to increase the efficiency, performance, and lifespan of fuel cells are capillary pumping systems, a chemisorption chiller, nanofluids, and supercapacitors. All such strategies improved the fuel cells in one or more ways. Safety, hydrogen delivery, onboard storage, and the capital and operating costs of hydrogen-powered vehicles are analyzed to approach to clean transportation utopia. So this alternative of hydrogen-powered vehicles to the air brake system will hamper the market growth.
•    For instance, almost three million EVs have been sold in the U.S. By contrast, as of mid-2022, 17,000 or fewer hydrogen-powered vehicles can be found on U.S. roads.
https://www.caranddriver.com/features/a41103863/hydrogen-cars-fcev/

•    For instance, Toyota, the company most devoted to hydrogen power as an alternative to battery-electric vehicles, has sold roughly 14,300 Mirai sedans across two generations in the U.S.—though in some periods it resorted to substantial discounting to move them. 
https://www.caranddriver.com/features/a41103863/hydrogen-cars-fcev/

How Did COVID-19 Impact the Air Brake Market?

During the early stages of the pandemic, restrictions in global travel and lockdowns resulted in sharp decline in the demand for rail vehicle operations and commercial vehicles, including trucks and buses that use air brakes. This demand reduction affected sales and production of air brake components. As the pandemic situation improved and global economies began to recover, the market for air braking systems gradually rebounded. Companies were focusing on the development of technologies related to air brakes to cater to the upcoming demand for electric vehicles. Thus, the COVID-19 pandemic resulted in decreased demand for the systems in the market. It hampered the worldwide demand for solutions in the braking systems market up to a certain extent. Limited workforce and operational restrictions negatively affected the product development life cycle. But at later stages, when lockdown restrictions were lifted, demand got stable up to a certain point. Companies developed different strategies and partnerships and new product launches specifically to tackle problems during the COVID-19 pandemic. Later, the demand was followed by an increasing shift towards the adoption of electric vehicles and a rise in e-commerce, which favored the market growth in the post-pandemic era.
•    For instance, Brembo S.p.A., one of the major players in automotive systems, suffered a negative impact on their net sales as it decreased by 19.3% of automotive systems during the financial year 2020 compared with previous years.
https://www.brembo.com/en/Reports/2020/1.%20Bilancio%20DF%202020%20UK%203i.pdf
•    For instance, Brembo S.p.A., The Company’s net sales for the fiscal year ended December 31, 2019, decreased by 1.8% compared to the previous year to EUR 2,591.7 million. The decrease in sales was primarily driven by a sales decline in passenger car applications, which offset gains made in the Company’s other segments.
https://www.marklines.com/en/top500/cf/brembo_hl2019
 

Opportunities of the Air Brake System Market

• Rising transportation is likely to augment air brake sales in the forecast period

The rising cost of automobiles has enhanced the disposition toward on-demand services that assist users in registering their bookings at a minor cost through websites or mobile applications. Swelling usage of car rental and sharing services by transportation 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 positions in many developed and developing regions such as India and China during the forecast period. The increasing stringency of transportation in several countries has obliged key players to adopt braking technology. Thus, the rise of such public transportation and the adoption of new air brakes in heavy vehicles augment worldwide air brake sales.
•    For instance, As per a Niti Aayog report in 2022 titled ‘Transforming Trucking in India’, 70 percent of the domestic freight demand was carried by road transport.
https://www.business-standard.com/economy/news/truck-freight-rates-in-major-metros-inch-up-in-february-cmie-data-124030100846_1.html
•    For instance, In January 2024, 301,107 heavy goods vehicles were registered, an increase of 12 percent compared to last year. Medium goods vehicle registrations declined by 0.7 percent to 37,532 in January. Light goods vehicle registrations dipped 1.1 percent to 601,579.
https://www.business-standard.com/economy/news/truck-freight-rates-in-major-metros-inch-up-in-february-cmie-data-124030100846_1.html
 

The air brake system has been integrated into heavy and commercial vehicles to exert more substantial brake effort, resulting in an increasing need for air brakes and consequently growing the air brake system sector. Heavy commercial vehicles and trucks frequently use air brake systems. They necessitate a significant braking effort, which can be delivered solely by the driver's foot. The air braking system is an extremely powerful braking device. It is typically found on big vehicles such as trucks and buses. Air brakes on trucks operate utilizing crammed air rather than hydraulic fluid. Air brakes can be used as a substitute for drum brakes, disc brakes, or a merger of both. Air is influenced by an engine-prepared compressor. The air brake system market size is expanding as the air compressor then pushes the air into air repository tanks that reserve the compressed air until it is required.
 

Frequently Asked Questions