Heavy Commercial Vehicle Air Brake Systems Market Size to Hit $ 42.48 Billion, Globally, by 2031 | Exclusive Report by The Insight Partners
US & Canada, Jan. 15, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, "the global Heavy Commercial Vehicle Air Brake Systems Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Compressor, Reservoir, Foot Valve, Brake Lining and Drum or Rotors, Brake Shoes, and Others), Type (Air Disc Brake and Air Drum Brake), Technology (Conventional Air Brake System, Electronically Controlled Air Braking System, and Antilock Braking System), Distribution Channel (OEMs and Aftermarket), Vehicle Type (Bus, Truck, Construction Equipment, and Tractor) and Geography".
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The report carries out an in-depth analysis of market trends, key players, and future opportunities. Based on component, the heavy commercial vehicle air brake systems market is segmented into compressor, reservoir, foot valve, brake linings and drums/rotors, and brake chambers and slack adjusters.
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Market Overview and Growth Trajectory:
Heavy Commercial Vehicle Air Brake Systems Market Growth: The heavy commercial vehicle air brake market was valued at US$ 21.69 billion in 2023 and is expected to register a CAGR of 8.8% during 2023–2031.
The sales and production of commercial vehicles are witnessing an upsurge trend owing to growing development in the industrial sectors. In the past few years, the increase in commercial vehicle production, particularly in regions such as North America, Europe, and Asia Pacific, has driven the growth of the heavy commercial vehicle air brakes market. The sales of commercial vehicles were 24,226,493 in 2022, which increased to 27,452,301 in 2023. The constantly evolving industrial and manufacturing sectors are driving the demand for heavy commercial vehicles worldwide. The production of commercial vehicles in China was 4,674,258 units in 2021, which declined to 3,184,532 units in 2022. However, the production of commercial vehicles further increased to 4,037,209 units in 2023. The growing industrialization and rising e-commerce sector are fueling the demand for commercial vehicles in China, which is having a positive impact on the production of commercial vehicles in the country.
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The manufacturers of air braking systems are focusing on fabricating hybrid braking systems that optimize both braking efficacy and energy recovery by associating regenerative braking systems with air brakes. The regenerative system starts its operation to slow down the vehicle and gain energy when the driver applies the brakes. The vehicle is consequently brought to a complete stop by the air brake system, which offers the required stopping power. This dual-system method not only improves the overall braking competence but also reduces the wear and tear on the air brake parts, resulting in reduced maintenance costs and a longer system life. From the perspective of the swiftly developing adoption of electric commercial vehicles, the air brake system market is likely to witness a significant growth prospect as a result of the incorporation of regenerative braking with already existing air brakes.
Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by Europe and APAC. Europe is expected to register the highest CAGR during the forecast period.
Heavy Commercial Vehicle Air Brake Systems Market Segmentation, Applications, Geographical Insights:
- Based on component, the heavy commercial vehicle air brake systems market is segmented into compressor, reservoir, foot valve, brake linings and drums/rotors, and brake chambers and slack adjusters. The growing usage of air braking systems in heavy commercial vehicles, such as buses, trucks, trailers, and industrial vehicles, is boosting the demand for major components such as air compressors, reservoirs, and brake linings. Air compressors primarily perform the basic function of producing air pressure in air brake systems required in commercial vehicles. These compressors, normally powered by the vehicle's engine, gain air from the atmosphere and then compress this air to create a high-pressure environment.
- Based on product, the Heavy Commercial Vehicle Air Brake Systems market is categorized into single plate clutches, multi-plate clutches, diaphragm spring clutches, centrifugal clutches, and hydraulic clutches. The single plate clutches segment dominated the market in 2023.
- By vehicle type, the Heavy Commercial Vehicle Air Brake Systems market, is bifurcated into air disc brake and air drum brake. Based on technology, the heavy commercial vehicle air brake systems market is segmented into conventional air brake systems, electronically controlled air brake systems (ECAS), and anti-lock braking systems (ABS).
- Based on distribution channel, the Heavy Commercial Vehicle Air Brake Systems market is bifurcated into OEM and aftermarket. Based on vehicle type, the heavy commercial vehicle air brake systems market is segmented into bus, truck, trailers and construction equipment, tractor, and others.
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Key Players and Competitive Landscape:
The Heavy Commercial Vehicle Air Brake Systems Market is characterized by the presence of several major players, including:
- Knorr-Bremse Commercial Vehicle Systems GmbH
- Doctor Air Brake
- Cojali S.L
- Bremse AG
- Meritor, Inc
- Haldex AB
- ZF Friedrichshafen AG
- Wabtec Corporation
- Nabtesco Corporation
- TSE Brakes Inc
- Federal-Mogul
- SORL Auto Parts
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Heavy Commercial Vehicle Air Brake Systems Market Recent Developments and Innovations:
- " AEQUITA SE & Co. KGaA, an industrial group headquartered in Munich, Germany, entered into a definitive agreement to acquire the Brake Components business, comprising Buderus Guss GmbH and Robert Bosch Lollar Guss GmbH, from Robert Bosch GmbH. Building on more than 100 years of foundry heritage and around 900 employees across its three sites in Germany, the Brake Components business focuses on the manufacturing of coated high-performance brake discs for leading international OEMs."
- "Knorr-Bremse announced the successful launch of the new iTEBS X system—the latest generation of the smart electronic trailer braking system. The iTEBS X system will be progressively rolled out over the next few months. Buyers of the new electronic braking system include the world's leading trailer manufacturers."
- "Global power and technology leader Cummins Inc. (NYSE:CMI) announced it has acquired Meritor, Inc., a leading global supplier of drivetrain, mobility, braking, aftermarket, and electric powertrain solutions for commercial vehicle and industrial markets."
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Conclusion:
The growing advancements in the automotive sector drive the development of the heavy commercial vehicle air brake systems market. The rising focus on boosting the safety features of commercial vehicles is one of the major drivers for the market. Rapid industrialization and growing demand for heavy-duty commercial vehicles in the oil & gas, mining, construction, and manufacturing facilities are offering ample growth opportunities to the market across the world. Additionally, the increasing number of commercial vehicle manufacturers and automotive component and part suppliers are fueling the integration of advanced brake systems.
Increasing substantial investments in the automotive sector to boost the overall infrastructure of automotive manufacturing, along with the growing emphasis of the government on road vehicle safety policies and measures, are having a positive impact on the heavy commercial vehicle air brake systems market. The increasing proliferation of air brake systems in heavy-duty trailers, buses and tractors also bolsters the growth of the heavy commercial vehicle air brake systems market globally.
The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, and system manufacturers—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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