Air Brake System Market Trends

Growth Drivers

• Growing Instances of Road Accidents –The breaks are intended to avoid collisions between two vehicles, thereby reducing accidents and vehicle damage. Air brakes are designed to prevent trucks, trains, and buses from colliding.  According to World Health Organization (WHO) numbers, around 1.35 million people die each year as a result of traffic accidents.
• Rising Demand for Automobiles– Large commercial trucks employ air brake system. Air brake system generate the force that applies the brakes at each wheel by using compressed air stored in tanks. As a result, increasing automotive sales will help the air brake system market thrive. Global car sales were around 67 million vehicles in 2021, and in 2022 the sales reached to nearly 66 million. Furthermore, car sales are predicted to reach around 70 million by the end of 2023.
• Increasing Implementation of Safety Standards– Rising attention to safety standards for vehicles is expected to increase the demand for air brake systems. In order to improve vehicle and road safety, the European Commission introduced the new Vehicle General Safety Regulation in. Automated braking, lane-keeping systems, speed assistance, and reversing detection with cameras and sensors are among the general safety regulations.  The rules went into effect in July 2022 and will be in effect until July 2024.
• Growing Demand for Recreational Vehicles –Air brakes are widely employed on heavier vehicles, such as recreational vehicle, since their increased gripping force allows heavier vehicles to stop much more easily. Total RV shipments in the world in 2021 are expected to be around 576,000 units. This figure reflected an almost 34% increase over the previous year's total of 430,000 units.
• Rising Adoption of Luxury Vehicles– The combination of air disc brakes and hydraulic brakes is often employed in high-end vehicles.   Luxury vehicle sales soared at over 2,000 units in 2022, worldwide, and are expected to reach close to 200,000 units by 2026.

Challenges

• Higher Cost of Air Brake System - Air-brake system squeeze air, resulting in moisture which demands air dryers to remove. This raises the price of air-brake system and can lead to greater maintenance and repair expenses, particularly in the first five years. Since, they have so many components, repairing an air brake system might be more expensive than repairing a hydraulic brake system.
• Availability of other options for the braking system
• Air brakes need specialized training to operate it