Market Trends of Air Brake System Industry
Buses Hold Major Market Share
- Hybrid and electric buses employ two braking systems: regenerative braking and air braking. Regenerative braking works by utilizing the electric motor as a generator to capture the energy released during braking by performing 'regenerative deceleration.' In this process, kinetic energy is converted into electrical energy, which is stored in the battery for later use. This process is similar to the principle of a dynamo on a bicycle.
- When vehicles are fitted with regenerative braking, the air brake system is used less frequently than diesel buses that rely solely on air braking. It is important to note that while regenerative braking is helpful, it is not sufficient to stop a vehicle. Therefore, air braking remains necessary for this critical function. Thus, the demand for air brake systems is likely to witness significant growth in the coming years.
- By 2030, the prices of electric buses are expected to be on par with diesel-engine buses. Electric buses can reduce maintenance and operating costs by 81-83% compared to diesel-engine buses, which is expected to increase demand for air brake systems. Manufacturers are increasingly focused on launching new bus models and are expected to roll out customized buses with improved interiors and aesthetics over the forecast period. Many governments and city authorities are investing in the modernization of their bus fleets to improve public transportation infrastructure, address traffic congestion, and reduce air pollution.
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Asia-Pacific Witnessing Major Growth
- Asia-Pacific currently holds a major market share due to an increase in the sale of commercial trucks and buses, driven by the presence of major commercial vehicle manufacturers with advanced research facilities.
- Trucks play a vital role in many industries, such as mining, construction, infrastructure development, and energy plants. There is a growing need for a consistent supply of materials to the power industries and efficient debris removal to speed up mining activities.
- China, India, and South Korea are currently the top three markets for electric buses. China alone has more than 98% of all-electric buses globally, with a fleet of over 500,000 units.
- The rapid expansion of automotive component manufacturers across the region is driving the market. For instance, in May 2023, Kendrion NV opened a new facility spanning 28,000 square meters - the largest one in the Kendrion Group.
- The increase in the sale of commercial vehicles in Asia-Pacific and the rise in demand for electric commercial vehicles is expected to boost the growth of the air brake systems market.
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