According to Future Market Insights (FMI), the UK Air Brake Systems Market is leading in Europe region. It is anticipated to have a global market share of 4% in 2023. The global air brake system market is poised to be valued at US$ 2,108.8 million by 2023. The valuation of the air brake system market is expected to exceed US$ 3,003.5 million by 2033. From 2023 to 2033, a slow CAGR of 3.6% is poised to expand the market.
Key Takeaways from the Air Brake System market
- The U.K. air brake system market is estimated to be the most dominant in Europe by FMI.
- In 2023, the valuation of the global air brake system market is expected to reach US$ 2,108.8 million.
- By 2033, a US$ 3,003.5 million market valuation is expected due to an anticipated 6% CAGR from 2023 to 2033.
- Rapid growth in the automation-focused commercial segment is expected to drive growth in the air brake system industry of Europe.
- Compressed air used in braking technology is predicted to contribute significantly to the expansion of the market.
“The growth of the market can be attributed to stringent standards of safety and higher emphasis on efficiency. Changing advancements and components are prompting manufacturers in the air brake system market to focus on the development of their brakes. Upsurge in the demand for vehicular safety technologies that include anti-lock braking systems, regenerative braking, electronic stability program, and traction control systems have compelled the OEM’s to integrate such technologies in the air brake systems.” Says an FMI Analyst.
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Air brake systems consist of air filters, compressors, reservoirs, valves, and brake pads. These systems are a combination of parking brake systems, service brake systems, and emergency brake systems. Air brake systems are considered to be much stronger than hydraulic or mechanical brakes and is easier to install on vehicular frameworks. The main drivers anticipated to boost the air brake system market from 2023-2033 are the increase in sales and production of off-road and commercial vehicles and the shielding effect of air brakes over hydraulic brakes.
Increased end-user demand combined with shorter braking times is estimated to be increasing the demand for air brake systems in the European countries. Increasing efficiency and growing market size in the rail and automotive industries have emerged as the most important factors in the use of air brake systems across Europe.
To ensure safety and vehicular control, manufacturers are developing advanced gears such as braking systems that are effective on railroads and the high-speed trains. Governments around the world are taking the lead in improving and developing railroads, which is likely to eventually result in an increase in the number of railroads. Hence, the increasing number of high-speed trains and railways are contributing to the expansion of the global air brake system market between 2023 and 2033.
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Competition Landscape in the Air Brake System Market
FMI expects air brake system manufacturers to offer more technologically-advanced products from 2023 to 2033. Also, manufacturers are anticipated to engage in collaborative and strategic projects for implementing air brake systems on a global scale.
Knorr-Bremse AG, Anand Group, Minda Nabtesco Automotive (P) LTD., WABCO, Airmaster Braking Systems, Bendix Commercial Vehicle Systems, and Haldex Europe SAS are among the leading players in the Europe air brake system market.
Recent Developments
- In May 2022, Nexxiot, a global pioneer in TradeTech, announced an investment and strategic cooperation agreement with Knorr-Bremse, a worldwide market leader in brakes and other systems for rail and commercial vehicles. New York Air Brake and Knorr Brake Company have partnered with Nexxiot to integrate IoT hardware and software into all forthcoming rail products.
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Key Segments in the Air Brake Systems Markey
By Product Type:
- Disc Brake
- Drum Brake
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By End Use Industry:
- Aerospace
- Automotive
- Industrial & Manufacturing
- Healthcare
- Consumer Electronics
- Others
By Component:
- Compressor
- Governor
- Tank
- Air Dryer
- Foot Valve
- Brake Chamber
- Slack Adjuster
- Others
By Technology:
- Anti-lock Braking System (ABS)
- Traction Control System (TCS)
- Electronic Stability Program or Electronic Stability Control (ESC)
- Electronic Brake Force Distribution (EBD)
By Application:
- On-Road
- Off-road Vehicle)
- Rolling Stock and Locomotive Electro-Pneumatic(EP)
- Electronically Controlled Pneumatic (ECP)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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