The heavy commercial vehicle air brake systems market size is projected to reach US$ 42.48 billion by 2031 from US$ 21.69 billion in 2023. The market is expected to register a CAGR of 8.8% during 2023–2031. The increase in sales and production of commercial vehicles across the globe is a major factor driving the heavy commercial vehicle air brake systems market growth.
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. Proper application of the air brake system can help prevent accidents. Many countries, such as India and the US, mandate strict regulations on using air braking systems in all heavy commercial vehicles to boost the safety measures of commercial vehicles. In addition, Federal regulations mandate all commercial truck drivers to be qualified and certified to operate vehicles equipped with air brakes. Failure to comply with these guidelines can result in legal hazards for the driver and their employer. Thus, manufacturers of heavy commercial vehicles need to follow certain guidelines and norms and integrate advanced braking systems to clear the government regulations on heavy commercial vehicles.
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 rising 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 growing 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.
Proper application of the air brake system can help prevent accidents. Many countries, such as India and the US, have strict regulations on using air braking systems in all heavy commercial vehicles to boost the safety measures of commercial vehicles. Air brake systems are designed to deliver reliable and steady braking power for large commercial trucks. Buses, trailers, and trains also utilize air brake systems. Vehicles carrying a large payload are usually equipped with an air brake system. Federal regulations have mandated that all commercial truck drivers must be qualified and certified to operate vehicles equipped with air brakes. Thus, with the growing sales and production of commercial vehicles, the heavy commercial vehicle air brake systems market grows in tandem across the world.
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. For instance, Robert Bosch GmbH offers regenerative braking. The portfolio offers both vacuum-independent and vacuum-based regenerative braking systems. The company also offers regenerative braking systems that comply with strict safety requirements for standard and electrical braking systems. Vehicle electrification and emission control strategies are fueling technological innovation in the braking system sector, and regenerative brakes are considered an integral part of the future as the world is shifting toward electric heavy commercial vehicles.
Key segments that contributed to the derivation of the heavy commercial vehicle air brake systems market analysis are component, type, technology, distribution channel, and application.
The geographic scope of the heavy commercial vehicle air brake systems market report offers a detailed regional and country analysis. North America, Europe, and Asia Pacific are major regions witnessing significant growth in the heavy commercial vehicle air brake systems market.
Asia Pacific held the largest share in 2023, owing to the increasing investment in plant expansion of heavy commercial vehicles by major players in the market. Robust industrialization is a key factor influencing the growing demand for commercial vehicles across Asia Pacific. The growing implementation of high-end, heavy-duty commercial vehicles for good transportation and logistics is boosting the demand for air brake systems in trucks, buses, trailers, and tractors. Furthermore, numerous initiatives by local and state governments are promoting on-road vehicle safety programs and policies, which are boosting the application of air brake systems in heavy-duty commercial vehicles to enhance vehicle safety and secure operations. The growing government emphasis on vehicle safety standards and policies is fueling the integration of high-end air brake systems in commercial vehicles, which is acting as a major driver for the heavy commercial vehicle air brake system market across Europe.
The regional trends and factors influencing the Heavy Commercial Vehicle Air Brake Systems Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Heavy Commercial Vehicle Air Brake Systems Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023. | US$ 21.69 Billion |
| Market Size by 2031 | US$ 42.48 Billion |
| Global CAGR (2023 - 2031) | 8.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Heavy Commercial Vehicle Air Brake Systems Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Heavy Commercial Vehicle Air Brake Systems Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The heavy commercial vehicle air brake systems market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the heavy commercial vehicle air brake systems market are listed below:
The "Heavy Commercial Vehicle Air Brake Systems Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The heavy commercial vehicle air brake systems market was estimated to be valued at US$ 21.69 billion in 2023 and is anticipated to grow at a CAGR of 8.8% over the forecast period.
The rising sales and production of commercial vehicles are witnessing an upsurge trend owing to growing development in the industrial sector drives the market growth.
Implementation of Air Braking Systems in Autonomous Commercial Vehicles to drive the growth of the Heavy Commercial Vehicle Air Brake Systems market in the coming years.
The key players operating in the heavy commercial vehicle air brake systems market include 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; and SORL Auto Parts.
Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period.
The heavy commercial vehicle air brake systems market is expected to reach US$ 42.48 billion by 2031.
The brake lining and drum or rotors segment led the Heavy Commercial Vehicle Air Brake Systems market with a significant share in 2023.